Barca Laundry Agency started its operations on January 1, 2022. Its trial balance before adjustment on...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Barca Laundry Agency started its operations on January 1, 2022. Its trial balance before adjustment on June 30, 2022 is as follows. 2 | Page III. iv. Account Titles V. Cash Supplies Prepaid Insurance Delivery Truck Equipment Accounts Payable Unearned Service Revenue Note Payable Owner's Capital Service Revenue Salaries Expense Electricity Expense Advertising Expense Rent Expense Total Trial Balance Debit ($) 5,000 12,080 2,400 108,420 15,000 3.300 5,920 1,840 Other data: i. The delivery truck was purchased on March 1, 2022, and is being depreciated monthly at $2,000. ii. Invoices representing $900 of services provided to customers during the period have not been recorded as of June 30, 2022. Credit ($) 4,700 11,630 48,000 85,330 23,000 18,700 172.660 172.660 (Continued on the next page) The company has 7 employees, and each employee is paid $30 per workday. Employees work 5 days a week, and their salaries are paid every Friday which is the last working day of the week. All employees worked on June 30, 2022, which was a Thursday. Employees do not work on weekends (Saturdays and Sundays). The annual interest rate on the Note Payable is 5%. The Note Payable was issued on May 1, 2022. At the end of June 2022, supplies on hand was $1,080. Requirement: a. Based on the given information, prepare the adjusting journal entries for the period of January 1, 2022 to June 30, 2022. b. Based on the given information, prepare a 10 column worksheet for the period of January 1, 2022 to June 30, 2022. Barca Laundry Agency started its operations on January 1, 2022. Its trial balance before adjustment on June 30, 2022 is as follows. 2 | Page III. iv. Account Titles V. Cash Supplies Prepaid Insurance Delivery Truck Equipment Accounts Payable Unearned Service Revenue Note Payable Owner's Capital Service Revenue Salaries Expense Electricity Expense Advertising Expense Rent Expense Total Trial Balance Debit ($) 5,000 12,080 2,400 108,420 15,000 3.300 5,920 1,840 Other data: i. The delivery truck was purchased on March 1, 2022, and is being depreciated monthly at $2,000. ii. Invoices representing $900 of services provided to customers during the period have not been recorded as of June 30, 2022. Credit ($) 4,700 11,630 48,000 85,330 23,000 18,700 172.660 172.660 (Continued on the next page) The company has 7 employees, and each employee is paid $30 per workday. Employees work 5 days a week, and their salaries are paid every Friday which is the last working day of the week. All employees worked on June 30, 2022, which was a Thursday. Employees do not work on weekends (Saturdays and Sundays). The annual interest rate on the Note Payable is 5%. The Note Payable was issued on May 1, 2022. At the end of June 2022, supplies on hand was $1,080. Requirement: a. Based on the given information, prepare the adjusting journal entries for the period of January 1, 2022 to June 30, 2022. b. Based on the given information, prepare a 10 column worksheet for the period of January 1, 2022 to June 30, 2022.
Expert Answer:
Answer rating: 100% (QA)
Adjusting Journal Entries Date Account Debit Credit June 30 2022 Depreciation Expense 12000 Accumula... View the full answer
Related Book For
College Accounting A Contemporary Approach
ISBN: 978-0077639730
3rd edition
Authors: David Haddock, John Price, Michael Farina
Posted Date:
Students also viewed these accounting questions
-
You are an individual in Canada. During 2023, you donated $1,200 to the Toronto Humane Society (a registered Canadian charity) and you spent $3,235 on prescription eyeglasses, because sitting in...
-
Required Prepare a Schedule of Cost of Goods Manufactured and Sold At December 31,2016 , the end of its fiscal year. At December 31,2016, the end of its fiscal year, Lederman Manufacturing...
-
Logan Krause started her own consulting firm, Krause Consulting, on May 1, 2017. The trial balance at May 31 is as follows. In addition to those accounts listed on the trial balance, the chart of...
-
It is clear that Jaguar practices responsibility toward the environment. Using your knowledge gained from this Jaguar case study and further research, provide five (5) examples of how Jaguar is...
-
Suppose that the corporate tax schedule in Finland is as follows: 25 percent tax on income below eur 50,000. 30 percent tax on income between eur 50,000 and eur 100,000. 35 percent tax on all...
-
The exhaust temperature of a heat engine is 230C.What is the high temperature if the Carnot efficiency is 34%?
-
Corporate board members are compensated for their service. Why do nonprofits generally see board service as a volunteer commitment?
-
Health insurance benefits vary by the size of the company (Atlanta Business Chronicle, December 31, 2010). The sample data below show the number of companies providing health insurance for small,...
-
Determine the missing item (letters a-e) for the following depreciable assets: Depreciation method Double-declining Sum-of-the-years' digits Straight-Line Straight Line Cost Salvage value (a) $25,000...
-
Which of the following is a false statement about Health Savings Accounts (HSAs)? a. Taxpayers who contribute to an HSA must carry qualifying high-deductible health insurance. b. HSAs are available...
-
Four wires are made of the same highly resistive material, cut to the same length, and connected in series. Wire 1 has resistance R1 and cross-sectional area A. Wire 2 has resistance R2 and...
-
Explain social identity theory and identify ways that we develop identities within organizations and workgroups. include references Describe the characteristics of effective teams. Include references.
-
Perit Industries has $140,000 to invest in one of the following two projects: Cost of equipment required Working capital investment required Annual cash inflows Salvage value of equipment in six...
-
Discuss ONE (1) appropriate learning theory that can be applied to the overall training programmes to tackle mental health challenges.
-
8) Below is a table containing market information for wine barrels. The listed demanders (D1+D2) and suppliers (S+S2) make up the total market (DM/SM). Market for wine barrels 1000 Price QD1 QD2 DM...
-
Explain how utilitarian theory assists law enforcement in moral dilemmas.
-
Cupcakes -- Ingredients in bulk Flour 10 lbs $ 3.98 2.5 cents an ounce Sugar 10 lbs $ 5.48 3.4 cents an ounce Vanilla 16 oz $ 20.04 $1.25 per ounce Eggs 18 eggs $3.87 21.5 cents per egg Baking Powder...
-
For the following exercises, write the first four terms of the sequence. a n = 2 n 2
-
The Home Depot, Inc. reported the following data in its 2012 Annual Report (for the fiscal year ended February 3, 2013): Number of employees at February 3, 2013 ................340,000 Contributions...
-
If the owner invests additional capital in the business during the month, how would that new investment be shown in the financial statements?
-
Examine the following adjusting entries and determine which ones should be reversed. Show the reversing entries that should be recorded in the general journal as of January 1, 2017. Include...
-
Traditionally, accountants have been most involved with which portion of the HRM/payroll cycle? a. hiring b. payroll c. training d. performance evaluation
-
What is the formula for calculating equity per share?
-
Which of the following statements is true? a. Financial statements report the value of employee knowledge and skills. b. Turnover and absenteeism are costly. c. Outsourcing of HRM and payroll...
Study smarter with the SolutionInn App