Colton Enterprises experienced the following events for Year 1, the first year of operation: 1. Acquired...
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Colton Enterprises experienced the following events for Year 1, the first year of operation: 1. Acquired $43,000 cash from the issue of common stock. 2. Paid $12,800 cash in advance for rent. The payment was for the period April 1, Year 1, to March 31, Year 2. 3. Performed services for customers on account for $88,000. 4. Incurred operating expenses on account of $39,000. 5. Collected $67,500 cash from accounts receivable. 6. Paid $29,000 cash for salary expense. 7. Paid $31,200 cash as a partial payment on accounts payable. Adjusting Entries 8. Made the adjusting entry for the expired rent. (See Event 2.) 9. Recorded $4,000 of accrued salaries at the end of Year 1. Events for Year 2 1. Paid $4,000 cash for the salaries accrued at the end of the prior accounting period. 2. Performed services for cash of $37,000. 3. Purchased $3,600 of supplies on account. 4. Paid $12,900 cash in advance for rent. The payment was for one year beginning April 1, Year 2. 5. Performed services for customers on account for $104,000. 6. Incurred operating expenses on account of $49,500. 7. Collected $97,000 cash from accounts receivable. 8. Paid $47,000 cash as a partial payment on accounts payable. 9. Paid $32,300 cash for salary expense. 10. Paid a $11,000 cash dividend to stockholders. Adjusting Entries 11. Made the adjusting entry for the expired rent. (Hint Part of the rent was paid in Year 1.) 12. Recorded supplies expense. A physical count showed that $300 of supplies were still on hand. Complete this question by entering your answers in the tabs below. General Journal T Accounts Trial Balance Income Stmt Stmt of Changes Balance Sheet Stmt of Cash Flows Closing Entries Prepare a balance sheet for Year 2. COLTON ENTERPRISES Balance Sheet As of December 31, Year 2 Assets Cash Accounts receivable Prepaid rent Total assets Liabilities Salaries payable Accounts payable Total liabilities Stockholders' equity Retained earnings Common stock Total stockholders' equity Total liabilities and stockholders' equity $ 0 0 $ 0 $ 0 0 $ 0 < Stmt of Changes Stmt of Cash Flows > Closing T Accts Post Closing Trial Balance Complete this question by entering your answers in the tabs below. General Journal T Accounts Trial Balance Income Stmt Stmt of Changes Balance Sheet Stmt of Cash Flows Closing Entries Closing T Accts Post Closing Trial Balance Prepare a balance sheet for Year 2. (Enter any decreases to account balances and cash outflows with a minus sign.) COLTON ENTERPRISES Statement of Cash Flows For the Year Ended December 31, Year 2 Cash flows from operating activities: Received from customers Paid for expenses Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities: Paid for dividends Net cash flow from financing activities Net change in cash Plus: Beginning cash balance Ending cash balance 0 $ 0 0 0 0 $ 0 < Balance Sheet Closing Entries > Problem 13-34A (Algo) Part g g. Repeat parts a through for Year 2. Complete this question by entering your answers in the tabs below. General Journal T Accounts Trial Balance Income Stmt Stmt of Changes Balance Sheet Stmt of Cash Flows Closing Entries Closing T Accts Post Closing Trial Balance Record the entries to close the Year 2 temporary accounts to Retained Earnings in the general journal. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No Date General Journal 1 Dec. 31 Service revenue Retained earnings 2 Dec. 31 Retained eamings Operating expenses Debit Credit g. Repeat parts a through for Year 2. Complete this question by entering your answers in the tabs below. General Journal T Accounts Trial Balance Income Stmt Stmt of Changes Balance Sheet Stmt of Cash Flows Closing Entries Closing T Accts Post Closing Trial Balance Post the closing entries for Year 2 to the T-accounts. Cash Accounts Receivable Beg. Bal Beg. Bal 0 0 0 0 0 0 End. Bal. End. Bal. Prepaid Rent Supplies Beg. Bal. 0 Beg. Bal 0 0 0 0 0 0 0 End Bal End. Bal. Accounts Payable Common Stock Beg. Bal Beg. Bal. 0 0 0 0 0 0 End. Bal. End. Bal Required information End. Bal. 0 Retained Earnings Beg. Bal.. 0 cl cl End. Bal. End. Bal. Dividends Beg. Bal. 0 0 0 0 d 0 c End. Bal. Service Revenue Operating Expenses Beg. Bal 0 Beg. Bal. 0 0 0 0 cl End. Bal. 0 0 cl End. Bal. Rent Expense Salaries Expense Beg. Bal. 0 Beg. Bal. 0 0 0 0 0 cl 0 cl End. Bal. End. Bal. Beg. Bal. Supplies Expense 0 0 0 d End. Bal. g. Repeat parts a through ffor Year 2. Complete this question by entering your answers in the tabs below. General Journal T Accounts Trial Balance Income Stmt Stmt of Changes Balance Sheet Stmt of Cash Flows Closing Entries Closing T Accts Post Closing Trial Balance Prepare a post-closing trial balance for December 31, Year 2. COLTON ENTERPRISES Post-Closing Trial Balance December 31, Year 2 Account Titles Debit Credit Common stock Prepaid rent Accounts payable Accounts receivable Cashi Retained eamings Totals $ 0 $ 0 Colton Enterprises experienced the following events for Year 1, the first year of operation: 1. Acquired $43,000 cash from the issue of common stock. 2. Paid $12,800 cash in advance for rent. The payment was for the period April 1, Year 1, to March 31, Year 2. 3. Performed services for customers on account for $88,000. 4. Incurred operating expenses on account of $39,000. 5. Collected $67,500 cash from accounts receivable. 6. Paid $29,000 cash for salary expense. 7. Paid $31,200 cash as a partial payment on accounts payable. Adjusting Entries 8. Made the adjusting entry for the expired rent. (See Event 2.) 9. Recorded $4,000 of accrued salaries at the end of Year 1. Events for Year 2 1. Paid $4,000 cash for the salaries accrued at the end of the prior accounting period. 2. Performed services for cash of $37,000. 3. Purchased $3,600 of supplies on account. 4. Paid $12,900 cash in advance for rent. The payment was for one year beginning April 1, Year 2. 5. Performed services for customers on account for $104,000. 6. Incurred operating expenses on account of $49,500. 7. Collected $97,000 cash from accounts receivable. 8. Paid $47,000 cash as a partial payment on accounts payable. 9. Paid $32,300 cash for salary expense. 10. Paid a $11,000 cash dividend to stockholders. Adjusting Entries 11. Made the adjusting entry for the expired rent. (Hint Part of the rent was paid in Year 1.) 12. Recorded supplies expense. A physical count showed that $300 of supplies were still on hand. Complete this question by entering your answers in the tabs below. General Journal T Accounts Trial Balance Income Stmt Stmt of Changes Balance Sheet Stmt of Cash Flows Closing Entries Prepare a balance sheet for Year 2. COLTON ENTERPRISES Balance Sheet As of December 31, Year 2 Assets Cash Accounts receivable Prepaid rent Total assets Liabilities Salaries payable Accounts payable Total liabilities Stockholders' equity Retained earnings Common stock Total stockholders' equity Total liabilities and stockholders' equity $ 0 0 $ 0 $ 0 0 $ 0 < Stmt of Changes Stmt of Cash Flows > Closing T Accts Post Closing Trial Balance Complete this question by entering your answers in the tabs below. General Journal T Accounts Trial Balance Income Stmt Stmt of Changes Balance Sheet Stmt of Cash Flows Closing Entries Closing T Accts Post Closing Trial Balance Prepare a balance sheet for Year 2. (Enter any decreases to account balances and cash outflows with a minus sign.) COLTON ENTERPRISES Statement of Cash Flows For the Year Ended December 31, Year 2 Cash flows from operating activities: Received from customers Paid for expenses Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities: Paid for dividends Net cash flow from financing activities Net change in cash Plus: Beginning cash balance Ending cash balance 0 $ 0 0 0 0 $ 0 < Balance Sheet Closing Entries > Problem 13-34A (Algo) Part g g. Repeat parts a through for Year 2. Complete this question by entering your answers in the tabs below. General Journal T Accounts Trial Balance Income Stmt Stmt of Changes Balance Sheet Stmt of Cash Flows Closing Entries Closing T Accts Post Closing Trial Balance Record the entries to close the Year 2 temporary accounts to Retained Earnings in the general journal. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No Date General Journal 1 Dec. 31 Service revenue Retained earnings 2 Dec. 31 Retained eamings Operating expenses Debit Credit g. Repeat parts a through for Year 2. Complete this question by entering your answers in the tabs below. General Journal T Accounts Trial Balance Income Stmt Stmt of Changes Balance Sheet Stmt of Cash Flows Closing Entries Closing T Accts Post Closing Trial Balance Post the closing entries for Year 2 to the T-accounts. Cash Accounts Receivable Beg. Bal Beg. Bal 0 0 0 0 0 0 End. Bal. End. Bal. Prepaid Rent Supplies Beg. Bal. 0 Beg. Bal 0 0 0 0 0 0 0 End Bal End. Bal. Accounts Payable Common Stock Beg. Bal Beg. Bal. 0 0 0 0 0 0 End. Bal. End. Bal Required information End. Bal. 0 Retained Earnings Beg. Bal.. 0 cl cl End. Bal. End. Bal. Dividends Beg. Bal. 0 0 0 0 d 0 c End. Bal. Service Revenue Operating Expenses Beg. Bal 0 Beg. Bal. 0 0 0 0 cl End. Bal. 0 0 cl End. Bal. Rent Expense Salaries Expense Beg. Bal. 0 Beg. Bal. 0 0 0 0 0 cl 0 cl End. Bal. End. Bal. Beg. Bal. Supplies Expense 0 0 0 d End. Bal. g. Repeat parts a through ffor Year 2. Complete this question by entering your answers in the tabs below. General Journal T Accounts Trial Balance Income Stmt Stmt of Changes Balance Sheet Stmt of Cash Flows Closing Entries Closing T Accts Post Closing Trial Balance Prepare a post-closing trial balance for December 31, Year 2. COLTON ENTERPRISES Post-Closing Trial Balance December 31, Year 2 Account Titles Debit Credit Common stock Prepaid rent Accounts payable Accounts receivable Cashi Retained eamings Totals $ 0 $ 0
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Related Book For
Introductory Financial Accounting for Business
ISBN: 978-1260299441
1st edition
Authors: Thomas Edmonds, Christopher Edmonds
Posted Date:
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