11i16i21, 8:12 PM Homework Assignment 3 - Ch 2-Phuong Ha Student: Phuong Ha Instructor: Suzanna Karam Singh Assignment: Homework Assignment 3 - Date: 11/16/21 Course: ACCT1036 (3) Ch 2 1. Your employer, Prairie Tours, has just hired an ofce manager who does not understand accounting. The Prairie Tours trial balance lists Cash of $57,800. Write a short memo to the office manager, explaining the accounting process that produced this listing on the trial balance. Mention debits, credits, journal, ledger, posting, and trial balance. TO: Office Manager FROM: StudentAccountant Each time Prairie Tours received cash, accountants recorded the transaction in the journal by debiting the Cash account. Accountants recorded cash payments by making a journal entry that included a credit to Cash. Debits in the journal were posted as debits lo the Cash account in the ledger and credits were posted as credits . At the end of the period, accountants listed each account, along with its balance, on the trial balance . Cash had a balance of $57,800. htlps:iixlitemprod.pearsoncmg.comi'apiiv1 lprintihighered 1i12 11/16/21, 8:12 PM Homework Assignment 3 - Ch 2-Phuong Ha 2. a. Indicate on which side of the accounts-debit (Dr) or Credit (Cr)-you would record an increase. b. Indicate on which side of the accounts-debit (Dr) or Credit (Cr)-you would record a decrease. (Click the icon to view the part a accounts.) 2(Click the icon to view the part b accounts.) a. Select debit (Dr) or credit (Cr) for each account. Accounts Receivable Debit (Dr) Salaries Expense Debit (Dr) John Ladner, Capital Credit (Cr) Interest Payable Credit (Cr) Service Revenue Credit (Cr) Furniture Debit (Dr) b. Select debit (Dr) or credit (Cr) for each account. Note Payable Debit (Dr) Land Credit (Cr) Cash Credit (Cr) Accounts Payable Debit (Dr) Income Tax Payable Debit (Dr) Income Tax Expense Credit (Cr) 1: Part a Accounts Accounts Receivable Salaries Expense John Ladner, Capital Interest Payable Service Revenue Furniture 2: Part b accounts Note Payable Land Cash Accounts Payable Income Tax Payable Income Tax Expense https://xlitemprod.pearsoncmg.com/api/v1/print/highered 2/1211/16/21, 8:12 PM Homework Assignment 3 - Ch 2-Phuong Ha 3. The following transactions occurred for Anderson Moving Company. (Click the icon to view the transactions.) Journalize the transactions of Anderson Moving Company. Include an explanation with each journal entry. Use the following accounts: Cash; Accounts Receivable; Office Supplies; Equipment; Accounts Payable; Note Payable; B. Anderson, Capital; B. Anderson, Withdrawals; Service Revenue; Utilities Expense. (Record debits first, then credits. Explanations will appear on the last line of the journal entry table.) July 2: Received $10,000 contribution from Bill Anderson in exchange for capital. Date Accounts and Explanation Debit Credit Jul. 2 Cash 10,000 B. Anderson, capital 10,000 Owner contribution. July 4: Paid utilities expense of $400. Date Accounts and Explanation Debit Credit Jul. 4 Utilities expense 400 Cash 400 Paid cash expenses. July 5: Purchased equipment on account, $2, 100. Date Accounts and Explanation Debit Credit Jul. 5 Equipment 2, 100 Accounts payable 2,100 Purchase of equipment on account. July 10: Performed service for a client on account, $2,000. Date Accounts and Explanation Debit Credit Jul. 10 Accounts receivable 2,000 Service revenue 2,000 Performed services on account. July 12: Borrowed $7,000 cash, signing a note payable. https://xlitemprod.pearsoncmg.com/api/v1/print/highered 3/1211/16/21, 8:12 PM Homework Assignment 3 - Ch 2-Phuong Ha Date Accounts and Explanation Debit Credit Jul. 12 Cash 7,000 Note payable 7,000 Borrowed cash by signing note. July 19: The owner, Bill Anderson, withdrew $500 cash from the business. Date Accounts and Explanation Debit Credit Jul. 19 B. Anderson, withdrawals 500 Cash 500 Owner withdrawal. July 21: Purchased office supplies for $800 and paid cash. Dat Accounts and Explanation Debit Credit Jul. 21 Office supplies 800 Cash 800 Purchase of office supplies with cash. July 27: Paid the liability from July 5. Date Accounts and Explanation Debit Credit Jul. 27 Accounts payable 2, 100 Cash 2,100 Paid cash on account. 3: Transactions July 2 Received $10,000 contribution from Bill Anderson in exchange for capital. 4 Paid utilities expense of $400. 5 Purchased equipment on account, $2, 100. 10 Performed service for a client on account, $2,000. 12 Borrowed $7,000 cash, signing a note payable. 19 The owner, Bill Anderson, withdrew $500 cash from the business. 21 Purchased office supplies for $800 and paid cash. 27 Paid the liability from July 5. https://xlitemprod.pearsoncmg.com/api/v1/print/highered 4/1211/16/21, 8:12 PM Homework Assignment 3 - Ch 2-Phuong Ha 4. Calculate the account balance for each of the following T-accounts: *(Click the icon to view the t-accounts.) (If a box is not used in the T-accounts, leave the box empty; do not enter a zero.) Accounts Receivable Cash Accounts Payable 2,700 2,700 67,500 4,200 1, 100 4,600 5,800 1, 100 16,800 12,300 700 4,900 850 4,090 Bal. Bal. Bal. Bal. Bal. Bal . 4: Data Table Accounts Receivable Cash Accounts Payable 2,700 2,700 67,500 4,200 1, 100 4,600 5,800 1, 100 16,800 12,300 700 4,900 850 4,090 https://xlitemprod.pearsoncmg.com/api/v1/print/highered 5/1211l16l21. 8:12 PM Homework Assignment 3 - Ch 2-Phuong Ha 5. The journal of AEden's Baking School for July 2019 is provided in the accompanying table. 5(Click on the icon to view the journal entries.) Required 1. Describe each transaction. 2. Post to the T-accounts which have been set up for you. Identify each transaction by date. Compute the balance in each account after posting. The T-accounts have been set up using the following account numbers: Cash, #1000; Accounts Receivable, #1200; Baking Supplies, #1400; Accounts PayableI #2000; Aiden BeltI Capital, #3000; Service Revenue. #4000; Advertising Expense, #5100; Rent Expense, #5600; Utilities Expense, #5800. Requirement 1. Describe each transaction. Jul, 2 Investment of cash by the owner 3 Payment of rent expense 9 Purchase of baking supplies on account (on credit) 11 Service provided on account 22 Collection on account 25 Payment of advertising expense 27 Payment on account 31 Receipt of a utilities bill and recording the expense on account Requirement 2. Post to the T-accounts which have been set up for you. Identify each transaction by date. Compute the balance in each account after posting. (Post transactions in the order that they appear in the journal using the first available cell on the appropriate debit or credit side of the T-account. Leave any unused cells blank.) https:Iixlitemprod.pearsoncmg.comi'apilvl lprintJhighered 6l12 \f11/16/21, 8:12 PM Homework Assignment 3 - Ch 2-Phuong Ha General Journal Page 5 Date Accounts Debi Credit Jul. 2 Cash $ 6,000 Aiden Belt, capital $ 6,000 3 Rent expense 1,550 Cash 1,550 9 Baking supplies 56 Accounts payable 56 11 Accounts receivable 1,640 Service revenue 1,640 22 Cash 360 Accounts receivable 360 25 Advertising expense 730 Cash 730 27 Accounts payable 56 Cash 56 31 Utilities expense 580 Accounts payable 580 https://xlitemprod.pearsoncmg.com/api/v1/print/highered 8/1211l16l21. 8:12 PM Homework Assignment 3 - Ch 2-Phuong Ha 6. Yula's Yoga engaged in the following transactions during March 2020, its first month of operations. 6(Click on the icon to view the transactions.) Mammy Requirement 1. Record the entries in the T-accounts that have been set up for you. Identify transactions by their date. Date the ending balance of each account March 31. (If a box is not used in the T-accounts, leave the box empty; do not select a label or enter a zero.) Cash Yula Gregore, Capital Mar Mar |:| |:| Bal. Bal. I:| Accounts Payable (11) Mar Mar. |:| Bet. Bet. I:I Rent Expense Servrce Revenue (1)3) (14) (15) Mar Mar. |:| Mar. |:| I: H: \"9' Bal. |:l Bal. |:I Accounts Receivable (21) (22) Mar. Mar. |:| Bal. I: Requirement 2. Prepare the trial balance of Yula's Yoga at March 31, 2020. Now using the totals from T-accounts, prepare the trial balance of Yula's Yoga at March 31, 2020. Start by preparing the heading for the adjusted trial balance. Remember that each line of the heading is very important and should be in a specic order. Then, complete the body of the trial balance by selecting the accounts and entering the account balances from the T-accounts. Compute the total debits and credits; the trial balance must balance to be correct. (If a box is not used in the trial balance. leave the box empty; do not select a label or enter a zero.) htlpsjixlitemprod.pearsonomg.comi'apilv'llprintlhighered 9l12 11/16/21, 8:12 PM Homework Assignment 3 - Ch 2-Phuong Ha Account Debit Credit (26 (27) (28 (29 (30) (31) (32) Total 6: Transactions Mar. 1 The business received a $15,000 cash investment from Yula Gregore to start Yula's Yoga. 1 Paid $4,000 cash to rent a yoga studio for the month of March. 4 Purchased studio supplies for $4,000 on account. 6 Presented a wellness seminar for a corporate customer and received cash, $3,000. 9 Paid $1,000 on accounts payable. 17 Taught yoga classes for customers on account, $800. 7: Required 1. Record the entries in the T-accounts which have been set up for you. Identify transactions by their date. Date the ending balance of each account Mar. 31. 2. Prepare the unadjusted trial balance of Yula's Yoga at March 31, 2020. (1) 0 09 (2) 0 09 (3) 0 09 (4) 0 09 (5) 0 09 01 0 17 01 0 17 01 0 17 01 0 17 01 0 17 0 4 04 0 4 0 4 0 4 0 6 0 6 06 0 6 0 6 (6) 0 09 (7) 0 09 (8) 0 09 (9) 0 09 (10) O 09 01 0 17 01 0 17 01 0 17 01 0 17 01 0 17 0 4 0 4 0 4 0 4 0 4 0 6 0 6 0 6 0 6 0 6 (11) O 0 9 (12) O 09 (13) 0 09 (14) 0 09 (15) O 09 01 0 17 01 0 17 01 0 17 01 0 17 01 0 17 0 4 0 4 0 4 0 4 0 4 0 6 0 6 0 6 0 6 0 6 (16) O 09 (17) O 09 (18) 0 09 (19) 0 09 (20) O 0 9 01 0 17 01 0 17 01 0 17 01 0 17 01 0 17 0 4 0 4 0 4 0 4 0 6 )4 0 6 0 6 0 6 0 6 https://xlitemprod.pearsoncmg.com/api/v1/print/highered 10/1211/16/21, 8:12 PM Homework Assignment 3 - Ch 2-Phuong Ha (21) 0 0 9 (22) 0 09 (23) C O Trial Balance 01 0 17 01 017 O Balance Sheet O Yula's Yoga 0 4 0 4 O March 31, 2020 0 6 0 6 For the Month Ended March 31, 2020 (24) O Trial Balance O Balance Sheet O Yula's Yoga March 31, 2020 O For the Month Ended March 31, 2020 (25) O Trial Balance O Balance Sheet O Yula's Yoga O March 31, 2020 O For the Month Ended March 31, 2020 (26) O O Cellphone expense O Studio supplies O Accounts payable O Equipment O Utilities expense O Accounts receivable O Rent expense O Yula Gregore, capital O Cash O Service revenue O Yula Gregore, withdrawals (27) O O Cellphone expense O Studio supplies O Accounts payable O Equipment O Utilities expense O Accounts receivable O Rent expense O Yula Gregore, capital O Cash O Service revenue O Yula Gregore, withdrawals (28) O O Cellphone expense O Studio supplies O Accounts payable O Equipment O Utilities expense Accounts receivable O Rent expense O Yula Gregore, capital O Cash Service revenue O Yula Gregore, withdrawals (29) O O Cellphone expense O Studio supplies O Accounts payable O Equipment O Utilities expense O Accounts receivable O Rent expense O Yula Gregore, capital O Cash O Service revenue O Yula Gregore, withdrawals (30) O O Cellphone expense O Studio supplies O Accounts payable O Equipment O Utilities expense O Accounts receivable O Rent expense O Yula Gregore, capital O Cash Service revenue O Yula Gregore, withdrawals https://xlitemprod.pearsoncmg.com/api/v1/print/highered 11/1211/16/21, 8:12 PM Homework Assignment 3 - Ch 2-Phuong Ha (31) O Cellphone expense O Studio supplies O Accounts payable O Equipment Utilities expense Accounts receivable O Rent expense O Yula Gregore, capital O Cash Service revenue O Yula Gregore, withdrawals (32) O O Cellphone expense O Studio supplies O Accounts payable O Equipment Utilities expense Accounts receivable O Rent expense Yula Gregore, capital Cash Service revenue O Yula Gregore, withdrawals https://xlitemprod.pearsoncmg.com/api/v1/print/highered 12/1211/16/21, 8:13 PM Homework Assignment 4 - Ch 3-Phuong Ha Student: Phuong Ha Instructor: Suzanna Karam Singh Assignment: Homework Assignment 4 - Date: 11/16/21 Course: ACCT1036 (3) Ch 3 1. On September 1, 2020, you prepaid three months of rent, for a total of $24,000. Give your adjusting entry to record rent expense at September 30, 2020. Include the date of the entry and an explanation. Then, using T-accounts, post to the two accounts involved and show their balances at September 30, 2020. Record the journal entry for one month's rent expense. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Journal Entry Dat Accounts and Explanation Debit Credit September 30 Rent Expense 8,000 Prepaid Rent 8,000 To record rent expense Post the journal entry to the T-accounts below, and calculate the account balances. The beginning balance of Prepaid Rent has been entered for you. (If a box is not used in the T-accounts leave the box empty; do not enter a zero.) Prepaid Rent Rent Expense Sept 1 24,000 Sept 30 8,000 Sept 30 Sept 30 Bal. 16,000 Bal. https://xlitemprod.pearsoncmg.com/api/v1/print/highered 1/1411l16l21, 8:13 PM Homework Assignment 4 - Ch 3-Phuong Ha 2. On May 1, your company paid cash of $25,500 for computers that are expected to remain useful for six years. At the end of six years, the value of the computers is expected to be zero. Required 1_Using T-accounts, post the purchase of the computers on May 1 and the amortization on May 31 to the following accounts: Computer Equipment; Accumulated AmortizationComputer Equipment; and Amortization ExpenseComputer Equipment. Show their balances at May 31. 2.What is the computer equipment's book value at May 31? 3.What amount is reported on the income statement on May 31? Requirement 1. Using T-acoounts, post the purchase of the computers on May 1 and the amortization on May 31 to the following accounts: Computer Equipment; Accumulated AmortizationComputer Equipment; and Amortization ExpenseComputer Equipment. Show their balances at May 31. (Assume that the journal entries have been completed.) Calculate the amortization expense. Determine the formula for the amortization expense, and then use the formula to calculate the amount. (Round the amortization expense to the nearest whole dollar.) I I x = Amortization expense |:| I :I I |:| x |:| = E New post to the T-accounts. Select the correct date. enter the amounts, and balance each account. (Leave any unused cells blank. Round amounts to the nearest whole dollar.) Accumulated Amortization Amortization ExpenschComputer Computer Equipment Computer Equipment Equipment Requirement 2. What is the computer equipment's carrying value at May 31'? Complete the table below to determine the carrying value at May 31. (Round amounts to the nearest whole dollar.) (11) Less: (12) Carrying value at May 31 Requirement 3. What amount is reported on the income statement on May 31? Select the account and the amount that would be reported on the income statement. (Round the amount to the nearest whole dollar.) :| (1) O 0 Months in a year (2) O 0 Months in a year 0 Cash 0 Useful life (years) 0 Cash 0 Useful life (years) 0 Cost of asset 0 Cost of asset 0 Months amortized 0 Months amortized (3) O O Months in a year (4) O 0 Months in a year 0 Cash 0 Useful life (years) 0 Cash 0 Useful life (years) O Cost of asset 0 Cost of asset 0 Months amortized 0 Months amortized ht'lpstlixlitemprodpearsoncmg.comr'apilv'llprintlhighered 2114 11/16/21, 8:13 PM Homework Assignment 4 - Ch 3-Phuong Ha (5) O (6) 0 (7) O (8) O (9) O O Bal. O Bal O Bal Bal. O Bal. O May 1 O May 1 O May 1 O May 1 O May 1 O May 31 O May 31 O May 31 O May 31 O May 31 (10) O O Bal. O May 1 O May 31 (11) O O Amortization Expense-Office Supplies O Accumulated Amortization-Computer Equipment O Cash O Accumulated Amortization-Office Supplies O Computer Equipment O Amortization Expense-Computer Equipment O Office Supplies (12) O O Amortization Expense-Office Supplies O Accumulated Amortization-Computer Equipment O Cash O Accumulated Amortization-Office Supplies Computer Equipment O Amortization Expense-Computer Equipment Office Supplies (13) O O Amortization Expense-Office Supplies O Accumulated Amortization-Computer Equipment O Cash Accumulated Amortization-Office Supplies O Computer Equipment O Amortization Expense-Computer Equipment O Office Supplies https://xlitemprod.pearsoncmg.com/api/v1/print/highered 3/1411l16l21. 8:13 PM Homework Assignment 4 - Ch 3-Phuong Ha 3. For each of the following ve Independent situations, journalize the adjusting entry and the related transaction (either before or after it). (Record debits first. then credits. Select the explanation on the last line of the journal entry table. Round amounts to the nearest whole dollar.) 1(click the icon to View the situations.) a. Dec. 1 business receives $3,900 for a 10-month service contract. Credit 3.900 Accounts and Explanation (at) Dec. 1 Cash Unearned Revenue To record revenue that was collected in advance. Dec. 31 year-end adjusting entry needed to update the balance in the account. Credit Accounts and Explanation (a) Dec. 31 Uneamed Revenue Service Revenue 390 To record unearned revenue now earned. b. Mar. 31 work performed but not yet billed to customers for the month, $1,600. Accounts and Explanation Debit Credit (b) Mar. 31 Accounts Receivable 1,600 Service Revenue 1,600 To record work performed but not yet billed. Apr. 21 received payment for the work that was completed. Accounts and Explanation (b) Apr. 21 Cash Accounts Receivable 1,600 To record customer payment on account. c. Jun. 15 purchased $3,200 of ofce supplies on account. htlpsjixlitem prod.pearsoncmg .comr'apilvl lprintJhighered 4H4 11l16l21. 8:13 PM Homework Assignment 4 - Ch 3-Phuong Ha Date Accounts and Explanation Credit (G) Jun. 15 Supplies Accounts Payable 3,200 Purchased supplies on account. Dec. 31 a count of supplies shows that only $1,700 worth is left at year-end, so the balance in the account needs to be updated. Date Accounts and Explanation Debit Credit c Dec. 31 Supplies Expense 1500 ( ) Supplies 1,500 To record supplies used. d. Feb. 2 business paid a $800 deposit for the last month's rental of a copier on a 10-month contract. Credit 800 Accounts and Explanation Prepaid Rent Cash (d) Feb. 2 To record payment of rent in advance. Nov. 30 the rental period for the copier ended. so the balance in the prepaid account must be updated. Credit 800 Accounts and Explanation (d) Nov. 30 Rent Expense Prepaid Rent To record rent expense. e. Jun. 1 purchased truck for $35,700 (cash) with an expected useful life of seven years. Credit Accounts and Explanation To record purchase of truck. Dec. 31 year-end adjusting entry needed to record amortization. https:Iixlitemprodpearsoncmg.comiapiiv'llprintlhighered 5M 4 11l16l21. 8:13 PM Homework Assignment 4 - Ch 3-Phuong Ha Date Accounts and Explanation Credit (e) Dec. 31 Amortization ExpenseTruck Accumulated AmortizationTruck 2,975' To record partial year amortization. 1: Situations a. Dec. 1 business receives $3,900 for a 10-month service contract. Dec. 31 year-end adjusting entry needed to update the balance in the account. b. Mar. 31 e work performed but not yet billed to customers for the month. $1,600. Apr. 21 received payment for the work that was completed. c. Jun. 15 purchased $3,200 of ofce supplies on account. Dec. 31 a count of supplies shows that only $1,700 worth is left at year-end, so the balance in the account needs to be updated. d. Feb. 2 business paid a $800 deposit for the last month's rental of a copier on a 10-month contract. Nov. 30 the rental period for the copier ended, so the balance in the prepaid account must be updated. 9. Jun. 1 purchased truck for $35,700 (cash) with an expected useful life of seven years. Dec. 31 year-end adjusting entry needed to record amortization. YOU ANSWERED: Date Accounts and Explanation Credit (3) Dec. 31 Unearned Revenue 390 nothing Service Revenue nothing 390 nothing nothing nothing nothing nothing nothing To record partial year amortization. Date Accounts and Explanation Debit Credit (e) Dec. 31 Amortization ExpenseTruck 2550 nothing Accumulated AmortizationTruck nothing 2550 nothing nothing nothing nothing nothing nothing To record partial year amortization. https:Iixlitemprod.pearsoncmg.comiapilvtlprintlhighered 6M 4 11I1BI21. 8:13 PM 4. TentRentals Company sets up a large event tent for the local food festival. The tent will be rented to the Business Homework Assignment 4 - Ch 3-Phuong Ha Improvement Association for two weeks for a total cost of $4,700. The event takes place over the Canada Day weekend. So one week of the rental takes place in June, and the other week is in July. TentRentals will bill the Business Improvement Association on July 6 for the two-week rental. Record the June 30 adjusting entry to update TentRentals's nancial records for the one week it has earned rental revenue. Complete the journal entry below. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Journal Entry (1) O 0 Accounts Payable 0 Accounts Receivable 0 Advertising Expense (2) O 0 Accounts Payable 0 Accounts Receivable 0 Advertising Expense (3) O O Accounts Payable 0 Accounts Receivable 0 Advertising Expense (4) O 0 Accounts Payable 0 Accounts Receivable 0 Advertising Expense (5) O 0 Cash 0 Equipment 0 Note Payable 0 Rent Expense 0 Cash 0 Equipment 0 Note Payable 0 Rent Expense 0 Cash 0 Equipment 0 Note Payable O Rent Expense 0 Cash 0 Equipment 0 Note Payable 0 Rent Expense O Borrowed cash on a note payable. 0 Owner's investment to open business. O Paid monthly utilities expense 0 Purchased supplies on account. 0 Received cash for services performed. 0 Rental revenue earned but not billed in June. 0 To record supplies expense. 0 Rental Revenue 0 Salaries Expense Ct Service Revenue O Supplies 0 Rental Revenue 0 Salaries Expense O Service Revenue 0 Supplies 0 Rental Revenue 0 Salaries Expense 0 Service Revenue 0 Supplies 0 Rental Revenue O Salaries Expense 0 Service Revenue 0 Supplies 0 Supplies Expense 0 Utilities Expense O Supplies Expense 0 Utilities Expense O Supplies Expense 0 Utilities Expense O Supplies Expense 0 Utilities Expense O Performed service on account. 0 Purchased equipment and paid cash. 0 Purchased equipment on account. 0 Purchased supplies and paid cash. httszixlitem prodpearsoncmg .comr'apilv't lprintJhighered 7/14 11l16l21. 8:13 PM Homework Assignment 4 - Ch 3-Phuong Ha 5. Consider the unadjusted trial balance of Brent Landscaping at May 31, 2020, and the related month-end adjustment data. 2(click the icon to View the unadjusted trial balance.) 3(Click the icon to View the month-end adjustment data.) Required 1. Prepare the adjusted trial balance of Brent Landscaping at May 31. 2020 by sketching T-accounts in your notes to calculate the new balances. 2. Prepare the income statement and the statement of owner's equity for the year ended May 31, 2020, and the balance sheet at May 31, 2020. Write a short description of how the three nancial statements are linked. Requirement 1. Prepare the adjusted trial balance of Brent Landscaping at May 31, 2020 by sketching T-accounts in your notes to calculate the new balances. (If a box is not used in the adjusted trial balance, leave the box empty; do not enter a zero.) Brent Landscaping Adjusted Trial Balance May 31 , 2020 Account Title Cash Accounts receivable Supplies Prepaid rent Equipment Accumulated amortizationequipment Accounts payable Salaries payable A. Brent, capital A. Brent, withdrawals Landscaping design revenue Salaries expense Rent expense Utilities expense Amortization expenseequipment Supplies expense E: :l: :l: :I|:l :l: :I: :l: :I: SE :l: E: l:ll:l 1:]: ES :l: E; Q; Total Requirement 2. Prepare the income statement and the statement of owner's equity for the year ended May 31, 2020, and the balance sheet at May 31, 2020. Begin with the income statement. httpsjixlitem prod.pearsoncmg .comi'apilv1 lprintJhighered Bl14 11/1 6121. 8:13 PM Homework Assignment 4 - Ch 3-Phuong Ha Revenue: Expenses: Total expenses Net income Next, prepare the statement of owner's equity. Total liabilities |:| Owner's Equity (27) ll; (28) Total assets Total liabilities and owner's equity Write a short description of how the three financial statements are linked. httpstlixlitemprod.pearsoncmg.comi'apilv'l/prinilhighered 9M 4 11I1BI21. 8:13 PM Homework Assignment 4 - Ch 3-Phuong Ha (29) from the income statement is transferred to the (30) (31) is then transferred to the owner's equity section of the balance sheet. 2: hacv11OCe.p3.7a Brent Landscaping Unadjusted Trial Balance May 31 . 2020 Account Title Cash Accounts receivable Supplies Prepaid rent Equipment Accumulated amortizationequipment Accounts payable Salaries payable A. Brent, Capital A. Brent. Withdrawals Landscaping design revenue Salaries expense Rent expense Utilities expense Amortization expenSHquipment Supplies expense Total 3: Month-end Adjustment Data The following adjustments need to be made on May 31 before the nancial statements for the year can be prepared. a. Accrued landscaping design revenue. $8,700. 13. One month of the prepaid rent had been used. The unadjusted prepaid balance of $13,600 is for a period of four months. c. Supplies remaining on hand, $900. d. Amortization on equipment for the month of May. The equipment's expected useful life is 10 years; it will have no value at the end of its useful life, and the straight-line method of amortization is used. e. An accrual for two days of salaries is needed. A ve-day weekly payroll is $22,000. httpsrlixlitem prod.pearsoncmg .comr'apilv1 lprintJhighered $ 16,000 8,600 0 143,100 144,000 $ 311,700 $ 311,700 The ending balance of 10/14 11l16121. 8:13 PM Homework Assignment 4 - Ch 3-Phuong Ha (1) O 0 May 31, 2020 O Balance Sheet 0 For the Month Ended May 31, 2020 0 Brent Landscaping 0 For the Year Ended May 31, 2020 0 Income Statement 0 Statement of Owner's Equity (2) O 0 May 31,2020 0 Balance Sheet 0 For the Month Ended May 31, 2020 O Brent Landscaping 0 For the Year Ended May 31, 2020 0 Income Statement 0 Statement 0t Owner's Equity (3) o 0 May 31, 2020 0 Balance Sheet 0 For the Month Ended May 31, 2020 0 Brent Landscaping 0 For the Year Ended May 31, 2020 0 Income Statement O Statement of Owner's Equity (4) O 0 Accounts receivable O A. Brent, Capital 0 Accumulated amortizationequipment Q A. Brent, Withdrawals O Amortization expenseequipment O Accounts payable 0 Cash 0 Rent expense O Supplies expense 0 Salaries expense 0 Unearned service revenue 0 Salaries payable 0 Utilities expense 0 Supplies (5) O 0 Accounts receivable O A. Brent. Capital O Accumulated amortizationequipment O A. Brent, Withdrawals O Amortization expenseequipment 0 Accounts payable 0 Cash 0 Rent expense 0 Supplies expense 0 Salaries expense 0 Unearned service revenue 0 Salaries payable 0 Utilities expense 0 Supplies (6) O 0 Accounts receivable O A. Brent, Capital O Accumulated amortizationequipment O A. Brent, Withdrawals O Amortization expenseequipment 0 Accounts payable 0 Cash O Rent expense O Supplies expense 0 Salaries expense 0 Unearned service revenue 0 Salaries payable 0 Utilities expense 0 Supplies htlpstlixlitem prodpearsoncmg .comr'apilv'l lprintJhighered 0 Equipment 0 Insurance expense 0 Landscaping design revenue 0 Prepaid rent 0 Equipment 0 Insurance expense 0 Landscaping design revenue 0 Prepaid rent 0 Equipment 0 Insurance expense 0 Landscaping design revenue 0 Prepaid rent 11/14 111'16121, 8:13 PM Homework Assignment 4 - Ch 3-Phuong He (7) O O Accounts receivable O A. Brent, Capital O Accumulated amortizationequipment O A. Brent, Withdrawals O Amortization expenseequipment 0 Accounts payable 0 Cash 0 Rent expense O Supplies expense 0 Salaries expense 0 Uneamed service revenue 0 Salaries payable 0 Utilities expense Ci Supplies (8) O 0 Accounts receivable O A. Brent, Capital 0 Accumulated amortizationequipment O A. Brent, Withdrawals O Amortization expenseequipment 0 Accounts payable 0 Cash 0 Rent expense 0 Supplies expense 0 Salaries expense O Uneamed service revenue 0 Salaries payable 0 Utilities expense 0 Supplies (9) O 0 Accounts receivable O A. Brent, Capital 0 Accumulated amortizationequipment O A. Brent, Withdrawals O Amortization expenseequipment 0 Accounts payable 0 Cash 0 Rent expense 0 Supplies expense 0 Salaries expense O Uneamed service revenue 0 Salaries payable 0 Utilities expense 0 Supplies (10) O 0 May 31. 2020 0 Balance Sheet 0 For the Month Ended May 31, 2020 0 Brent Landscaping 0 For the Year Ended May 31, 2020 0 Income Statement 0 Statement of Owner's Equity (11) O O May31,2020 0 Balance Sheet O For the Month Ended May 31, 2020 0 Brent Landscaping 0 For the Year Ended May 31, 2020 0 Income Statement O Statement of Owner's Equity (12) O 0 May 31. 2020 0 Balance Sheet 0 For the Month Ended May 31, 2020 0 Brent Landscaping 0 For the Year Ended May 31, 2020 0 Income Statement 0 Statement of Owner's Equity (13) O O A. Brent, capital June 1, 2019 0 Service revenue 0 A. Brent, capital May 31, 2020 0 Total expenses 0 Net income ht'lpstllxlitem prod.pearsoncmg .comr'apilv'i lprintJhighered 0 Net loss 0 Withdrawals 0 Equipment 0 Insurance expense 0 Landscaping design revenue 0 Prepaid rent 0 Equipment 0 Insurance expense 0 Landscaping design revenue 0 Prepaid rent 0 Equipment 0 Insurance expense 0 Landscaping design revenue 0 Prepaid rent 12114 11/16/21, 8:13 PM Homework Assignment 4 - Ch 3-Phuong Ha (14) O O Net loss O A. Brent, capital June 1, 2019 Service revenue O A. Brent, capital May 31, 2020 O Total expenses O Net income Withdrawals (15) O O Net loss O A. Brent, capital June 1, 2019 O Service revenue O A. Brent, capital May 31, 2020 O Total expenses Net income Withdrawals (16) O O Net loss O A. Brent, capital June 1, 2019 Service revenue O A. Brent, capital May 31, 2020 O Total expenses O Net income O Withdrawals (17) O O For the Month Ended May 31, 2020 O Balance Sheet O For the Year Ended May 31, 2020 O Brent Landscaping O Income Statement O May 31, 2020 Statement of Owner's Equity (18) O For the Month Ended May 31, 2020 O Balance Sheet For the Year Ended May 31, 2020 O Brent Landscaping O Income Statement O May 31, 2020 Statement of Owner's Equity (19) O O For the Month Ended May 31, 2020 O Balance Sheet For the Year Ended May 31, 2020 O Brent Landscaping O Income Statement O May 31, 2020 O Statement of Owner's Equity (20) O O Cash O Salaries payable O A. Brent, capital O Equipment O Supplies O Accounts payable O Less: Accum. amortization O Accounts receivable O Prepaid rent (21) O O Cash O Salaries payable O A. Brent, capital O Equipment O Supplies O Accounts payable O Less: Accum. amortization O Accounts receivable O Prepaid rent (22) O O Cash O Salaries payable O A. Brent, capital O Equipment O Supplies O Accounts payable O Less: Accum. amortization O Accounts receivable O Prepaid rent https://xlitemprod.pearsoncmg.com/api/v1/print/highered 13/1411/16/21, 8:13 PM Homework Assignment 4 - Ch 3-Phuong Ha (23) O O Cash O Salaries payable O A. Brent, capital O Equipment Supplies O Accounts payable O Less: Accum. amortization O Accounts receivable O Prepaid rent (24) O O Cash O Salaries payable O A. Brent, capital O Equipment O Supplies O Accounts payable O Less: Accum. amortization Accounts receivable O Prepaid rent (25) O O Cash O Salaries payable O A. Brent, capital O Equipment O Supplies Accounts payable O Less: Accum. amortization O Accounts receivable O Prepaid rent (26) O O Cash O Salaries payable O A. Brent, capital O Equipment Supplies O Accounts payable O Less: Accum. amortization Accounts receivable O Prepaid rent (27) O O Cash O Salaries payable A. Brent, capital Equipment Supplies O Accounts payable O Less: Accum. amortization O Accounts receivable O Prepaid rent (28) O O Cash O Salaries payable O A. Brent, capital O Equipment O Supplies O Accounts payable O Less: Accum. amortization O Accounts receivable O Prepaid rent (29) O Expenses (30) O balance sheet. (31) O capital Net income (or net loss) statement of owner's equity. O expenses Revenue O trial balance revenues withdrawals https://xlitemprod.pearsoncmg.com/api/v1/print/highered 14/1411l16l21. 8:14 PM Homework Assignment 5 - Ch 4-Phuong Ha Student: Phuong Ha Instructor: Suzanna Karam Singh Assignment: Homework Assignment 5 - Date: 11/16/21 Course: ACCT1036 (3) Ch 4 1. The unadjusted trial balance of Sigrid's Off Road Adventures at December 31, 2020, the end of its fiscal year, is presented below. 1(Click the icon to View the unadjusted trial balance.) Data needed for the adjusting entries are as follows: 2(Click the icon to View the adjusting entry data.) Prepare the worksheet of Sigrid's Off Road Adventures for the year ended December 31, 2020. Identify each adjusting entry by the letter corresponding to the data given. Enter the adjustments in the adjustments column of the worksheet. Key adjusting entries by letter. Total the debit and credit columns. (If a box is not used in the worksheet, leave the box empty: do not select a label or enter a zero. Abbreviations used: fum. = furniture: build. = building.) htlps:Iixlitemprod.pearsoncmg.comr'apilv1 lprintJhighered 1152 11/16/21, 8:14 PM Homework Assignment 5 - Ch 4-Phuong Ha Sigrid's Off Road Adventures Worksheet December 31, 2020 Trial Balance Adjustments Adjusted Trial Balance Account Debit Credit Debit Credit Debit Credit (1) (2) Cash 6,000 (3) (4) Accounts receivable 5,000 (5) (6) Supplies 1,000 (7) 8) Furniture 10,000 Accumulated amortization- (9) (10) urn. 4,000 (11) (12) Building 60,000 Accumulated amortization- 13 14 build. 30,000 (15) (16) Land 20,000 (17) (18 Accounts pay 2,000 (19) (20) Salaries payable (21) (22 Unearned service revenue 8,000 23) (24) Sigrid Chu, capital 40,000 (25) (26) Sigrid Chu, withdrawals 25,000 27) (28) Service revenue 60,000 (29 (30) 31 (32) Salaries expense 16,000 (33) (34) Supplies expense (35 (36) Amortization expense-furn. 37 (38) Amortization expense-build. 0 39 (40) Miscellaneous expense 1.000 Total 144,000 144,000 https://xlitemprod.pearsoncmg.com/api/v1/print/highered 2/5211/16/21, 8:14 PM Homework Assignment 5 - Ch 4-Phuong Ha Next, we will calculate the adjusted balances and enter them in the adjusted trial balance columns on the worksheet. Total the debit and credit columns. (If a box is not used in the worksheet, leave the box empty; do not enter a zero. Abbreviations used: furn. = furniture; build. = building.) Sigrid's Off Road Adventures Worksheet December 31, 2020 Trial Balance Adjustments Adjusted Trial Balance Account Debit Credit Debit Credit Debit Credit Cash 6,000 Accounts receivable 5,000 (e) 1,300 Supplies 1,000 (a) 800 Furniture 10,000 Accumulated amortization-furn. 4,000 (b) 2,500 Building 60,000 Accumulated amortization- build. 30,000 (c) 1,500 Land 20,000 Accounts payable 2,000 Salaries payable (d) 600 Unearned service revenue 8,000 (f) 2,000 Sigrid Chu, capital 40,000 Sigrid Chu, withdrawals 25,000 Service revenue 60,000 (e) 1,300 (f) 2,000 Salaries expense 16,000 (d) 600 Supplies expense 0 (a) 800 Amortization expense-furn. 0 (b) 2,500 Amortization expense-build. O (C ) 1,500 Miscellaneous expense 1,000 144,000 144,000 8,700 8,700 Total Now, we will complete the income statement columns of the worksheet and total them. Remember to calculate the net income or net loss after the totals, and then total the columns again. (If a box is not used in the worksheet, leave the box empty; do not enter a zero. Abbreviations used: furn. = furniture; build. = building.) https://xlitemprod.pearsoncmg.com/api/v1/print/highered 3/5211/16/21, 8:14 PM Homework Assignment 5 - Ch 4-Phuong Ha Sigrid's Off Road Adventures Worksheet December 31, 2020 Adjusted Trial Balance Income Statement Balance Sheet Account Debit Credit Debit Credit Debi Credit Cash 6,00 Accounts receivable 6,300 Supplies 200 Furniture 10,000 Accumulated amortization-furn. 6,500 Building 60,000 Accumulated amortization-build. 31,500 Land 20,000 Accounts payable 2,000 Salaries payable 600 Unearned service revenue 6,000 Sigrid Chu, capital 40,000 Sigrid Chu, withdrawals 25,000 Service revenue 63,300 Salaries expense 16,600 Supplies expense 800 Amortization expense-furn. 2,50 Amortization expense-build. 1,500 Miscellaneous expense 1,000 149,900 149,900 Total Net income Finally, we will complete the balance sheet columns of the worksheet. Remember to include the net income or net loss after the totals, and then total the columns again. (If a box is not used in the worksheet, leave the box empty; do not enter a zero. Abbreviations used: furn. = furniture; build. = building.) https://xlitemprod.pearsoncmg.com/api/v1/print/highered 4/5211/16/21, 8:14 PM Homework Assignment 5 - Ch 4-Phuong Ha Sigrid's Off Road Adventures Worksheet December 31, 2020 Adjusted Trial Balance Income Statement Balance Sheet Account Debit Credit Debit Credit Debi Credit Cash 6,00 Accounts receivable 6,300 Supplies 200 Furniture 10,000 Accumulated amortization-furn. 6,500 Building 60,000 Accumulated amortization-build. 31,500 Land 20,000 Accounts payable 2,000 Salaries payable 600 Unearned service revenue 6,000 Sigrid Chu, capital 40,000 Sigrid Chu, withdrawals 25,000 Service revenue 63,300 63,300 Salaries expense 16,600 16,600 Supplies expense 800 800 Amortization expense-furn. 2,50 2,500 Amortization expense-build. 1,500 1,500 1,000 1,000 Miscellaneous expense 149,900 149,900 Total 22,400 63,300 40,900 Net income 63,300 63,300 1: Unadjusted Trial Balance https://xlitemprod.pearsoncmg.com/api/v1/print/highered 5/5211/16/21, 8:14 PM Homework Assignment 5 - Ch 4-Phuong Ha Sigrid's Off Road Adventures Unadjusted Trial Balance December 31, 2020 Balance Account Title Debi Credit Cash $ ,000 Accounts receivable 5,000 Supplies 1,000 Furniture 10,000 Accumulated amortization-furniture $ 4,000 Building 60,000 Accumulated amortization-building 30,000 Land 20,000 Accounts payable 2,000 Salaries pay Unearned service revenue 8,000 Sigrid Chu, capital 40,000 Sigrid Chu, withdrawals 25,000 Service revenue 60,000 Salaries expense 16,000 Supplies expense Amortization expense-furniture 0 Amortization expense-building Miscellaneous expense 1.000 $ 144,000 $ 144,000 Total 2: Adjusting Entry Data a. Supplies remaining on hand at year end are worth $200. b. Amortization on furniture, $2,500. c. Amortization on building, $1,500. d. Salary owed but not yet paid, $600. e. Service revenues to be accrued, $1,300. Of the $8,000 balance of Unearned Service Revenue, $2,000 was earned during 2020. https://xlitemprod.pearsoncmg.com/api/v1/print/highered 6/5211l16121. 8:14 PM Homework Assignment 5 - Ch 4-Phuong Ha (H0 0M (30 0M (30 0M (M0 0M 09)0M om)om ow)om 0w)0M ow)om om)0m 0w)om ow)om OM OM OM OM (00 0M (00 0M (n0 0M (00 OM Om)OM O@)0M O@)OM Om)OM ow>om om)om 0@)0 ow)om OM OM OM OM (mo 0M U00 0M UUO 0M U20 0M om>om 0)0M 0@)0M om)om ow)om om)om om)om om)om OM OM OM OM H30 0M UQO 0M U30 OM 000 CM 0m)OM 0m)0M OE)OM 0G)OM ow)om 0m)om om)om ow)om 0M 0M OM OM \"00 OM umo OM U00 OM Q00 OM om)om 0&)0M om>om O@)0M om)om ow)om om)om ow)om OM 0M OM OM QO OM 9&0 OM @00 OM @00 OM 0W)OM 0w)0M om>om OW)0M om)om 0m)om om>om ow)om OM OM OM OM 030 OM 0&0 OM who OM 9&0 0M 0@)OM ow)om 09)OM OM)OM |O(b) OM 0M 06) 0M 00) 0M 06) 0M 0M 0M 0M mmo 0M wmo 0M wO 0M wmo 0M O@)OM 0w)OM Ob)OM om)om ow)om 0w)om om>om ow)om 0M 0M 0M 0M hpszlixlitem prod.pearsoncmg .coml'apilv1 lprinb'highered 7l52 \f11/1 6121, 8:14 PM Homework Assignment 5 - Ch 4-Phuong Ha 2. Review the steps in the accounting cycle, and answer the following questions: 1. What is the rst step? 2. Are any steps optional? If yes, which one(s)? 3. Which steps are completed throughout the period? 4. Which steps are completed only at the end of the period? 5. What is the last step in the accounting cycle? 1. What is the first step? 0 A. Start with the balances in the ledger at the beginning of the period. 0 B. Record transactions in ajournal. O C. Prepare the financial statements. O D. Journalize and post adjusting entries. 0 E. Prepare the unadjusted trial balance. 2. Are any steps optional? If yes, which one(s)? O A. Yes, posting from the journal to the ledger accounts is optional. 0 B. Yes, preparing the nancial statements is optional. 0 C. Yes, journalizing and posting the closing entries is optional. 0 D. Yes, completing the worksheet is optional. 0 E. No, there are no optional steps. 3. Which steps are completed throughout the period? Select all that apply. I] A. Prepare the financial statements. E! B. Prepare an adjusted trial balance. E! C. Identify and analyze transactions as they occur. I] D. Journalize and post the closing entries. I] E. Prepare the unadjusted trial balance. E! F. Record transactions in ajournal. [:1 G. Prepare the post-closing trial balance. I] H. Journalize and post adjusting entries. I] I. Post from the journal to the ledger accounts. 4. Which steps are completed only at the end of the period? Select all that apply. I] A. Journalize and post adjusting entries. I] B. Prepare the post-closing trial balance. I] C. Prepare the financial statements. I] D. Prepare the unadjusted trial balance. I] E. Identify and analyze transactions as they occur. I] F. Prepare an adjusted trial balance. I] G. Journalize and post the closing entries. I] H. Record transactions in a journal. I] I. Post from the journal to the ledger accounts. ht'lpstlixlitem prod.pearsoncmg .comi'apilv'i lprintJhighered 9l52 11/16/21, 8:14 PM Homework Assignment 5 - Ch 4-Phuong Ha 5. What is the last step in the accounting cycle? O A. Identify and analyze transactions as they occur. O B. Prepare the post-closing trial balance. O C. Post from the journal to the ledger accounts. O D. Prepare an adjusted trial balance. O E. Prepare the financial statements. https://xlitemprod.pearsoncmg.com/api/v1/print/highered 10/5211l16121. 8:14 PM Homework Assignment 5 - Ch 4-Phuong Ha 3. Selected T-accounts of Skydive Tours have been opened for you at September 30, 2020. Post the following adjusting and closing entries to the accounts. (Do not check your answer until you have completed all of the T-accounts. If a box is not used in the T-account, leave the box empty; do not enter a zero.) 3(Click the icon to view the adjusting and closing entries.) The trial balance of Skydive Tours at September 30, 2020, follows: 4(Click the icon to view the trial balance.) httpsrlixlitem prod.pearsoncmg .comi'apilv1 lprintJhighered 11152 \f11/16/21, 8:14 PM Homework Assignment 5 - Ch 4-Phuong Ha Adjusting Journal Entry Date Accounts Debit Credit Nov. 30 Accounts Receivable 840 Service Revenue 340 Amortization Expense-Equipment 260 Accumulated Amortization-Equipment 260 Salaries Expense 2, 100 Salaries Payable 2, 100 Rent Expense 1,200 Prepaid Rent 1,200 Supplies Expense 3,200 Supplies 3.200 Closing Journal Entry Date Accounts Debit Credit Nov. 30 Service Revenue 24,440 Income Summary 24,440 Income Summary 11,920 Amortization Expense-Equipment 260 Salaries Expense 5,700 Rent Expense 1,200 Utilities Expense 1,560 Supplies Expense 3,200 Income Summary 12,520 R. Puri, Capital 12,520 R. Puri, Capital 6,000 R. Puri, Withdrawals 6,000 4: Trial Balance https://xlitemprod.pearsoncmg.com/api/v1/print/highered 13/5211/16/21, 8:14 PM Homework Assignment 5 - Ch 4-Phuong Ha Skydive Tours Unadjusted Trial Balance September 30, Balance Account Title Debit Credit Cash $ 14,240 Accounts Receivable 11,880 Prepaid Rent 2,400 Supplies 6,780 Equipment 65,200 Accumulated amortization-equipment $ 5,680 Accounts payable 10,320 Salaries payable R. Puri, capital 72,060 R. Puri, withdrawals 6,000 Service revenue 23,600 Amortization expense-equipment Salaries expense 3,600 Rent expense Utilities expense 1,560 Supplies expense Total 5 111,660 $ 111,660 (1) O (2) 0 (3) O (4) O (5) O (6) O (7) O O Adj. O Adj. O Adj O Adj. O Bal. O Bal. O Bal . O Clo. O Clo. O Clo. (8) O (9) O (10) O (11) 0 (12) O (13) O O Bal. O Adj. O Adj. O Adj. Adj O Bal. O Clo. O Clo. (14) O (15) O (16) O (17) O (18) O (19) O O Bal. O Bal. O Bal. O Adj. O Adj. O Adj . O Clo. O Clo. O Clo (20) O (21) O (22) O (23) O (24) O (25) O O Adj. O Bal. O Bal O Bal Bal. O Adj. O Clo. O Clo. O Clo. O Clo. (26) O (27) O (28) O (29) O (30) O (31) 0 O Adj. O Adj. O Adj. O Bal O Bal. O Bal. O Clo. O Clo. O Clo. https://xlitemprod.pearsoncmg.com/api/v1/print/highered 14/52\f11/16/21, 8:14 PM Homework Assignment 5 - Ch 4-Phuong Ha Canyon Canoe Company began operations on November 1, 2020. The November and December transactions and the information used to prepare the adjusting entries at December 31, 2020, follows: (Click the icon to view the November and December transactions and the December 31 adjustment data.) Canyon Canoe Company prepared an unadjusted trial balance at December 31, adjusting entries for the two months ended December 31, and an adjusted trial balance at December 31 as follows: (Click the icon to view the unadjusted trial balance.) (Click the icon to view the adjusting journal entries.) (Click the icon to view the adjusted trial balance.) Required Requirement 1. Complete the worksheet at December 31, 2020. Use the trial balances and adjusting entries provided. Complete the worksheet one section at a time, beginning with the Unadjusted Trial Balance columns. When completing the Adjustments column, enter a posting reference along with each debit or credit amount that corresponds to the letter of the adjusting entry (a, b, c, etc.) (Leave unused cells blank. Do not enter a "0" for any zero balances. Abbreviations used: Accum. = Accumulated; Amort. = Amortization.) Canyon Canoe Company Worksheet December 31, 2020 https://xlitemprod.pearsoncmg.com/api/v1/print/highered 16/52\f11/16/21, 8:14 PM Homework Assignment 5 - Ch 4-Phuong Ha Unadjusted Adjusted Trial Balance Adjustments Trial Balance Account Title Debit Credit Debit Credit Debit Credit Cash (1) (2) Accounts Receivable (3) (4) Office Supplies Prepaid Rent (5 '6) Land (8) Building (7) Accum. Amort.-Building (9) (10) Canoes Accum. Amort.-Canoes (11) (12) (13) (14) Accounts Payable Salaries Payable (15 ) (16) Utilities Payable ( 17 ) Telephone Payable (18) Unearned Revenue (19) (20) Interest Payable Note Payable (21 (22) A. Wilson, Capital (23) (24 A. Wilson, Withdrawals Canoe Rental Revenue (25) (26) (27) (28) Rent Expense Salaries Expense (29) (30) Utilities Expense Telephone Expense (31 (32) Supplies Expense (33 (34) Amort. Expense-Building Amort. Expense-Canoes (35) (36) (37) (38 Interest Expense 39 (40) Net income or loss (41 (42) (43) (44) (45) (46) https://xlitemprod.pearsoncmg.com/api/v1/print/highered 18/5211/16/21, 8:14 PM Homework Assignment 5 - Ch 4-Phuong Ha (47) (48 (49) 50 (51 52 (53 (54) (55) (56) (57 58) (59) 60) Income Balance Statement Sheet Debit Credit Debit Credit https://xlitemprod.pearsoncmg.com/api/v1/print/highered 19/52111'16121. 8:14 PM Homework Assignment 5 - Ch 4-Phuong Ha WW HUDDDDU Requirement 2. Prepare an income statement for the two months ended December 31, 2020. Use the worksheet prepared in requirement 1 or the adjusted trial balance provided in the problem statement. (Use parentheses or a minus sign to indicate a net loss.) Review the worksheet completed in requirement 1. Revenues |(61) Expenses I (52) |(53) IQ Q Canyon Canoe Company Income Statement Two Months Ended December 31. 2020 |(65) _ |(53) Q Total Expenses Net Income (Loss) Requirement 3. Prepare a statement of owner's equity for the two months ended December 31, 2020. Enter any increases in capital prior to the subtotal and any decreases to capital below the subtotal. (Enter a \"0" for any zero balances.) Review the worksheet completed in requirement 1. htlpsn'ixlitem prod.pearsonomg .comi'apilv't lprintJhighered l; ; 20l52 11/16/21, 8:14 PM Homework Assignment 5 - Ch 4-Phuong Ha Canyon Canoe Company Statement of Owner's Equity Two Months Ended December 31, 2020 A. Wilson, capital, November 1, 2020 (70) (71) (72 A. Wilson capital, December 31, 2020 Requirement 4. Prepare a classified balance sheet (report form) at December 31, 2020. Assume the note payable is long-term. Start by preparing the assets section of the statement. In the next step, prepare the liabilities and owner's equity sections to complete the balance sheet. Review the worksheet completed in requirement 1. Canyon Canoe Company Balance Sheet December 31, 2020 Assets Current assets (73) (74) (75) (76) (77) Property, plant, and equipment (78 ) (79) Less: (80) (81) Less: (82) Total property, plant, and equipment Total assets https://xlitemprod.pearsoncmg.com/api/v1/print/highered 21/5211/16/21, 8:14 PM Homework Assignment 5 - Ch 4-Phuong Ha Liabilities Current liabilities (83 (84 ) (85) (86) (87) (88 Total current liabilities Long-term liabilities (89) Total liabilities Owner's Equity (90) Total liabilities and owner's equity Requirement 5. Journalize and post the closing entries at December 31, 2020. T-accounts for Income Summary and A. Wilson, Capital have been opened for you. Determine the ending balance for each account. Denote each closing amount as Clos. and each account balance as Bal. Begin by journalizing the closing entries at December 31, 2020. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Start by closing revenues. Review the worksheet completed in requirement 1. Date Accounts and Explanation Debit Credit Dec. 31 (91) Clos. (1) (92 (93) (94) (95) Close expenses for the period. Review the worksheet completed in requirement 1. https://xlitemprod.pearsoncmg.com/api/v1/print/highered 22/52111'161'21. 8:14 PM Homework Assignment 5 - Ch 4-Phuong Ha Date Accounts and Explanation Debit Credit l 96) 97) 98) 99) 100) 101) 102) 103) 104) 105) Clos. (2) HHHHUHHH] Hl Close Income Summary. Review the worksheet completed in requirement 1. Accounts and Explanation Debit Credit Ul Hll Close withdrawals. Review the worksheet completed in requirement 1. l Debit Credit Accounts and Explanation HHHH HUHH Post the closing entries at December 31. 2020. Use "Clos." and the corresponding number as shown in the journal entry as posting references"Clos.(1)", "Clos.(2)", etc. The adjusted balance ("Adj. Bal.") of each account has been entered for you. Post any closing entries to the accounts and then calculate the post-closing balance ("Bal.") of each account (including those that were not closed). For any accounts with a zero balance after closing, enter a "0" on the normal side of the account. For Income Summary, calculate and enter the balance ("Bal.") before posting the entry to close out the account. Post the entry to close Income Summary account on the same line as you entered the balance prior to closing (the second line) and then show the post-closing balance ("Bal.") on the last (third) line of the account. Cash Accounts Payable Canoe Rental Revenue Adj.Bal. 12,125 :I -|:] 3,050Adj.Bal. -[:| 14,650Adj.Bal. \"CI: \":1: \"E: httpszllxlitem prodpearsoncmg .comr'apilv'l lprintJhighered 23l52 11/16/21, 8:14 PM Homework Assignment 5 - Ch 4-Phuong Ha Accounts Receivable Salaries Payable Rent Expense Adj. Bal. 7,600 (125 (126) 1,250 Adj. Bal. Adj. Bal. 2,200 (127) (128) (129 130 (131) (132) 133 Office Supplies Utilities Payable Salaries Expense Adj. Bal. 165 (134) (135) 295 Adj. Bal. Adj. Bal. 4,550 (136) (137) (138) 139 (140 ) (141) (142) Prepaid Rent Telephone Payable Utilities Expense Adj. Bal. 2,000 143 (144) 325 Adj. Bal. Adj. Bal. 445 (145) (146) (147) (148 (149) (150) (151 ) Land Unearned Revenue Telephone Expense Adj. Bal. 85,000 (152) (153) 350 Adj. Bal. Adj. Bal. 500 (154) (155) (156) (157) (158 (159) (160 Building Interest Payable Supplies Expense Adj. Bal. 35,000 (161) (162) 50 Adj. Bal. Adj. Bal. 1,085 (163) (164) (165) (166 ( 167 ) (168) (169) Accumulated Amort.-Building Note Payable Amortization Expense-Building (170 500 Adj. Bal. (171) 7,200 Adj. Bal. Adj. Bal. 500 (172) 173 (174) (175 (176) (177) (178 Canoes A. Wilson, Capital Amortization Expense-Canoes Adj. Bal. 12,00 (179) (180 136,000 Adj. Bal. Adj. Bal. 350 (181) (182) (183) (184) (185 (186) (187) 188 (189 Accumulated Amort.-Canoes A. Wilson, Withdrawals Interest Expense 190 350 Adj. Bal. Adj. Bal 450 (191) Adj. Bal. 50 (192) 193 (194) (195 (196 (197) (198 Income Summary 199 (200) (201) (202 203 Requirement 6. Prepare a post-closing trial balance at December 31, 2020. https://xlitemprod.pearsoncmg.com/api/v1/print/highered 24/5211l16l21. 8:14 PM Homework Assignment 5 - Ch 4-Phuong Ha Review the ending balances of the T-accounts prepared in requirement 5. Canyon Canoe Company Post-Closing Trial Balance December 31 , 2020 Balance Account Title Debit Credit :: :: :: :: :: :: :: :: IWHlII :: :: :: :: :: ;; Tot... ;; 5: Transactions and Adjustment Data Nov. 1 Received $16,000 cash to begin the company and gave owner's equity to Amber Wilson. 2 Signed a lease for a building and paid $1,200 for the first month's rent. 3 Purchased canoes for $4,800 on account. 4 Purchased ofce supplies on account, $750. 7 Earned $1,400 cash for rental of canoes. 13 Paid $1,500 cash for salaries. 15 Wilson withdrew $50 cash from the business. 16 Received a bill for $150 for utilities. (Use separate payable account.) 20 Received a bill for $175 for cellphone expenses. (Use separate payable account.) 22 Rented canoes to Early Start Daycare on account. $3,000. 26 Paid $1,000 on account related to the November 3 purchase. 28 Received $750 from Early Start Daycare for canoe rental on November 22. 30 Wilson withdrew cash of $100 from the business. htlpsjixlitem prod.pearsoncmg .comi'apilv't lprintjhighered 25l52 11l16l21, 8:14 PM Homework Assignment 5 - Ch 4-Phuong Ha Dec. 1 Wilson contributed land on the river (worth $85,000) and a small building to use as a rental office (worth $35,000) in exchange for owner's equity. Prepaid $3,000 for three months' rent on the warehouse where the company stores the canoes. Purchased canoes, signing a note payable for $7,200. Purchased ofce supplies on account for $500. (CD-BN4 Received $4,500 cash for canoe rentals to customers. 15 Rented canoes to customers for $3,500, but will be paid next month. 16 Received a $750 rental deposit from a group that will use the canoes next month. 18 Paid the utilities and telephone bills from last month. 19 Paid other accounts payable in the amount of $2,000. 20 Received bills for the telephone ($325) and utilities ($295) which will be paid later. 31 Paid salaries of$1,800. 31 Wilson withdrew cash of $300 from the business. Data used for the adjusting entries at December 31 follows: a. At December 31, the ofce supplies on hand totalled $165. b. Prepaid rent of one month has been used. (Hint: See Dec. 1 transaction) 1:. Determine the amortization on the building using straight-line amortization. Assume the useful life of the building is ve years and the residual value is $5,000. (Hint: The building was purchased on December 1.) d. $400 of unearned revenue has now been earned. e. The employee who has been working the rental booth has earned $1,250 in salaries that will be paid January 15, 2021. f. Canyon Canoe has earned $1,850 of canoe rental revenue that has not been recorded or received. 9. Determine the amortization on the canoes purchased on November 3 using the straight-line method. Assume the useful life of the canoes is 4 years and the residual value is $0. h. Determine the amortization on the canoes purchased on December 2 using the straight-line amortization method. Assume the useful life of the canoes is 4 years and the residual value is $0. i. Interest expense of $50 has accrued on the note payable. 6: Unadjusted Trial Balance htlps:Iixlitemprod.pearsoncmg.comr'apilv1lprintJhighered 26l52 11/16/21, 8:14 PM Homework Assignment 5 - Ch 4-Phuong Ha Canyon Canoe Company Unadjusted Trial Balance December 31, 2020 Balance Account Title Debit Credit Cash $ 12,125 Accounts receivable 5,750 Office supplies 1,250 Prepaid rent 3,000 Land 85,000 Building 35,000 Canoes 12,000 Accounts payable $ 3,050 Utilities payable 295 Telephone payable 325 Unearned revenue 750 Note payable 7,200 A. Wilson, capital 136,000 A. Wilson, withdrawals 450 Canoe rental revenue 12,400 Rent expense 1,200 Salaries expense 3,300 Utilities expense 445 500 Telephone expense $ 160,020 $ 160,020 Total 7: Adjusting Journal Entries Date Accounts and Explanation Debit Credit Dec. 31 Supplies Expense 1,085 Adj. (a) Office Supplies 1,085 To record office supplies used. Dec. 31 Rent Expense 1,000 Adj. (b) Prepaid Rent 1,000 To record rent expense. Dec. 31 Amortization Expense-Building 500 Adj. (c) Accumulated Amortization-Building 500 To record depreciation on building. https://xlitemprod.pearsoncmg.com/api/v1/print/highered 27/5211/16/21, 8:14 PM Homework Assignment 5 - Ch 4-Phuong Ha Dec. 31 Unearned Revenue 400 Adj. (d) Canoe Rental Revenue 400 To record revenue earned that was collected in advance. Dec. 31 Salaries Expense 1,250 Adj. (e) Salaries Payable 1,250 To accrue wa Dec. 31 Accounts Receivable 1,850 Adj. (f) Canoe Rental Revenue 1,850 To accrue canoe rental revenue. Dec. 31 Amortization Expense-Canoes 200 Adj. (g) Accumulated Amortization-Canoes 200 To record depreciation on canoes. Dec. 31 Amortization Expense-Canoes 150 Adj. (h) Accumulated Amortization-Canoes 150 To record depreciati Dec. 31 Interest Expense 50 Adj. (i) Interest Payable 50 To accrue interest expense. 8: Adjusted Trial Balance https://xlitemprod.pearsoncmg.com/api/v1/print/highered 28/5211/16/21, 8:14 PM Homework Assignment 5 - Ch 4-Phuong Ha Canyon Canoe Company Adjusted Trial Balance December 31, 2020 Balance Account Title Debit Credit Cash $ 12, 125 Accounts receival 7,600 Office supplies 165 Prepaid rent 2,000 Land 85,000 Building 35,000 Accumulated amortization-building 500 Canoes 12,000 Accumulated amortization-canoes 350 Accounts payable 3,050 Utilities payable 295 Telephone payable 325 Salaries payable 1,250 Unearned revenue 350 Interest payable 50 Note payable 7,200 A. Wilson, capital 136,000 A. Wilson, withdrawals 450 Canoe rental revenue 14,650 Rent expense 2,200 Salaries expense 4,550 Utilities expense 445 Telephone expense 500 Supplies expense 1,085 Amortization expense-building 500 Amortization expense-canoes 350 50 Interest expense 164,020 $ 164,020 Total 9: Required https://xlitemprod.pearsoncmg.com/api/v1/print/highered 29/5211/16/21, 8:14 PM Homework Assignment 5 - Ch 4-Phuong Ha 1. Complete the worksheet at December 31, 2020. Use the unadjusted trial balance and adjusting entries provided. 2. Prepare an income statement for the two months ended December 31, 2020. Use the worksheet prepared in requirement 1 or the adjusted trial balance provided. 3. Prepare a statement of owner's equity for the two months ended December 31, 2020. 4. Prepare a classified balance sheet (report form) at December 31, 2020. Assume the note payable is long-term. 5. Journalize and post the closing entries at December 31, 2020. T-accounts for Income Summary and A. Wilson, Capital have been opened for you. Determine the ending balance for each account. Denote each closing amount as Clos. and each account balance as Bal. 6. Prepare a post-closing trial balance at December 31, 2020. (1) O Od. Oh. ( 2) 0 Od. Oh. (3) O Od. Oh. (4) 0 Od. Oh. O a. Oe. Oi. O a. Oe. Oi. Oa. Oe. Oi. O a. Oe. Oi. Ob. Of. Ob. Of. Ob. Of. Ob. Of. O c. Og. Oc. Og. O c. Og. O c. Og. (5) 0 Od. Oh. (6) O Od. Oh. (7) 0 Od. Oh. (8) O Od. Oh. Oa. Oe. Oi. O a. Oe. Oi. Oa. Oe. Oi. Oa. Oe. Oi. Ob. Of. Ob. Of. Ob. Of. Ob. Of. O c. Og. O c. Og. Oc. Og. O c. Og. (9) 0 Od. Oh. (10) 0 Od. Oh. (11) O Od. Oh. Oa. Oe. Oi. Oa. Oe. Oi. Oa. Oe. Oi. Ob. Of. Ob. Of. Ob. Of. O c. Og. Oc. Og. O c. Og. (12) O Od. Oh. (13) 0 Od. Oh. (14) 0 Od. Oh. Oa. Oe. Oi. Oa. Oe. Oi. Oa. Oe. Oi. Ob. Of. Ob. Of. Ob. Of. O c. Og. O c. Og. O c. Og. (15) O Od. Oh. (16) O Od. Oh. (17) O Od. Oh. Oa. Oe. Oi. Oa. Oe. Oi. Oa. Oe. Oi. Ob. Of. Ob. Of. Ob. Of. O c. Og. O c. Og O c. Og (18) 0 Od. Oh. (19) O Od. Oh. (20) O Od. Oh. Oa. Oe. Oi. Oa. Oe. Oi. Oa. Oe. Oi. Ob. Of. Ob. Of. Ob. Of. O c. Og. O c. Og. O c. Og. (21) 0 O d. Oh. (22 ) 0 Od. Oh. (23) O Od. Oh. Oa. Oe. Oi. Oa. Oe. Oi. Oa. Oe. Oi. Ob. Of. Ob. Of. Ob. Of. :. O g. O c. Og. O c. Og. https://xlitemprod.pearsoncmg.com/api/v1/print/highered 30/5211/16/21, 8:14 PM Homework Assignment 5 - Ch 4-Phuong Ha (24) O Od. Oh. (25) O Od. Oh. (26) O Od. Oh. Oa. Oe. Oi. Oa. Oe. Oi. Oa. Oe. Oi. Ob. Of. Ob. Of. Ob. Of. O c. Og. O c. Og. O c. Og. (27) O Od. Oh. (28) O Od. Oh. (29) O Od. Oh. Oa. Oe. Oi. Oa. Oe. Oi. Oa. Oe. Oi. Ob. Of. Ob. Of. Ob. Of. O c. O g. O c. Og. O c. Og. (30) O Od. Oh. (31) O Od. Oh. (32) O Od. Oh. Oa. Oe. Oi. Oa. Oe. Oi. Oa. Oe. Oi. Ob. Of. Ob. Of. Ob. Of. O c. Og. O c. O g. O c. Og. (33) O Od. Oh. (34) 0 Od. Oh. (35) 0 Od. Oh. Oa. Oe. Oi. Oa. Oe. Oi. Oa. Oe. Oi. Ob. Of. Ob. Of. Ob. Of. Oc. O g. O c. Og. O c. Og. (36) O O d. Oh. (37) O Od. Oh. (38) O Od. Oh. Oa. Oe. Oi. O a. Oe. Oi. Oa. Oe. Oi. Ob. Of. Ob. Of. Ob. Of. Oc. Og. O c. Og. O c. Og. (39) O Od. Oh. (40) O Od. Oh. (41) O Od. Oh. Oa. Oe. Oi. Oa. Oe. Oi. Oa. Oe. Oi. Of . Ob. Of. Ob. Of. Oc. Og. O c. Og. O c. Og. (42) O Od. Oh. (43) O Od. Oh. (44) 0 Od. Oh. Oa. Oe. Oi. Oa. Oe. Oi. Oa. Oe. Oi. Ob. Of. Ob. Of. Ob. Of. O c. O g. O c. Og. O c. Og. (45) O Od. Oh. (46) O Od. Oh. (47) O Od. Oh. Oa. Oe. Oi. Oa. Oe. Oi. Oa. Oe. Oi. Ob. Of. Ob. Of. Ob. Of. O c. Og. O c. Og. O c. Og (48) O Od. Oh. (49) O Od. Oh. (50) O Od. Oh. Oa. Oe. Oi. Oa. Oe. Oi. Oa. Oe. Oi. Ob. Of. Ob. Of. Ob. Of. O c. O g. O c. Og. Oc. Og. https://xlitemprod.pearsoncmg.com/api/v1/print/highered 31/5211/16/21, 8:14 PM Homework Assignment 5 - Ch 4-Phuong Ha (51) 0 Od. Oh. (52) 0 Od. Oh. (53) O Od. Oh. Oa. Oe. Oi. Oa. Oe. Oi. Oa. Oe. Oi. Ob. Of. Ob. Of. Ob. Of. O c. Og. O c. Og. O c. Og. (54) O Od. Oh. (55) O Od. Oh. (56) O Od. Oh. Oa. Oe. Oi. Oa. Oe. Oi. Oa. Oe. Oi. Ob. Of. Ob. Of. Ob. Of. O c. O g. O c. O c. Og. (57) O Od. Oh. (58) O Od. Oh. (59) O Od. Oh. Oa. Oe. Oi. Oa. Oe. Oi. Oa. Oe. Oi. Ob. Of. Ob. Of. Ob. Of. O c. O g. O c. O g. O c. Og. (60) 0 Od. Oh. Oa. Oe. Oi. Ob. Of. O g. (61) O O Accounts receivable O Amortization expense-canoes O A. Wilson, capital O Accumulated amortization-building Building O A. Wilson, withdrawals O Accumulated amortization-canoes O Canoe rental revenue O Accounts payable Amortization expense-building O Canoes O Cash Note payable O Salaries expense O Telephone payable O Interest expense O Office supplies O Salaries payable O Unearned revenue O Interest payable O Prepaid rent O Supplies expense Utilities expense O Land O Rent expense O Telephone expense O Utilities payable (62) O O Accounts receivable O Amortization expense-canoes O A. Wilson, capital O Accumulated amortization-building O Building O A. Wilson, withdrawals O Accumulated amortization-canoes O Canoe rental revenue O Accounts payable O Amortization expense-building O Canoes O Cash Note payable O Salaries expense O Telephone payable O Interest expense O Office supplies O Salaries payable O Unearned revenue O Interest payable O Prepaid rent O Supplies expense Utilities expense O Land O Rent expense O Telephone expense O Utilities payable (63) O O Accounts receivable Amortization expense-canoes O A. Wilson, capital O Accumulated amortization-building O Building O A. Wilson, withdrawals O Accumulated amortization-canoes O Canoe rental revenue Accounts payable O Amortization expense-building O Canoes O Cash Note payable O Salaries expense O Telephone payable O Interest expense O Office supplies O Salaries payable Unearned revenue O Interest payable O Prepaid rent O Supplies expense Utilities expense O Land O Rent expense O Telephone expense O Utilities payable https://xlitemprod.pearsoncmg.com/api/v1/print/highered 32/5211l16121, 8:14 PM Homework Assignment 5 - Ch 4-Phuong Ha (64) O 0 Accounts receivable O Amortization expensecanoes O A. Wilson, capital 0 Accumulated amortizationbuilding O Building 0 A. Wilson, withdrawals O Accumulated amortizationcanoes O Canoe rental revenue 0 Accounts payable 0 Amortization expensebuilding O Canoes 0 Cash 0 Note payable 0 Salaries expense 0 Telephone payable 0 Interest expense 0 Ofce supplies 0 Salaries payable 0 Unearned revenue 0 Interest payable 0 Prepaid rent O Supplies expense 0 Utilities expense 0 Land 0 Rent expense 0 Telephone expense 0 Utilities payable (65) O 0 Accounts receivable O Amortization expensecanoes O A. Wilson, capital 0 Accumulated amortizationbuilding 0 Building 0 A. Wilson, withdrawals O Accumulated amortizationcanoes O Canoe rental revenue 0 Accounts payable 0 Amortization expensebuilding O Canoes 0 Cash 0 Note payable 0 Salaries expense 0 Telephone payable 0 Interest expense 0 Ofce supplies 0 Salaries payable 0 Unearned revenue 0 Interest payable 0 Prepaid rent 0 Supplies expense 0 Utilities expense 0 Land 0 Rent expense 0 Telephone expense 0 Utilities payable (66) O 0 Accounts receivable O Amortization expensecanoes O A. Wilson, capital Q Accumulated amortizationbuilding 0 Building 0 A. Wilson, withdrawals O Accumulated amortizationcanoes O Canoe rental revenue 0 Accounts payable 0 Amortization