1. Jordon James started JJJ Consulting on January 1. The following are the account balances at the...
Question:
Accounts Payable................................$300
Accounts Receivable..............................750
Cash................................................6,300
Consulting Revenue.............................4,925
Equipment.........................................7,000
Jordon James Capital.............................15,000
Jordon James, Drawing...........................1,375
Prepaid Rent........................................4,000
Supplies...............................................800
Adjustment data:
Supplies on hand at the end of the month:$200
Unbilled consulting revenue, $700
Rent expense for the month $1,000
Depreciation on equipment $90
a. Prepare the required adjusting entries adding accounts as needed (10 points)
b. Prepare an adjusted trial balance for JJJ consulting as of January 31. (10 points)
2. After all adjustments have been made, but before the accounts have been closed, the following balances were taken from the ledger of Ramona's Designs:
Journalize the entries to close the appropriate accounts. (12 points)
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Intermediate Accounting Reporting and Analysis
ISBN: 978-1285453828
2nd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
Question Posted: