On January 1, 20X1 Nicole Harmon decided to open her own house cleaning company, called Spick...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
On January 1, 20X1 Nicole Harmon decided to open her own house cleaning company, called Spick 'n Span Cleaners and a side Delivery Service. To start her accounting system, Nicole developed the chart of accounts shown below. SPICK 'N SPAN CLEANERS CHART OF ACCOUNTS ASSETS 111 CASH OWNER'S EQUITY 311 112 ACCOUNTS RECEIVABLE 113 CLEANING SUPPLIES 114 PREPAID INSURANCE 411 115 PREPAID RENT 420 NICOLE HARMON, CAPITAL 312 NICOLE HARMON, DRAWING REVENUE HOUSE CLEANING REVENUE DELIVERY SERVICE REVENUE 120 VAN EXPENSES 121 ACC. DEPR.- VAN 511 SALARIES EXPENSE 130 CLEANING EQUIPMENT 512 ADVERTISING EXPENSE 131 ACC. DEPR.- CLEANING EQUIPT 513 RENT EXPENSE 140 COMPUTER & PRINTER 515 INSURANCE EXPENSE 141 ACC. DEPR.- COMPUTER & PRINTER 516 INTEREST EXPENSE LIABILITIES 517 CLEANING SUPPLIES EXPENSE 211 ACCOUNTS PAYABLE 518 DEPRECIATION EXPENSE 213 SALARIES PAYABLE 519 UTILITIES EXPENSE 215 INTEREST PAYABLE 520 MISCELLANEOUS EXPENSE 220 UNEARNED REVENUE 250 NOTES PAYABLE, LONG-TERM The ledger should include each of the accounts from the Chart of Accounts, inspect the ledger. Journalize each transaction in January to the Journal posting to the Ledger immediately after journalizing, just like they would do in a real business. Directions: 1. 2. 3. 4. 6. 5198 8. At the end of the month, prepare an Unadjusted Trial Balance on the worksheet. The following data was accumulated for month end adjustments, enter these on the Worksheet. (a) Cleaning supplies on hand at the end of January, $250. (b) Provided House Cleaning Services this month which have not yet been billed, $750. (c) In early February, received the utility bill for January, $275. (d) Salaries unpaid at month end, $240. (e) Depreciation expense for the Truck, $100; Cleaning Equipment, $40; Computer & Printer, $30 (f) Unearned Delivery Service Revenue that was earned this month, $500. (g) One month's interest expense is $100. (h) One month of the Insurance has expired. (i) One month of the building rental has expired. Complete the worksheet. Prepare the Income Statement and Statement of Owner's Equity for the month of January 20X1. Prepare a Classified Balance Sheet for the month end. Journalize and post the Adjusting Entries. On January 1, 20X1 Nicole Harmon decided to open her own house cleaning company, called Spick 'n Span Cleaners and a side Delivery Service. To start her accounting system, Nicole developed the chart of accounts shown below. SPICK 'N SPAN CLEANERS CHART OF ACCOUNTS ASSETS 111 CASH OWNER'S EQUITY 311 112 ACCOUNTS RECEIVABLE 113 CLEANING SUPPLIES 114 PREPAID INSURANCE 411 115 PREPAID RENT 420 NICOLE HARMON, CAPITAL 312 NICOLE HARMON, DRAWING REVENUE HOUSE CLEANING REVENUE DELIVERY SERVICE REVENUE 120 VAN EXPENSES 121 ACC. DEPR.- VAN 511 SALARIES EXPENSE 130 CLEANING EQUIPMENT 512 ADVERTISING EXPENSE 131 ACC. DEPR.- CLEANING EQUIPT 513 RENT EXPENSE 140 COMPUTER & PRINTER 515 INSURANCE EXPENSE 141 ACC. DEPR.- COMPUTER & PRINTER 516 INTEREST EXPENSE LIABILITIES 517 CLEANING SUPPLIES EXPENSE 211 ACCOUNTS PAYABLE 518 DEPRECIATION EXPENSE 213 SALARIES PAYABLE 519 UTILITIES EXPENSE 215 INTEREST PAYABLE 520 MISCELLANEOUS EXPENSE 220 UNEARNED REVENUE 250 NOTES PAYABLE, LONG-TERM The ledger should include each of the accounts from the Chart of Accounts, inspect the ledger. Journalize each transaction in January to the Journal posting to the Ledger immediately after journalizing, just like they would do in a real business. Directions: 1. 2. 3. 4. 6. 5198 8. At the end of the month, prepare an Unadjusted Trial Balance on the worksheet. The following data was accumulated for month end adjustments, enter these on the Worksheet. (a) Cleaning supplies on hand at the end of January, $250. (b) Provided House Cleaning Services this month which have not yet been billed, $750. (c) In early February, received the utility bill for January, $275. (d) Salaries unpaid at month end, $240. (e) Depreciation expense for the Truck, $100; Cleaning Equipment, $40; Computer & Printer, $30 (f) Unearned Delivery Service Revenue that was earned this month, $500. (g) One month's interest expense is $100. (h) One month of the Insurance has expired. (i) One month of the building rental has expired. Complete the worksheet. Prepare the Income Statement and Statement of Owner's Equity for the month of January 20X1. Prepare a Classified Balance Sheet for the month end. Journalize and post the Adjusting Entries.
Expert Answer:
Related Book For
Financial Accounting: A Business Process Approach
ISBN: 978-0136115274
3rd edition
Authors: Jane L. Reimers
Posted Date:
Students also viewed these accounting questions
-
Leadership must be shared to sustain organizational improvement. There are many different structures that can be used and are marketed today, but all the good ones involve building leadership...
-
Superheated Freon-12 vapor enters a compressor at 100 kPa, 25oC and exits at 2.75 MPa 100oC conditions. The process can be assumed as reversible polytropic. Determine the necessary power input and...
-
Is informing the consumer about any toxic substances used in the manufacture of a product sufficient to produce an efficient level of toxic substance use for that product? Why or why not?
-
For the sample blog entries you solicited in your e-mail message, you asked candidates to start their entries with a brief paragraph introducing themselves. Which of the following seems like the most...
-
Explain the difference between Deductive and Inductive reasoning in communication.Provide an example of effectively commutating a negative message. Scenario: You have received audit feedback that...
-
Write the SQL queries that accomplish the following tasks in the ZAGI Retail Company Sales Department Database: a. Display the VendorID and VendorName for all vendors. b. Display the CustomerName and...
-
How much work is required to stop an electron (m = 9.11 x 10-31 kg) which is moving with a speed of 1.10x106 m/s ? Express your answer to three significant figures and include the appropriate units....
-
Olivia Smith carries on a landscaping business as a sole proprietor. The business began opera- tions on January 2, 2021, and has a December 31 year end. The 2021 and 2022 results for the business can...
-
Anna has an investment that will bring her $100 with a 30% probability and $40 with a 70% probability. Anna's Utility function is U = Y (1/2) . Where Y= income. Anna is considering selling this...
-
Client: HCMC Pilates Centre Context: Tam Nguyen is a local entrepreneur and pilates teacher looking to start a business in central of HCMC, Viet Nam or the surrounding areas. Tam Nguyen is a...
-
What is the stress in the walls of a spherical tank, with an inside diameter of 3 . 5 m , a wall thickness of 1 cm and an internal pressure of 1 1 8 0 kPa? ( Final answer in MPa )
-
The following is Alsatia Corporation's contribution format income statement for last month: Sales Less variable expenses Contribution margin Less fixed expenses Net income $1,400,000 900,000 500,000...
-
A company is looking at new equipment with an installed cost of $415,329. This cost will be depreciated straight-line to zero over the project's 5-year life, at the end of which the equipment can be...
-
Make a PowerPoint presentation of demographics of Venezuela the period of study is: 20th century (you can focus on a particular period of time, for example: 1950-1960, or 1900-1925, etc.). Dont...
-
Would you use the adjacency matrix structure or the adjacency list structure in each of the following cases? Justify your choice. a. The graph has 10,000 vertices and 20,000 edges, and it is...
-
The coloring of the blue morpho butterfly is protective. As the butterfly flaps its wings, the angle at which light strikes the wings changes. This causes the butterfly's color to change and makes it...
-
The scales on the butterfly wings are actually made of a transparent material with index of refraction 1.56. Light reflects from the surface of the scales because A. The scales' index of refraction...
-
The change in color when acetone is placed on the wing is due to the difference between the indices of refraction of ace- tone and air. Consider light of some particular color. In acetone, A. The...
Study smarter with the SolutionInn App