The adjustments columns of the worksheet for Toeaina Company are shown below. Instructions (a) Prepare the adjusting entries. (b) Assuming the adjusted trial balance amount for each account is normal, indicate the financial statement column to which each balance should be extended.
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Worksheet data for Pisa Company are presented in E4-2.
Instructions (a) Journalize the closing entries at April 30. (b) Post the closing entries to Income Summary and Owner Capital. Use T accounts. (c) Prepare a post-closing trial balance at April 30. The adjusted trial balance columns of the worksheet for Pisa Company are as follows. Instructions Complete the worksheet. The trial balance columns of the worksheet for Tinoisamoa Company at June 30, 2012, are as follows. Other data: 1. A physical count reveals $500 of supplies on hand. 2. $100 of the unearned revenue is still unearned at month-end. 3. Accrued salaries are $210. Instructions Enter the trial balance on a worksheet and complete theworksheet. Averell Spicer is preparing a worksheet. Explain to Averell how he should extend the following adjusted trial balance accounts to the financial statement columns of the worksheet.
Service Revenue Accounts Receivable Notes Payable Accumulated Depreciation Owner Capital Utilities Expense The following are the major balance sheet classifications: Current assets (CA) Current liabilities (CL) Long-term investments (LTI) Long-term liabilities (LTL) Property, plant, and equipment (PPE) Owner equity (OE) Intangible assets (IA)
Match each of the following accounts to its proper balance sheet classification. _____ Accounts payable _____ Income taxes payable _____ Accounts receivable _____ Debt investment (long-term) _____ Accumulated depreciation buildings _____ Land _____ Buildings _____ Inventory _____ Cash _____ Patents _____ Copyrights _____ Supplies The balance sheet debit column of the worksheet for Shaw Company includes the following accounts: Accounts Receivable $12,500; Prepaid Insurance $3,600; Cash $4,100; Supplies $5,200 and Short-term Investments $6,700. Prepare the current assets section of the balance sheet, listing the accounts in proper sequence.
At Shaffer Company, the following errors were discovered after the transactions had been journalized and posted. Prepare the correcting entries.
1. A collection on account from a customer for $870 was recorded as a debit to Cash $870 and a credit to Service Revenue $870. 2. The purchase of store supplies on account for $1,570 was recorded as a debit to Supplies $1,750 and a credit to Accounts Payable $1,750. The income statement for Evergreen Golf Club for the month ending July 31 shows Service Revenue $16,400, Salaries and Wages Expense $8,200, Maintenance and Repairs
Expense $2,500 and Net Income $5,700. Prepare the entries to close the revenue and expense accounts. Post the entries to the revenue and expense accounts, and complete the closing process for these accounts using the three-column form of account |
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May 2021
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