Yeezy Ugly Clothing V.I., Inc. is doing well and has seen an increase in business for...

  

Transcribed Image Text:

Yeezy Ugly Clothing V.I., Inc. is doing well and has seen an increase in business for the first half of the 2022 year. Yeezy made the following transactions during the accounting period January 1 - July 31, 2022: a. Paid cash for annual insurance policy on January 2nd for $4,500 b. On January 10th, received $21,900 cash from client for sweatshirts delivered on December 31, 2021 c. Paid cash for office supplies on January 31st in the amount of $4,000. d. On February 15th, received invoice of $150,000 for material for sweatshirt production on account. e. On January 11th, prepaid rent through June 30th for $14,400 f. Salary expense is $175 a month and is paid on the first Friday of the following month 8. Received cash of $50,000 for an order of 200 sweatshirts on March 1st. h. Paid cash to creditors on account, $5,250. Adjusting entries: 1. Insurance expired through July 31st J. Supplies on hand on July 31 are $1,525 k. Depreciation of office equipment through July is $750 1. Accrued receptionist salary on July 31 is $175 m. Rent expired during July is $2,400 n. Unearned fees on July 31 are $2,750 Required: a Prepare general journal entries for the transactions above b. Post the journal entries into the general ledger c. Prepare an Unadjusted & Adjusted Trial Balance. d. Prepare financial statements e. Prepare closing entries and post to general ledger f. Prepare post closing trial balance Current Assets: Cash Accounts Receivable Supplies Total Current Assets Total Assets Property, Plant, and Equipment: Office Equipment Less: Accumulated Depreciation-Office Equipment Automobile Less: Accumulated Depreciation-Automobile Total Property, Plant, and Equipment Current Liabilities: Accounts Payable Long-term Liabilities: Notes Payable YEEZY UGLY CLOTHING COMPANY Balance Sheet December 31, 2021 Total Liabilities Assets Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity Liabilities Stockholders' Equity $ 4,500 28,500 $ 6,575 21,900 1,875 4,500 28,500 18,000 18,250 $ $ $ $ 30,350 33,000 63,350 5,250 21,850 27,100 36,250 63,350 Yeezy Ugly Clothing V.I., Inc. is doing well and has seen an increase in business for the first half of the 2022 year. Yeezy made the following transactions during the accounting period January 1 - July 31, 2022: a. Paid cash for annual insurance policy on January 2nd for $4,500 b. On January 10th, received $21,900 cash from client for sweatshirts delivered on December 31, 2021 c. Paid cash for office supplies on January 31st in the amount of $4,000. d. On February 15th, received invoice of $150,000 for material for sweatshirt production on account. e. On January 11th, prepaid rent through June 30th for $14,400 f. Salary expense is $175 a month and is paid on the first Friday of the following month 8. Received cash of $50,000 for an order of 200 sweatshirts on March 1st. h. Paid cash to creditors on account, $5,250. Adjusting entries: 1. Insurance expired through July 31st J. Supplies on hand on July 31 are $1,525 k. Depreciation of office equipment through July is $750 1. Accrued receptionist salary on July 31 is $175 m. Rent expired during July is $2,400 n. Unearned fees on July 31 are $2,750 Required: a Prepare general journal entries for the transactions above b. Post the journal entries into the general ledger c. Prepare an Unadjusted & Adjusted Trial Balance. d. Prepare financial statements e. Prepare closing entries and post to general ledger f. Prepare post closing trial balance Current Assets: Cash Accounts Receivable Supplies Total Current Assets Total Assets Property, Plant, and Equipment: Office Equipment Less: Accumulated Depreciation-Office Equipment Automobile Less: Accumulated Depreciation-Automobile Total Property, Plant, and Equipment Current Liabilities: Accounts Payable Long-term Liabilities: Notes Payable YEEZY UGLY CLOTHING COMPANY Balance Sheet December 31, 2021 Total Liabilities Assets Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity Liabilities Stockholders' Equity $ 4,500 28,500 $ 6,575 21,900 1,875 4,500 28,500 18,000 18,250 $ $ $ $ 30,350 33,000 63,350 5,250 21,850 27,100 36,250 63,350

Answer rating: 100% (QA)

A Journal Entry Journal Entry Date Account Title and Explanation Debit Credit Jan 02 2022 Prepaid Insurance 4500 To Cash 4500 Being paid insurance expenses as advance Jan 10 2022 Cash 21900 To Account... View the full answer