2. Record each of the summary transactions listed above. 4. Prepare an unadjusted trial balance. 5....

 

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2. Record each of the summary transactions listed above. 4. Prepare an unadjusted trial balance. 5. Record adjusting entries. Depreciation for the year on the machinery is $6,200. Supplies remaining on hand at the end of the year equal $1,100. Of the $8,200 paid in advance by customers, $6,100 of the work has been completed by the end of the year. Accrued utilities at year-end amounted to $6,900. 7. Prepare an adjusted trial balance. 8-a. Prepare the income statement for the year ended December 31, 2024. 8-b. Prepare the classified balance sheet for the year ended December 31, 2024. 9. Record closing entries. 1., 3., 6., & 10. Post the transactions, adjusting entries and closing entries to the T-accounts. Be sure to include beginning balances. Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation. Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earnings. Totals Debits Credits $4,050 9,050 1. January 24 2. March 13 3. May 6 4. June 30 5. September 15 6. November 24 7. December 30 3,050 27,000 $43,150 The following is a summary of the transactions for the year: $6,200 4,200 5,200 0 18,500 9,050 $43,150 Provide health services for cash, $15,500, and on account, $60,500. Collect on accounts receivable, $48,500. Issue shares of common stock in exchange for $11,000 cash. Pay salaries for the current year, $32,100. Pay utilities of $5,200 from 2023 (prior year). Receive cash in advance from customers, $8,200. Pay $2,100 cash dividends to stockholders. 2. Record each of the summary transactions listed above. 4. Prepare an unadjusted trial balance. 5. Record adjusting entries. Depreciation for the year on the machinery is $6,200. Supplies remaining on hand at the end of the year equal $1,100. Of the $8,200 paid in advance by customers, $6,100 of the work has been completed by the end of the year. Accrued utilities at year-end amounted to $6,900. 7. Prepare an adjusted trial balance. 8-a. Prepare the income statement for the year ended December 31, 2024. 8-b. Prepare the classified balance sheet for the year ended December 31, 2024. 9. Record closing entries. 1., 3., 6., & 10. Post the transactions, adjusting entries and closing entries to the T-accounts. Be sure to include beginning balances. Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation. Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earnings. Totals Debits Credits $4,050 9,050 1. January 24 2. March 13 3. May 6 4. June 30 5. September 15 6. November 24 7. December 30 3,050 27,000 $43,150 The following is a summary of the transactions for the year: $6,200 4,200 5,200 0 18,500 9,050 $43,150 Provide health services for cash, $15,500, and on account, $60,500. Collect on accounts receivable, $48,500. Issue shares of common stock in exchange for $11,000 cash. Pay salaries for the current year, $32,100. Pay utilities of $5,200 from 2023 (prior year). Receive cash in advance from customers, $8,200. Pay $2,100 cash dividends to stockholders.

Answer rating: 100% (QA)

1 Record each of the summary transactions Date Account Debit Credit January 24 Cash 15500 Service Revenue 15500 Accounts Receivable 60500 Service Revenue 60500 March 13 Cash 11000 Common Stock 11000 M... View the full answer