E4-1 (Static) Explaining Why Adjustments Are Needed and Preparing Adjustments [LO 4-1, LO 4-2) A list of various reasons for adjusting account balances is presented below, along with an unadjusted trial balance presented for the year ended December 31. a. As of December 31, the equipment has been used for two full years. Approximately $1.200 of the equipment's usefulness is consumed each year. b. On December 31, the company performed $400 of services for a customer-but has not yet recorded or billed the customer. c. On December 31, the company received an e-mail from its utility company indicating the company used $250 of services during December. The company has not recorded this item because the $250 will not be paid until January 15, d. Salaries and wages totaling $333 for the second half of December have not yet been paid or recorded, e. No adjustment is needed for this account. Credit Debit $ 6,000 500 12,000 Account Natte 1. Cash 2. Accounts Receivable 3. Equipment 4. Accumulated Depreciation 5. Accounts Payable 6. Salaries and Wages Payable 7. Common Stock 8. Retained Earnings 9. Service Ravenue 10. Salaries and Wages Expense 11. Depreciation Expense 12. Utilities Expense Total $2,100 700 0 10,000 5,017 12,000 7.667 1,100 2,250 $30,017 $30.01 Required: 1. For each account balance numbered 1-12, choose an appropriate reason from a-d that explains why that particular account balance needs to be adjusted or choose "e when no adjustment is needed." 2. Prepare the adjusting Journal entries required as of December 31 Complete this question by entering your answers in the tabs below. Required 1 Required 2 For each account balance numbered 1-12, choose an appropriate reason from a d that explains why that particular account balance needs to be adjusted or choose "e. when no adjustment is needed." Account Name Reason 12,000 3. Equipment 4. Accumulated Depreciation 5. Accounts Payable 6. Salaries and Wages Payable 7. Common Stock 8. Retained Earnings 9. Service Revenue 10. Salaries and Wages Expense 11. Depreciation Expense 12. Utilities Expense Totals $ 2,300 700 0 10,000 5,012 12,000 7,667 1,100 2,250 $30,017 $30,017 Required: 1. For each account balance numbered 1-12, choose an appropriate reason from a-d that explains why that particular account bal needs to be adjusted or choose "e when no adjustment is needed." 2. Prepare the adjusting journal entries required as of December 31, Complete this question by entering your answers in the tabs below. Required 1 Required 2 For each account balance numbered 1-12, choose an appropriate reason from a d that explains why that particular account balance needs to be adjusted or choose "e. when no adjustment is needed." Reason Account Name 1. Cash 2. Accounts Receivable 3. Equipment 4. Accumulated Depreciation 5. Accounts Payable 6. Salaries and Wages Payable 7. Common Stock 8. Retained Earnings 9. Service Revenue 10. Salaries and Wages Expense 11. Depreciation Expense 12 Utilities Expense Romu Required 2 > equired: For each account balance numbered 1-12, choose an appropriate reason from a-d that needs to be adjusted or choose "e. when no adjustment is needed." - Prepare the adjusting journal entries required as of December 31. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the adjusting journal entries required as of December 31. (If no entry is required for a Entry Required" in the first account field.) View transaction list Journal entry worksheet 2 3 Record the adjusting entry if $1,200 of the equipment's usefulness is consumed each year. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal Prey 1 of 17 Saved 3. OLVIU Revenue 12.VUU 10. Salaries and Wages Expense 11. Depreciation Expense 12. Utilities Expense Totals 7,667 1,100 2,750 $30,017 $30,017 Required: 1. For each account balance numbered 1-12, choose an appropriate reason from a-d that explains whyt needs to be adjusted or choose "e. when no adjustment is needed." 2. Prepare the adjusting journal entries required as of December 31. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the adjusting journal entries required as of December 31. (If no entry is required for a transaction/even Entry Required in the first account field.) View transaction list Journal entry worksheet Record the adjusting entry if the company has used $250 of services during December but will not be paid until January 15. Noter Enter debits before credits Transaction General Journal Deba Credit Record entry Clear entry View general Journal 1. ve 10. Salaries and Wages Expense 11. Depreciation #xpense 12. Vilties impense Totale 7.667 1,100 2.750 $30,017 $30,01% Required: 1. For each account balance numbered 1-12, choose an appropriate reason from a-d that explains why that particular account balance needs to be adjusted or choose "e when no adjustment is needed." 2. Prepare the adjusting journal entries required as of December 31 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the adjusting journal entries required as of December 31. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) View transaction ist Journal entry worksheet 2 3 Record the adjusting entry if salaries and wages totaling $333 for the second half of December have not yet been paid or recorded. Note: Enter debits before credits General Journal Debit Credit Transaction d. Record entry Clear entry View general Journal Required information E4-2 (Static) Identifying Adjustments and Preparing Financial Statements from a Trial Balance (L04 LO 44 The following information applies to the questions displayed below) FedEx Corporation reported its balance sheet at May 31, 2019. Assume the following alphabetically feed accounts included in its trial balance immediately prior to preparing the financial statements Credit 5 2,60 $9.200 2.300 3,200 3.30 730 59.500 10.90 120 Ted CORREO Adjusted trial San At May 31, 2015 million of dollar) ACCOUNCE Payable Accounts Receivable Related Depreciation Caub Common stock Depreciation Expanse Dividends Equipment Goodwill Toc Tax Expense Income Tax Payable Interest Expense Interest Receivable Interest Revesse Notes Payable (long-ter) Notes Payable short-ter ottice Express Prepaid Rent Rent Expense Repairs and incepe detained tamis Salaries and Wages taxpense salaries and was Yayable Service Revenge Supplies Transportation Expense 3,300 50 200 40 27,00 1,000 13.760 900 200 14,770 1,10 69.750 500 20.550 3153,430 11133 E4-2 (Static) Part 3 3-a. Prepare an income statement for the year ended May 31, 2019 3-b. Prepare a statement of retained earnings for the year ended May 21 2019 3-c. Prepare a classified balance sheet at May 31, 2019 Complete this question by entering your answers in the tabs below. Reg 3 Reg38 Reg 30 Prepare an income Matement for the year ended May 31, 2019. (Enter your animatin FG CORPORATION Income Donal Required information E4-2 (Static) Identifying Adjustments and Preparing Financial Statements from a Trial Balance [LO 4-1, LO 4.4) The following information applies to the cestions displayed below) FedEx Corporation reported its balance sheet at May 31, 2019. Assume the following alphabetically listed accounts were Included in its la balance immediately prior to preparing the financial statements YN CORPORATION Muster A May 2012 Vor) Debit Credit S250 2), 100 het Payable Attila Nelated 2.300 1,200 - 70 5.500 1050 10 3.100 506 200 29.500 1.000 CON Depreciation Divide Tiet God Theap Tas wall Tweet Molte Meet te wala ya kutetea Petite Tiene FILTER pe Alan VI duri patratiepas 13,950 906 2.0 2.00 Pepi 14,176 20,000 3. 990 $135.00 311) E4-2 (Static) Part 3 3- Prepare an income for the waren May 31, 2019 3. Prepare statement of thindi nation for the year ended May 31, 2019 3. Pare a cassified ballett May 3, 2019 Complete this question by entering your answers in the tabs below. ke not in whole Prepare retained anings for the year ended May 31, 2019 feryan Oo CORPORATION nece 2010 RA Required information E4-2 (Static) Identifying Adjustments and Preparing Financial Statements from a Trial Balance (LO 4-1 LO 4.41 The following information applies to the Questions displayed below) Fede Corporation reported its balance sheet at May 31 2019. Assume the following alphabetically listed accounts were Included in its trial balance immediately prior to preparing the financial statements CORPORATE Me hace ARY 2011 Isola Dehit . re $2, AP Leivate Apr Costock Listene Divide pet 11.10 3. 2.300 3. 23 52.51 4.0 10 Enne Table 110 314 30 Into Ente so y el 21. 1.50 ON Prepaid 3.1 900 2.61 14. 14,30 pe Sala sure tre 43,700 300 2015 1953.4394 3953, E4-2 (Static) Part 3 3. Prepare an externe May 2013 3.te, he freedotte May 20 3. Prepare a case they 2011 Cemalete this on being wees pasahe.2013 Amate CORPORATION