Prepare General Journal, T-account, Adjusted Trial Balance., Income statement and retain earning balance sheet. Feb. 1 The
Fantastic news! We've Found the answer you've been seeking!
Question:
Prepare General Journal, T-account, Adjusted Trial Balance., Income statement and retain earning balance sheet.
Transcribed Image Text:
Feb. 1 The Office Supplies on hand is (Do not modify) Feb. 16 Paid the telephone bill $500 notified on Jan. 29 Mar. 1 Purchased supplies for $5,600 cash Jun. 10 Completed the service for the cash $3000 receipt on Jan. 30 Jul. 1 Purchased an insurance policy for $2,000 that covers a year Sep. 1 A client engages your company to provide Contracting service and paid $6,500 in advance. The job will take several months to complete. Oct. 1 Issued a $10,000 one-year bond with a 10% stated interest rate. The principal and interest will be paid on Sep. 30 the next year. Dec. 1 A client engages your company to provide Contracting service The client will pay $4,000 on January 31 Dec. 15 Purchased equipment for $3,000 and a used truck for $5,000 Dec. 31 The office supplies on hand total $1,500 Dec. 31 11 months have passed since rent prepayment on Jan. 31 Dec. 31 Adjusted the prepaid insurance purchased on Jul. 1 Dec. 31 The job which started on Sep. 1 is estimated to be 40% complete Dec. 31 Recognized the interest expense incurred for 3 months Dec. 31 Earned half of the service contract on Dec. 1 receive In advance Dec. 31 Depreciation for the current year includes: Equipment $300 and Trucks $800. Feb. 1 The Office Supplies on hand is (Do not modify) Feb. 16 Paid the telephone bill $500 notified on Jan. 29 Mar. 1 Purchased supplies for $5,600 cash Jun. 10 Completed the service for the cash $3000 receipt on Jan. 30 Jul. 1 Purchased an insurance policy for $2,000 that covers a year Sep. 1 A client engages your company to provide Contracting service and paid $6,500 in advance. The job will take several months to complete. Oct. 1 Issued a $10,000 one-year bond with a 10% stated interest rate. The principal and interest will be paid on Sep. 30 the next year. Dec. 1 A client engages your company to provide Contracting service The client will pay $4,000 on January 31 Dec. 15 Purchased equipment for $3,000 and a used truck for $5,000 Dec. 31 The office supplies on hand total $1,500 Dec. 31 11 months have passed since rent prepayment on Jan. 31 Dec. 31 Adjusted the prepaid insurance purchased on Jul. 1 Dec. 31 The job which started on Sep. 1 is estimated to be 40% complete Dec. 31 Recognized the interest expense incurred for 3 months Dec. 31 Earned half of the service contract on Dec. 1 receive In advance Dec. 31 Depreciation for the current year includes: Equipment $300 and Trucks $800. Feb. 1 The Office Supplies on hand is (Do not modify) Feb. 16 Paid the telephone bill $500 notified on Jan. 29 Mar. 1 Purchased supplies for $5,600 cash Jun. 10 Completed the service for the cash $3000 receipt on Jan. 30 Jul. 1 Purchased an insurance policy for $2,000 that covers a year Sep. 1 A client engages your company to provide Contracting service and paid $6,500 in advance. The job will take several months to complete. Oct. 1 Issued a $10,000 one-year bond with a 10% stated interest rate. The principal and interest will be paid on Sep. 30 the next year. Dec. 1 A client engages your company to provide Contracting service The client will pay $4,000 on January 31 Dec. 15 Purchased equipment for $3,000 and a used truck for $5,000 Dec. 31 The office supplies on hand total $1,500 Dec. 31 11 months have passed since rent prepayment on Jan. 31 Dec. 31 Adjusted the prepaid insurance purchased on Jul. 1 Dec. 31 The job which started on Sep. 1 is estimated to be 40% complete Dec. 31 Recognized the interest expense incurred for 3 months Dec. 31 Earned half of the service contract on Dec. 1 receive In advance Dec. 31 Depreciation for the current year includes: Equipment $300 and Trucks $800.
Expert Answer:
Answer rating: 100% (QA)
To prepare the General Journal Taccounts Adjusted Trial Balance Income Statement and Retained Earnings Balance Sheet we need to record the given transactions and make necessary adjustments Here is the ... 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
-
We will be working with a company called Global Bike Inc., (GBI). Information regarding GBI follows. Company History Global Bike Inc. has a pragmatic design philosophy that comes from its deep roots...
-
A partially completed worksheet for Home Auto Detailing Service, a firm that details cars and vans, follows on page 178. INSTRUCTIONS 1. Record balances as of December 31 in the ledger accounts. 2....
-
The completed worksheet for Vasquez Corporation as of December 31, 2016, after the company had completed the first month of operation, appears across the tops of pages 146147. INSTRUCTIONS 1. Prepare...
-
The Kroger Company reported the following data in its annual report (in millions). Instructions a. Compute Kroger?s inventory turnovers for fiscal years ending January 28, 2017, and January 30, 2016,...
-
Capital Rationing how are soft rationing and hard rationing different? What are the implications if a firm is experiencing soft rationing? Hard rationing?
-
Smallville Community Hospital, a not-for-profit hospital, needs to evaluate a number of items to determine their proper placement on its statement of operations (either above or below the performance...
-
Explain why mass transfer correlations for co-flow cannot be used for countercurrent flow.
-
Patricia Clark, the Human Resources Manager of your Northern Expeditions company, has advised that the company will be opening an office in Nunavut this year. The office will offer guided northern...
-
3 Information regarding Maxwell's direct labor cost for the month of January follows: Direct labor hourly rate paid Total standard direct labor hours for units produced this period Direct labor hours...
-
A bank categorizes its customers into one of three groups based on their banking habits. A random sample of 30 customers from each group was selected, and the number of times each customer visited...
-
Solve the linear equations and find the least common denominator? 3x 7x 5x -17 4 3 6
-
On November 1, 2020 Rella Inc. signed a $400,000, 8 month, 10% note payable. At due date, the principal and interest will be paid. Calculate the amount of interest expense that Rella Inc. should...
-
XYZ Tech is evaluating the potential outcomes of launching a new software product. The annual profits associated with the product are $5 million if it is highly successful, $2.5 million if it is...
-
Forbes magazine experts said they rarely "liked" acquisitions, in terms of the value they created for acquirers, and were often left "disappointed by how much the acquiring company overpays. 29 AT&T...
-
Assume the sustainability lead of a company is focused on reducing the net carbon footprint of the company by acquiring carbon credits via planting trees in collaboration with a local NGO focused on...
-
Coney Island Entertainment issues $ 1 , 3 0 0 , 0 0 0 of 7 % bonds, due in 1 5 years, with interest payable semiannually on June 3 0 and December 3 1 each year. Calculate the issue price of a bond...
-
Futures contracts on gold are based on 75 tory ounces and priced in dollars per tory ounce. Assume the February gold contract settled today at 1365.10 and opened at 1284.60. The April contract...
-
Write a paper detailing a geographic information system (GIS) of your own design that would utilize data in an original manner.
-
Is the employer required to deposit the federal unemployment tax during the year? Explain.
-
On what financial statement do the accounts related to purchases of merchandise appear? In which section of this statement are they reported?
-
On July 9, 2016, an employee of Capital Corporation mistakenly debited Utilities Expense rather than Telephone Expense when recording a bill of $1,000 for the May telephone service. The error was...
-
In its first month of operations (May 2019), Holland Company's Department 1 incurred charges of \($72,000\) for direct materials (9,000 units), \($38,700\) for direct labor, and \($13,950\) for...
-
The following data (and annotations) for March 2019 are for the work-in-process account of the first of Eyring Company's four departments used in manufacturing its only product. Assuming that Eyring...
-
The following data (and annotations) are for Nelson Company's processing department work-in-process account for the month of September 2019: Nelson uses the weighted average method. Materials are...
Study smarter with the SolutionInn App