Acco unt # 140 150 141 100 Cash 110 Accounts receivable (A/R) 112 Allowance for bad...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Acco unt # 140 150 141 100 Cash 110 Accounts receivable (A/R) 112 Allowance for bad debts 115 Supplies 120 Inventory Asset 130 151 142 John Inc. Trial Balance As of 12/31/21 Account Prepaid expenses Buildings Accumulated depreciation-buildings Furniture & fixtures Accumulated depreciation - furniture & 152 145 Land fixtures Tools, machinery, and equipment Accumulated depreciation - tools, machinery and equipment 200 Accounts Payable (A/P) 210 Customer prepayments 220 Salaries & Wages Payable 225 230 250 300 310 320 Retained Earnings 340 Dividends Paid 400 Sales 410 Interest Revenue - Other Payroll Taxes Payable Interest Payable Note Payable (L/T Principle due 1/1/25) Common Stock Additional Paid in Capital Debit 315,000 180,000 28,600 355,000 18,000 440,000 42,000 70,000 100,000 10,000 Credit 16,000 55,000 25,200 30,000 75,500 270,000 110,000 265,000 2,800,000 1,850 Cost of goods sold Advertising & marketing - Sales Bad Debt - Sales 500 505 510 515 520 525 530 535 540 Office Supplies Expense - Admin 545 Payroll Expense - Sales 546 Payroll Expense - Admin 550 Purchases 555 Repairs & maintenance - Admin 560 Property Taxes Paid - Admin 565 Payroll Taxes Paid- Sales 566 Payroll Taxes Paid - Admin 570 Utilities:Electricity - Admin 575 580 585 590 Bank Fees & Charges - Admin Insurance - Admin Interest paid - Other Legal & accounting services - Admin Meals - Sales Utilities: Internet & TV services - Admin Utilities:Phone service - Admin Depreciation Expense - Admin Depreciation Expense - Sales Totals 76,000 - 790 12,000 3,500 550,000 290,160 998,000 23,000 18,000 21,040 14,460 55,000 12,000 16,000 - 3,648,550 3,648,550 Attached is the unadjusted trial balance for John, Inc. as of 12/31/21. Instructions: 1. 2. Construct General Ledger T-accounts and enter the balances shown. The following adjusting entries have been identified: a. Bad debt expense is estimated to be $20,000. b. Annual depreciation expense on the Furniture & Fixtures is $8,400(sales), Tools Machinery & Equipment is $10,000(admin) and annual depreciation expense for building is $11,000. (admin) Prepaid Insurance is for 2 years of insurance paid on 1/1/21. Record the amount for 2021. The note payable ($270,000) has interest of 7% per year (simple interest) and the interest is payable on 1/1/22. Record the interest for 2021. ܗ C. d. e. Salaries and wages earned but unpaid as of year-end are $25,500 (sales) and $10,500 (administrative). f. h. At year-end, $8,100 of Supplies remain on hand. Utilities expense - Electricity incurred for December, but unpaid and unrecorded was $6,000. i. John, Inc. uses the periodic inventory system and a count of inventory at year end revealed that $485,000 remained on hand at year end. Record the Cost of Goods Sold and adjust the purchases and inventory account. j. Income Tax Expense is $100,000 k. Weighted Average Common Shares Outstanding 12/31/21 is 20,000. (Earnings Per Share Calculation) Prepare the adjusting journal entries (include explanations). Post the entries to the appropriate general ledger T-accounts (construct additional T- accounts as necessary). T- Accounts can be done written. Keep your T- Accounts running as you would posting to the general ledger and submit them after closing entries have been made. 3. 4. 5. 6. 7. 8. Prepare an adjusted trial balance. Prepare a classified balance sheet, a statement of retained earnings and a multi-step income statement in good form. Prepare closing journal entries and post to the T-accounts. Prepare a post-closing trial balance. You should use Excel or a similar spreadsheet program to prepare your work. (your T- accounts can be prepared by hand and postings can be by hand) (Submit adjusting journal entries, adjusted trial balance, classified balance sheet, multistep income statement, statement of retained earnings, closing journal entries, post closing trial balance and your final T-accounts after posting closing entries) - Label and put in order when submitting. Acco unt # 140 150 141 100 Cash 110 Accounts receivable (A/R) 112 Allowance for bad debts 115 Supplies 120 Inventory Asset 130 151 142 John Inc. Trial Balance As of 12/31/21 Account Prepaid expenses Buildings Accumulated depreciation-buildings Furniture & fixtures Accumulated depreciation - furniture & 152 145 Land fixtures Tools, machinery, and equipment Accumulated depreciation - tools, machinery and equipment 200 Accounts Payable (A/P) 210 Customer prepayments 220 Salaries & Wages Payable 225 230 250 300 310 320 Retained Earnings 340 Dividends Paid 400 Sales 410 Interest Revenue - Other Payroll Taxes Payable Interest Payable Note Payable (L/T Principle due 1/1/25) Common Stock Additional Paid in Capital Debit 315,000 180,000 28,600 355,000 18,000 440,000 42,000 70,000 100,000 10,000 Credit 16,000 55,000 25,200 30,000 75,500 270,000 110,000 265,000 2,800,000 1,850 Cost of goods sold Advertising & marketing - Sales Bad Debt - Sales 500 505 510 515 520 525 530 535 540 Office Supplies Expense - Admin 545 Payroll Expense - Sales 546 Payroll Expense - Admin 550 Purchases 555 Repairs & maintenance - Admin 560 Property Taxes Paid - Admin 565 Payroll Taxes Paid- Sales 566 Payroll Taxes Paid - Admin 570 Utilities:Electricity - Admin 575 580 585 590 Bank Fees & Charges - Admin Insurance - Admin Interest paid - Other Legal & accounting services - Admin Meals - Sales Utilities: Internet & TV services - Admin Utilities:Phone service - Admin Depreciation Expense - Admin Depreciation Expense - Sales Totals 76,000 - 790 12,000 3,500 550,000 290,160 998,000 23,000 18,000 21,040 14,460 55,000 12,000 16,000 - 3,648,550 3,648,550 Attached is the unadjusted trial balance for John, Inc. as of 12/31/21. Instructions: 1. 2. Construct General Ledger T-accounts and enter the balances shown. The following adjusting entries have been identified: a. Bad debt expense is estimated to be $20,000. b. Annual depreciation expense on the Furniture & Fixtures is $8,400(sales), Tools Machinery & Equipment is $10,000(admin) and annual depreciation expense for building is $11,000. (admin) Prepaid Insurance is for 2 years of insurance paid on 1/1/21. Record the amount for 2021. The note payable ($270,000) has interest of 7% per year (simple interest) and the interest is payable on 1/1/22. Record the interest for 2021. ܗ C. d. e. Salaries and wages earned but unpaid as of year-end are $25,500 (sales) and $10,500 (administrative). f. h. At year-end, $8,100 of Supplies remain on hand. Utilities expense - Electricity incurred for December, but unpaid and unrecorded was $6,000. i. John, Inc. uses the periodic inventory system and a count of inventory at year end revealed that $485,000 remained on hand at year end. Record the Cost of Goods Sold and adjust the purchases and inventory account. j. Income Tax Expense is $100,000 k. Weighted Average Common Shares Outstanding 12/31/21 is 20,000. (Earnings Per Share Calculation) Prepare the adjusting journal entries (include explanations). Post the entries to the appropriate general ledger T-accounts (construct additional T- accounts as necessary). T- Accounts can be done written. Keep your T- Accounts running as you would posting to the general ledger and submit them after closing entries have been made. 3. 4. 5. 6. 7. 8. Prepare an adjusted trial balance. Prepare a classified balance sheet, a statement of retained earnings and a multi-step income statement in good form. Prepare closing journal entries and post to the T-accounts. Prepare a post-closing trial balance. You should use Excel or a similar spreadsheet program to prepare your work. (your T- accounts can be prepared by hand and postings can be by hand) (Submit adjusting journal entries, adjusted trial balance, classified balance sheet, multistep income statement, statement of retained earnings, closing journal entries, post closing trial balance and your final T-accounts after posting closing entries) - Label and put in order when submitting.
Expert Answer:
Answer rating: 100% (QA)
Step 1 Construct General Ledger Taccounts and enter the balances shown Lets create the General Ledger Taccounts with the balances provided in the unadjusted trial balance Assets 1 Cash 315000 2 Accoun... View the full answer
Related Book For
Accounting concepts and applications
ISBN: 978-0538745482
11th Edition
Authors: Albrecht Stice, Stice Swain
Posted Date:
Students also viewed these accounting questions
-
John Hart, M.D., reported the following trial balance as of September 30, 2018: Calculate the debt ratio for John Hart, M.D. JOHN HART M.D. Trial Balance September 30, 2018 Balance Account Title...
-
Selected accounts from Keystone Furnitures adjusted trial balance as of August 31, 2014, the end of the fiscal year, follow. Required 1. Prepare a multistep income statement for Keystone. Store...
-
Selected accounts from Keystone Furniture's adjusted trial balance as of August 31, 2014, the end of the fiscal year, follow. Required 1. Prepare a multistep income statement for Keystone. Store...
-
Using the Trust Services Principles and Criteria for the Online Privacy Principle, develop an online privacy policy for Alltel Stadium that could be posted on the stadiums website for customers to...
-
Krugg Company determines on May 1 that it cannot collect $1,000 of its accounts receivable from its customer P. Carroll. Apply the direct write-off method to record this loss as of May 1.
-
Write a short Java program that outputs all possible strings formed by using the characters 'c', 'a', 't', 'd', 'o', and 'g' exactly once.
-
For each of the following situations, calculate the \(z\)-statistic \((z)\), make a decision about the null hypothesis (reject, do not reject), and indicate the level of significance \((p>.05, p
-
Under the Bankruptcy Code after the 2005 act, what must Janet do before filing a petition for relief under Chapter 7? Three months ago, Janet Harts husband of twenty years died of cancer. Although he...
-
Equity A has a higher standard deviation than equity B, but a lower CAPM-beta. Explain how you would explain this difference? Consider the following information in Table 3 for stocks A and B. Table...
-
E-Z Loan, Co., makes loans to high-risk borrowers. E-Z borrows from its bank and then lends money to people with bad credit. The bank requires E-Z Loan to submit quarterly financial statements in...
-
Channels create utility for customers (place utility, form utility, time utility, and information utility) that can be leveraged as a source of competitive advantage). Analyze each utility that...
-
What is Managerial leadership perspective what are the essential elements that included in Managerial leadership what are the advantages and disadvantages of Managerial leadership
-
Explain why it is important to effectively engage and retain employees throughout the employee life cycle. Please provide references
-
What are the most common strategic analysis tools that should be used to define a survival strategy post-pandemic in the retailing sector? Explain.
-
Analyzing Alcohol and Tobacco Advertising . Select a recent advertisement for alcohol and/or tobacco from a magazine or online source, paste it into your assignment and answer the following...
-
I have to provide a brief financial summary about the company's Wicked Good Cupcakes and American Airlines. (Links will be provided for both companies, you may have to copy and paste into the browser...
-
The City of Oxbow General Fund has the following net resources at year-end: l $199,000 unexpended proceeds of a state grant required by law to be used for health education. l $7,000 of prepaid...
-
Complete problem P10-21 using ASPE. Data from P10-21 Original cost ................................................................. $7,000,000 Accumulated depreciation...
-
Sherron Watkins, the whistle-blower at Enron, made the following statement at a conference that one of the authors attended: "If anyone would have been watching the cash flows of Enron, they could...
-
What can the inventory turnover ratio tell us? Discuss.
-
Would a firm ever be prohibited from using one inventory costing alternative for tax purposes and another for financial reporting purposes?
-
Has the U.S. economy experienced inflation or deflation during recent recessions? Explain.
-
How do you think recessions influence elections?
-
Inflation is soaring and employment is beginning to show sustained improvement. The unemployment rate is 6 percent, compared to its 3.5 percent rate prepandemic. The CPI grew 5.4 percent in June, and...
Study smarter with the SolutionInn App