H Company's unadjusted trial balance for the current year follows: H Company Trial Balance December 31...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
H Company's unadjusted trial balance for the current year follows: H Company Trial Balance December 31 Cash Prepaid property insurance Prepaid life insurance Shop supplies Shop equipment Accumulated depreciation - equipment Building Accumulated depreciation-building Land Unearned rent Accounts payable Long-term notes payable Common stock Retained earnings Rent earned Fees earned Wages expense Utilities expense Property taxes expense Interest expense Total $7,200 2,400 3,000 790 3,860 59,500 55,000 3,200 690 600 4,350 $140,590 $770 3,840 7,600 3,720 50,000 1,000 47,860 2,400 23,400 $140,590 Additional information: a) A life insurance policy examination showed $1,040 of expired insurance. b) An inventory count showed $210 of unused shop supplies still available. c) Depreciation expense on shop equipment, $350. d) Depreciation expense on the building. $2,020. e) A beautician is behind on space rental payments, and this $200 of accrued revenues was unrecorded at the time the trial balance was prepared. f) $2,800 of the Unearned Rent account balance was still unearned by year-end. g) The one employee, a receptionist, works a five-day workweek at $50 per day. The employee was paid last week but has worked Tuesday through Friday this week for which she has not been paid. h) Three months' property taxes, totaling $450, have accrued. This additional amount of property taxes expense has not been recorded. i) One month's interest on the note payable, $600, has accrued but is unrecorded. j) The Prepaid Property Insurance account has a $2,400 debit balance before adjustment. An examination of insurance policies shows $950 of unexpired insurance. k) The company has three office employees who each earn $100 per day for a five-day workweek that ends on Friday. The employees were paid last Friday and worked full days on Monday, Wednesday and Friday this week for which they have not been paid. I) On November 1, the company received 6 months' rent in advance from a tenant whose rent is $700 per month. The $4,200 was credited to the Unearned Rent account. m) The company has not received a water and sewer services bill for December. Based on prior months' bills, the bill is expected to be $1,000 for the month. REQUIRED: 1. JOURNALIZE THE NECESSARY ADJUSTING ENTRIES 2. PREPARED ADJUSTED TRIAL BALANCE 3. PREPARED FINANCIAL STATEMENTS (INCOME STATEMENT, STATEMENT OF OWNER'S EQUITY) 4. MAKE POST CLOSING ENTRIES 5. PREPARED POST CLOSING TRIAL BALANCE H Company's unadjusted trial balance for the current year follows: H Company Trial Balance December 31 Cash Prepaid property insurance Prepaid life insurance Shop supplies Shop equipment Accumulated depreciation - equipment Building Accumulated depreciation-building Land Unearned rent Accounts payable Long-term notes payable Common stock Retained earnings Rent earned Fees earned Wages expense Utilities expense Property taxes expense Interest expense Total $7,200 2,400 3,000 790 3,860 59,500 55,000 3,200 690 600 4,350 $140,590 $770 3,840 7,600 3,720 50,000 1,000 47,860 2,400 23,400 $140,590 Additional information: a) A life insurance policy examination showed $1,040 of expired insurance. b) An inventory count showed $210 of unused shop supplies still available. c) Depreciation expense on shop equipment, $350. d) Depreciation expense on the building. $2,020. e) A beautician is behind on space rental payments, and this $200 of accrued revenues was unrecorded at the time the trial balance was prepared. f) $2,800 of the Unearned Rent account balance was still unearned by year-end. g) The one employee, a receptionist, works a five-day workweek at $50 per day. The employee was paid last week but has worked Tuesday through Friday this week for which she has not been paid. h) Three months' property taxes, totaling $450, have accrued. This additional amount of property taxes expense has not been recorded. i) One month's interest on the note payable, $600, has accrued but is unrecorded. j) The Prepaid Property Insurance account has a $2,400 debit balance before adjustment. An examination of insurance policies shows $950 of unexpired insurance. k) The company has three office employees who each earn $100 per day for a five-day workweek that ends on Friday. The employees were paid last Friday and worked full days on Monday, Wednesday and Friday this week for which they have not been paid. I) On November 1, the company received 6 months' rent in advance from a tenant whose rent is $700 per month. The $4,200 was credited to the Unearned Rent account. m) The company has not received a water and sewer services bill for December. Based on prior months' bills, the bill is expected to be $1,000 for the month. REQUIRED: 1. JOURNALIZE THE NECESSARY ADJUSTING ENTRIES 2. PREPARED ADJUSTED TRIAL BALANCE 3. PREPARED FINANCIAL STATEMENTS (INCOME STATEMENT, STATEMENT OF OWNER'S EQUITY) 4. MAKE POST CLOSING ENTRIES 5. PREPARED POST CLOSING TRIAL BALANCE
Expert Answer:
Related Book For
College Accounting A Practical Approach
ISBN: 978-0132564441
11th Canadian Edition
Authors: Jeffrey Slater, Brian Zwicker
Posted Date:
Students also viewed these accounting questions
-
Statement of cash flows analysis. Refer to the consolidated statements of cash flows on figure shown below of the Campbell Soup Company annual report in the appendix. Required: a. Identify the two...
-
Give a brief description of the status of the attached STATEMENT OF INCOME COSTCO WHOLESALE CORPORATION CONSOLIDATED BALANCE SHEETS (Amounts in millions, except par value and share data) August 30,...
-
RATIO ANALYSIS Item Name Formula Company Data Used Answer 2. Audit report: What was the audit opinion? (Yes/No) 3. Audit report: Was there a going concern issue? (Yes/No) 4. Audit report: Any other...
-
You are the newly appointed financial manager of The Shoebox (Pty) Ltd, which operates a chain of 20 large retail shoe stores in and around Port Elizabeth, selling on a cash-only basis. The stores...
-
The following data are for computer sales in units at an electronics store over the past five weeks: Use trend-adjusted exponential smoothing with = 0.2 and = 0.2 to forecast sales for weeks 3...
-
For the data given in Table 23.1, use a graphics package or a spreadsheet, such as Excel, to construct the following graphs: a. Pie chart b. Line chart c. Bar chart (lb) (5b) (5c 6a (la) TABLE 23.1...
-
A six-cylinder, four-stroke petrol engine develops \(40 \mathrm{~kW}\) when running at \(3000 \mathrm{rpm}\). The volumetric efficiency at NTP is \(85 \%\). Indicated thermal efficiency is \(25 \%\)....
-
Cleveland Custom Cabinets is a specialty cabinet manufacturer for high-end homes in the Cleveland Heights and Shaker Heights areas. The company manufactures cabinets built to the specifications of...
-
A company has a policy "investigate all variances exceeding $3,000 or 15% of the budgeted cost, whichever is lower." There is a variance of $2,000 in repair and maintenance costs of $12,000. What...
-
Nanson Company, a publicly owned corporation listed on a major stock exchange, forecasted operations for the fiscal year ending December 31 as shown in the following forecasted income statement:...
-
5. A box of mass 5.5 kg is released from rest at a height (h) of 6.0 m and travels a frictionless path along a loop-the-loop track until it reaches a section of the path at the end of length Las...
-
The direction of the centripetal acceleration of an object traveling along a circular path is a. towards the center, along the radius of the curve b. the same direction as gravity c. tangent to the...
-
Characteristics of this stage in the product lifecycle include such attributes as high expenses and little to no sales. Question 6 options: Introduction Maturity Growth Decline
-
A homogeneous rod with a length L =3 m and mass m = 2 kg rotates on a flat, frictionless surface with an angular velocity wo-3 rad/s around a vertical axis at a distance L/3 from one side, as shown...
-
A plane is traveling at 200 m/s following the arc of a vertical circle of radius R. At the top of its path, the passengers experience "weightlessness." To one significant figure, what is the value of...
-
a) State TWO (2) differences between ethics and law. (4 marks) b) List TWO (2) key points on deontological theories of ethics using a relevant example. (6 marks) c) Make an ethical decision for the...
-
The matrix A = -4-65 -7 -57 -6 -67 has eigenvalues -5, 1, and 2. Find its eigenvectors. The eigenvalue -5 has associated eigenvector The eigenvalue 1 has associated eigenvector The eigenvalue 2 has...
-
Which of the following streaming TV devices does not involve use of a remote controller? A) Google Chromecast B) Apple TV C) Amazon Fire TV D) Roku
-
Jill Martin of Regina opened Martins Catering Service. As her accountant, analyze the transactions listed below and present in proper form: 1. The analysis of the transactions by utilizing the...
-
From the following trial balance of Halls Cleaners, prepare the following: Income statement Statement of owners equity Balance sheet HALLS CLEANERS TRIAL BALANCE JULY 31, 2013 Dr. Cr. Cash Equipment...
-
Using Classroom Demonstration Exercises 1 and 2, calculate: a. Gross profit b. Net income or net loss Discuss.
-
Assume that you have shorted the put option in Problem 4. a. If the stock is trading at \($8\) in three months, what will you owe? b. If the stock is trading at \($23\) in three months, what will you...
-
Assume that you have shorted the call option in Problem 2. PROBLEM 2 You own a call option on Intuit stock with a strike price of \($40.\) The option will expire in exactly three months. a. If the...
-
Redo Problem 14, but assume that Kay must pay a corporate tax rate of 21%, and that investors pay no taxes. Problem 14. Chen Brothers, Inc., sold 4 million shares in its IPO, at a price of \($18.50\)...
Study smarter with the SolutionInn App