Problem 4-3A Taking the accounting cycle through the closing entries The unadjusted T-accounts of Byford Systems...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Problem 4-3A Taking the accounting cycle through the closing entries The unadjusted T-accounts of Byford Systems at December 31, 2017, and the related year- end adjustment data are given below. 2. Net income, $87,000 Cash Accounts Receivable Supplies Bal. 7,500 54,000 13,500 | Bal. Bal. Equipment 148,500 Accumulated Amortization-Equipment Accounts Payable Bal. Bal. Bal. 54,000 9,000 Salary Payable Unearned Service Revenue Note Payable, Long-term Bal. Bal. 7,500 90,000 T. Byford, Capital T. Byford, Withdrawals 93,000 Service Revenue Bal. 223,500 Bal. 54,000 Bal. Salary Expense 79,500 Supplies Expense Rent Expense Bal. Bal. 22,500 | Amortization Expense-Equipment Interest Expense 9,000 Insurance Expense Bal. Bal. 10,500|| Adjustment data at December 31, 2017, include the following a. Of the $7,500 balance of Unearned Service Revenue at the beginning of the year, all of it except $500 was earned during the year. b. Supplies still unused at year end, $3,000. c. Amortization for the year, $13,000. d. Accrued salary expense, $4,000. e. Accrued service revenue, $5,500. Required 1. Write the account data in the Trial Balance columns of a worksheet and complete the worksheet. Identify each adjusting entry by the letter corresponding to the data given. 2. Journalize the adjusting and closing entries. Incdlude explanations. Problem 4-3A Taking the accounting cycle through the closing entries The unadjusted T-accounts of Byford Systems at December 31, 2017, and the related year- end adjustment data are given below. 2. Net income, $87,000 Cash Accounts Receivable Supplies Bal. 7,500 54,000 13,500 | Bal. Bal. Equipment 148,500 Accumulated Amortization-Equipment Accounts Payable Bal. Bal. Bal. 54,000 9,000 Salary Payable Unearned Service Revenue Note Payable, Long-term Bal. Bal. 7,500 90,000 T. Byford, Capital T. Byford, Withdrawals 93,000 Service Revenue Bal. 223,500 Bal. 54,000 Bal. Salary Expense 79,500 Supplies Expense Rent Expense Bal. Bal. 22,500 | Amortization Expense-Equipment Interest Expense 9,000 Insurance Expense Bal. Bal. 10,500|| Adjustment data at December 31, 2017, include the following a. Of the $7,500 balance of Unearned Service Revenue at the beginning of the year, all of it except $500 was earned during the year. b. Supplies still unused at year end, $3,000. c. Amortization for the year, $13,000. d. Accrued salary expense, $4,000. e. Accrued service revenue, $5,500. Required 1. Write the account data in the Trial Balance columns of a worksheet and complete the worksheet. Identify each adjusting entry by the letter corresponding to the data given. 2. Journalize the adjusting and closing entries. Incdlude explanations.
Expert Answer:
Answer rating: 100% (QA)
Required solution Answers All working forms part of the answer Requirement 1 Unadjusted Trial Balanc... View the full answer
Related Book For
Horngrens Accounting
ISBN: 978-0133855371
10th Canadian edition Volume 1
Authors: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo-Ann L. Johnston, Peter R. Norwood
Posted Date:
Students also viewed these accounting questions
-
The unadjusted T-accounts of Byford Systems at December 31, 2017, and the related yearend adjustment data are given below. Adjustment data at December 31, 2017, include the following: a. Of the...
-
The unadjusted T-accounts of Byford Systems at December 31, 2014, and the related yearend adjustment data are given below. Adjustment data at December 31, 2014, include the following: a. Of the...
-
At December 31, 2017, the available-for-sale debt portfolio for Indigo, Inc. is as follows. Security Cost Fair Value Unrealized Gain (Loss) A $123,375 $105,750 $(17,625 ) B 88,125 98,700 10,575 C...
-
A fruit vendor professes to sell fruits at the cost price, but uses false weights. He gains 40% in this manner. What weight does he substitute for one kilogram?
-
Research two companies in the same industry that appear to have different organizational cultures. Summarize those differences. Is one culture better than the other? What could they learn from each...
-
A person pulls horizontally on block B in Fig. 4.35, causing both blocks to move together as a unit. While this system is moving, make a carefully labeled free-body diagram of block A if (a) The...
-
Go to the library and find a journal article in your area of interest that contains empirical data but does not contain any visual representation of them. Use the data to create a chart. Be sure to...
-
Comparative statement data for Farris Company and Ratzlaff Company, two competitors, appear below. All balance sheet data are as of December 31, 2015, and December 31, 2014. Instructions (a) Prepare...
-
Define organizational diversity and provide examples to support the definition. Describe some advantages and disadvantages of organizational diversity. Provide examples to support descriptions....
-
The three forces are applied to the bracket. Determine the range of values for the magnitude of force P so that the resultant of the three forces does not exceed 2400 N. 3000 N 90%- Prob. 2-38 800 N...
-
Write 3 key points for each of the following questions. Please write them in a list (bulleted point) format. How can you analyze the "purpose" and the "audience" for the communication tasks such as...
-
Describe the nature of the interest that a spouse has in the family home. How did this interest evolve?
-
What is subrogation?
-
In what ways may title to land be acquired?
-
Does a shareholder have an insurable interest in the property of his or her corporation?
-
What are the principal defences available to a common carrier when goods in its possession are damaged or lost?
-
On January 1, 2017, Eagle borrows $30,000 cash by signing a four-year, 7% installment note. The note requires four equal payments of $8,857, consisting of accrued interest and principal on December...
-
Digital Fruit is financed solely by common stock and has outstanding 25 million shares with a market price of $10 a share. It now announces that it intends to issue $160 million of debt and to use...
-
Bill Ronalds started a catering service called Blue Ribbon Catering. During the first month of operations, January 2017, the business completed the following selected transactions: a. Ronalds began...
-
Lee Management Consulting wants to follow generally accepted accounting principles and use the allowance method for receivables. Michael Lee, owner of Lee Management Consulting, has decided that the...
-
The trial balance for Mackle Fitness, shown below, does not balance. The following errors were detected: a. The cash balance is overstated by $6,000. b. Rent expense of $3,000 was posted as a credit...
-
Acrylic latex paint can be described as a Bingham plastic with a yield stress of $200 \mathrm{dyn} / \mathrm{cm}^{2}$, a limiting viscosity of $50 \mathrm{cP}$, and a density of $0.95 \mathrm{~g} /...
-
A slider bearing can be described as one plate moving with a velocity $V$ parallel to a stationary plate, with a viscous lubricant in between the plates. The force applied to the moving plate is $F$,...
-
Consider a fluid flowing in a conical section, as illustrated in Figure P5.75. The mass flow rate is the same going in (through point 1) as it is coming out (point 2), but the velocity changes...
Study smarter with the SolutionInn App