Question: Accounting help need help with everything if possible. ANOTHER ANGLE OF THE PHOTO ZOOM IN THEN Info Required: CONCEPTUAL CONNECTION Analyze the adjustap entries and
Accounting help need help with everything if possible.
ANOTHER ANGLE OF THE PHOTO ZOOM IN THEN
Info Required: CONCEPTUAL CONNECTION Analyze the adjustap entries and identify their finansal talent accounts (Nore: pare any income lux effects. Use the fol Beplaning r ated Ering OBJECTIVE O Problem 3.64A Adjusting Entries and Financial Statements You have the following adjusted trial balance for Rangoon Corporational Day Rasa Cuparation Ladested Trial Babuse Derber 31, 2018 Dahit Mc Kelle 5 104,000 60,901 U Equipment Aswad Depection Equipment Other Assets Abouts Payabi red Service Revere Note 2001 Common Shares Retained Ea 1 131/2012 Service Revet Wasp Rent Expo Interest Expense Trel 9230 137.000 229.000 SL .100 At year-end, you have the following data for men An analysis indestes that prepaid rent on December 31 should be Aplysical intory shows that 5690 of office supplies is on hund Dep tion for 2014 is $13,250. d. An analysis indicates that med w e should be $3,130 Wapes in the amount of $1,450 c d ut paid and uncoded a year and 1. Six months interest at on the one was paid on September 30. Interest for the peris from October 1 to December 31 is unpaid and recorded. Inte tax o555.399 is owned but w onded and und Required: 1. Prepare the dating entries 2 Prepare a statement of warning a statement of retained a n d statement of cial position using adjusted content 3 CONCEPTUAL CONNECTION Why would you want to prepare financial until afer the adjacentries are A t ing and Financial Statements Chapter: effects on the llowing for that Required: CONCEPTUAL CONNECTION Analyze the adjusting entries and identify their offi financial statement accounts. (Note: Ignore any income tax effects.) Use the followin for your answer: Beginning Retained Revenues Tractie Assets Common Shares Llabilities Expenses Earn December 31, OBJECTIVE OO Problem 3-64A Adjusting Entries and Financial Statements You have the following unadjusted trial balance for Rangoon Corporation at Decembe 2018: Rangoon Corporation Unadjusted Trial Balance December 31, 2018 Debit Credit $ 3,100 15.900 4,200 9,500 625,000 S 104,000 60,900 Account Cash Accounts Receivable Supplies Prepaid Rent Equipment Accumulated Depreciation (Equipment) Other Assets Accounts Payable Uncamned Service Revenue Note Payable (due 2021) Common Shares Retained Earnings, 12/31/2017 Service Revenue Wages Expense Rent Expense Interest Expense Total 9,400 11,200 50,000 279,500 37,000 598.000 137,000 229,000 4,500 $1,089,100 $1,089,100 At year-end, you have the following data for adjustments: a. An analysis indicates that prepaid rent on December 31 should be $2,300. b. A physical inventory shows that $650 of office supplies is on hand. c. Depreciation for 2014 is $35,250. d. An analysis indicates that uncarned service revenue should be $3,120. e. Wages in the amount of $3,450 are owed but unpaid and unrecorded at year-end. f. Six months' interest at 8% on the note was paid on September 30. Interest for the period from October 1 to December 31 is unpaid and unrecorded. g. Income tax of $55,539 is owed but unrecorded and unpaid. Required: 1. Prepare the adjusting entries. 2. Prepare a statement of earnings, a statement of retained earnings, and a statement of Bina cial position using adjusted account balances. 3. CONCEPTUAL CONNECTION Why would you not want to prepare financial statemen until after the adjusting entries are made
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