Corvallis B&B started operations (and incorporated) on September 1, 2020. J. Qwerty is the owner of...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Corvallis B&B started operations (and incorporated) on September 1, 2020. J. Qwerty is the owner of the Corvallis B&B and she used QuickBooks to print out the following trial balance at month end. Corvallis B&B Unadjusted Trial Balance September 30, 2020 Debit Credit Cash 2,500 Supplies 2,600 Prepaid Insurance 1,800 Land 15,000 70,000 Buildings Equipment 16,800 Accounts Payable 4,700 Unearned Rent Revenue 3,300 Mortgage Payable 36,000 Common Stock 60,000 Rent Revenue 9,000 Salaries and Wages Expense 3,000 Utilities Expense 800 Advertising Expense 500 113,000 113,000 J. Qwerty visited her accountant on October 1st and said that in order to acquire a future loan that fully-adjusted financial statements were needed by the bank. The following facts about unrecorded adjustments emerged from a conversation between J. Qwerty and the accountant. Insurance expires at the rate of $450 per month. (Premium was paid September 1st.) A count of supplies shows $1,050 of unused supplies on September 30th. Annual depreciation is $3,600 on the building and $3,000 on equipment. The mortgage interest rate is 6%. (The mortgage was taken out on September 1st.) Unearned rent of $2,500 has been earned. Salaries of $900 are accrued and unpaid at September 30th. REQUIRED - USE GOOD FORM in your work that is prepared electronically and presented for grading. See examples in book for 'good form.' 1. Journalize the adjustments. 2. Prepare a Ten-Column worksheet that reflects the financial transactions of Corvallis B&B for September 2020. Page 3-47 in your textbook shows a properly formatted 10-column worksheet. 3. Prepare an income statement and a retained earnings statement for the month of September and a classified balance sheet at September 30th. 1 234567 8 9 10 11 12 13 14 15 16 17 A Account Titles E F Corvallis B&B Ten-Column Worksheet For the Year Ended September 30th 2020 Adjusted Adjustments Trial Balance Dr. Cr. Dr. Cr. B Trial Balance Dr. Cr. H Incme Statement Dr. Cr. J Balance Sheet Dr. K Cr. L Corvallis B&B started operations (and incorporated) on September 1, 2020. J. Qwerty is the owner of the Corvallis B&B and she used QuickBooks to print out the following trial balance at month end. Corvallis B&B Unadjusted Trial Balance September 30, 2020 Debit Credit Cash 2,500 Supplies 2,600 Prepaid Insurance 1,800 Land 15,000 70,000 Buildings Equipment 16,800 Accounts Payable 4,700 Unearned Rent Revenue 3,300 Mortgage Payable 36,000 Common Stock 60,000 Rent Revenue 9,000 Salaries and Wages Expense 3,000 Utilities Expense 800 Advertising Expense 500 113,000 113,000 J. Qwerty visited her accountant on October 1st and said that in order to acquire a future loan that fully-adjusted financial statements were needed by the bank. The following facts about unrecorded adjustments emerged from a conversation between J. Qwerty and the accountant. Insurance expires at the rate of $450 per month. (Premium was paid September 1st.) A count of supplies shows $1,050 of unused supplies on September 30th. Annual depreciation is $3,600 on the building and $3,000 on equipment. The mortgage interest rate is 6%. (The mortgage was taken out on September 1st.) Unearned rent of $2,500 has been earned. Salaries of $900 are accrued and unpaid at September 30th. REQUIRED - USE GOOD FORM in your work that is prepared electronically and presented for grading. See examples in book for 'good form.' 1. Journalize the adjustments. 2. Prepare a Ten-Column worksheet that reflects the financial transactions of Corvallis B&B for September 2020. Page 3-47 in your textbook shows a properly formatted 10-column worksheet. 3. Prepare an income statement and a retained earnings statement for the month of September and a classified balance sheet at September 30th. 1 234567 8 9 10 11 12 13 14 15 16 17 A Account Titles E F Corvallis B&B Ten-Column Worksheet For the Year Ended September 30th 2020 Adjusted Adjustments Trial Balance Dr. Cr. Dr. Cr. B Trial Balance Dr. Cr. H Incme Statement Dr. Cr. J Balance Sheet Dr. K Cr. L
Expert Answer:
Answer rating: 100% (QA)
No Account Titles and Explanation Debit Credit 1 Insurance Expense 450 Prepaid Insurance 450 2 Suppl... View the full answer
Related Book For
Business Law Text and Cases
ISBN: 978-0324655223
11th Edition
Authors: Kenneth W. Clarkson, Roger LeRoy Miller, Gaylord A. Jentz, F
Posted Date:
Students also viewed these accounting questions
-
The sky is the owner of a small business called Skys Skateboards. Sky, who grew up in a circle of avid boarders, started the business last year, initially adding cool designs to her siblings and...
-
Sue Merando is the owner of Merandos Pizza. Merandos is operated strictly on a carryout basis. Customers pick up their orders at a counter where a clerk exchanges the pizza for cash. While at the...
-
Daniel is the owner of a chain of shoe stores. He hires Rubya to be the manager of a new store, which is to open in Grand Rapids, Michigan. Daniel, by written contract, agrees to pay Rubya a monthly...
-
What do we really learn from studying how managers actually spend their time and their decision-making powers in like-for-like organisations in different countries? What are the messages for key...
-
Fusion Corporation has 3,000 shares of 8%, $100 par value preferred stock outstanding at December 31, 2014. At December 31, 2014, the company declared a $105,000 cash dividend. Determine the dividend...
-
a. What changes in the monetary base have occurred since October 2008? b. How does the Fed bring about an increase in the monetary base? c. How did the increase in the monetary base change the...
-
a. Create a spreadsheet to reconcile bank statements. Organize it as follows: i. Ending balance, per bank statement ii. Deposits not included in bank statement (provide space for up to 7) iii. Checks...
-
In our example of research on lipstick, where E = $2 and S = $29, what sample size would we require if we desired a 99 percent confidence level? What about if we keep the 95% confidence level, but...
-
Mark and Shannon are students who also have a business on the side selling baskets of fruits and vegetables that are cut to look like flowers. They advertise that all ingredients are organic. One...
-
Lakeland-Bering Aircraft Company is preparing a contract proposal to submit to the defense department for a new military aircraft, the X-300J jet fighter. Part of the proposal is a development and...
-
Jackson has always been a successful businessman. Several years ago he purchased what he thought was prime property in Louisiana for $100,000. Unfortunately, he did not realize the property was pure...
-
How do organizational change theories such as Lewin's Three-Stage Model and Kotter's Eight-Step Process adapt to accommodate the complexities of globalized, digitally-enabled business environments ?
-
Write a java program to check given number is palindrome or not?
-
Dowling Sportswear is considering building a new factory to produce aluminum baseball bats. This project would require an initial cash outlay of $4,000,000 and would generate annual net cash inflows...
-
Write a java program to check given number is Armstrong or not?
-
Write a java program to find out Fibonacci series of a given number?
-
Discuss an application that requires an unordered collection of elements. Decide what implementation would be most beneficial, an array list or a linked list. Decide whether that list should be...
-
Refrigerant-134a enters an adiabatic compressor as saturated vapor at 120 kPa at a rate of 0.3 m3/min and exits at 1-MPa pressure. If the isentropic efficiency of the compressor is 80 percent,...
-
During the trial, Boeder tried to retract his repudiation of the lease to allow Hanson to continue farming for the rest of the lease term. Should the court have considered this an acceptable...
-
Suppose that Chickasaws articles of incorporation failed to describe the corporations purpose or management structure as required by state law. Would the court be likely to rule that Sharp is...
-
In whose favor should the court rule and why? The Brown family owns several companies, including the J. H. Stevedoring Company and Penn Warehousing and Distribution, Inc. Many aspects of the...
-
Perkins Appliance & Furniture Company has two departments, appliances and furniture. Operating information for 2016 appears below. Common operating expenses of the firm were \($180,000\) . Required...
-
The cutting department of Liberty Manufacturing Company operated during September 2016 with the following manufacturing overhead cost budget based on 6,000 hours of monthly productive capacity: The...
-
The following information was obtained from the ledger of Stillwell Emporium, Inc., at the end of 2016: Stillwell analyzes its operating expenses at the end of each period in order to prepare an...
Study smarter with the SolutionInn App