1. Balance the trial balance in the Worksheet. You will have to make some calculations in order...
Fantastic news! We've Found the answer you've been seeking!
Question:
1. Balance the trial balance in the Worksheet. You will have to make some calculations in order to fill in the missing numbers. You will also have to fix thetwo errors I made. Oops, sorry, the Celtics game was on when I made this test. |
a) The Accounts Payable account is currently$17,691. But on June 28, Rosenblatt received two invoices saying that she owes$300 for an ad printed inDocs In Socks With Stocksand$319 for the office telephone. |
b) The Cash account was$16,115, but Rosenblatt forgot to record the cash payment of three months' advance rent of$3,000 AND a six-month insurance policy of$2,000. |
2. Make thesix adjustments and be sure the two columns in the Adjustments section balance. |
C. Rosenblatt, M.D., adjusts and closes her books monthly. -The office supplies on hand June 30 were worth$100. -The medical supplies on hand June 30 were worth$315. -Depreciation is calculated using the declining-balance method. Office equipment depreciates at a rate of30% per year and the Medical Equipment depreciates at10%. |
3. Transfer all the appropriate accounts to the Income Statement sections and calculate the net income or net loss. |
4. Transfer all the appropriate accounts to the Balance Sheet section and make sure the columns balance. |
Related Book For
Managerial Accounting Decision Making and Performance Management
ISBN: 978-0273764489
4th edition
Authors: Ray Proctor
Posted Date: