JV opened his executive search service on July 1, 2022. Some customers paid for his services...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
JV opened his executive search service on July 1, 2022. Some customers paid for his services after they were rendered, and others paid in advance for one year of service. Adjustments are recorded at the end of the year. After six months of operations. JV wanted to know how his business stood. The unadjusted trial balance on December 31 appears below: JV Executive Search Service Trial Balance December 31, 2022 Cash Accounts Receivable Office Supplies Prepaid Rent Equipment Accounts Payable Unearned Revenues Capital Service Revenue Utilities Expense Wages Expense SSSSS SS 1,713 5,200 413 1,800 15,750 1,260 9,000 5555 S 3,173 1,823 10,000 20,140 S 35,136 $ 35,136 REQUIRED: 1. Open the T accounts and post the balances above. Prepare journal entries and post the adjustments using the following information: a) One year's fent had been paid in advance when JV began business. b) Physical count of unused office supplies. $75. c) One-half year's depreciation of equipment, $900 d) Service rendered that had been paid for in advance, $863. e) Services rendered during the month but not yet billed, $270. f) Wages earned by employees but not yet paid, $188. 2. Prepare the closing journal entries and post. 3. Prepare the classified Balance Sheet as of December 31, 2022. JV opened his executive search service on July 1, 2022. Some customers paid for his services after they were rendered, and others paid in advance for one year of service. Adjustments are recorded at the end of the year. After six months of operations. JV wanted to know how his business stood. The unadjusted trial balance on December 31 appears below: JV Executive Search Service Trial Balance December 31, 2022 Cash Accounts Receivable Office Supplies Prepaid Rent Equipment Accounts Payable Unearned Revenues Capital Service Revenue Utilities Expense Wages Expense SSSSS SS 1,713 5,200 413 1,800 15,750 1,260 9,000 5555 S 3,173 1,823 10,000 20,140 S 35,136 $ 35,136 REQUIRED: 1. Open the T accounts and post the balances above. Prepare journal entries and post the adjustments using the following information: a) One year's fent had been paid in advance when JV began business. b) Physical count of unused office supplies. $75. c) One-half year's depreciation of equipment, $900 d) Service rendered that had been paid for in advance, $863. e) Services rendered during the month but not yet billed, $270. f) Wages earned by employees but not yet paid, $188. 2. Prepare the closing journal entries and post. 3. Prepare the classified Balance Sheet as of December 31, 2022.
Expert Answer:
Answer rating: 100% (QA)
1 Opening Taccounts and Posting Balances Account Debit Credit Cash 1713 Accounts Receivable 5200 Office Supplies 413 Prepaid Rent 1800 Equipment 15750 ... View the full answer
Related Book For
Accounting Principles
ISBN: 978-0470533475
9th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Posted Date:
Students also viewed these accounting questions
-
At the end of the first three months of operation, Evergreen Repair, Inc.'s trial balance is as follows. Evergreen has hired an accountant to prepare financial statements to determine how well the...
-
After reviewing the definition of Behavior Leadership Theory, explain what effect behavioral leadership theory has on traditional police in their role as a chief or any other leadership role in law...
-
Consider a bond with a settlement date of February 22, 2015, and a maturity date of March 15, 2023. The coupon rate is 5.5%. If the yield to maturity of the bond is 5.34% (bond equivalent yield,...
-
Klyne Corporation manufactures pharmaceutical products that are sold through a network of sales agents. The agents are paid a commission of 18% of sales. The income statement for the year ending...
-
Abbott Industries is a well-known supplier of pharmaceuticals worldwide. Founded by Dr. Wallace Abbott, the company was incorporated in 1900 after he had been developing and making pharmaceuticals...
-
FireOut, Inc. manufactures steel cylinders and nozzles for two models of fire extinguishers: (1) a home fire extinguisher and (2) a commercial fire extinguisher. The home model is a high-volume...
-
Explain how specific institutions of capitalism can harness self interest to benefit the common good and improve economic outcomes in society at large. Explain what a social dilemma is and how it...
-
Kai is the president of Zebra Antiques. An employee, Reese Francis, is due a raise. Reeses current benefit analysis is as follows: Compute the benefit analysis assuming: 3 percent increase in pay. ...
-
The Burren Inc. is considering investing in projects 1 and 2. The initial cost of project 1 is 3,000 and 2,000 for project 2. Each project lasts four years. Straight-line depreciation method is used....
-
A taxpayer can face the Civil Fraud Penalty under Section 6663 for all of the following types of tax violations except: A. Concealment or transfer of income B. Failure to make reasonable attempts to...
-
a more stringent measure of liquidity than the current ratio is referred to as Acid test debt to equity ratio collectability test current asset turnover
-
A type of positive recognition that costs nothing, but may save untold dollars by workers who feel valued is
-
NAYA, WHO HAS RECENTLY BEEN DIAGNOSED WITH BREAST CANCER, IS GOING TO GOING THROUGH CHEMOTHERAPY TREATMENTS. SHE IS PREGNANT AND CHOOSES TO TERMINATE THE PREGNANCY BECAUSE BEING PREGNANT WHILE IN...
-
According to SFAS a business combination is said to have occurred when one organization acquires net assets that make up a business or equity interest of another enterprise, or multiple enterprises...
-
Mr. Kishore is the managing partner of the construction company - Tesla Constructions. The market outlook and the financial condition of the company are making him increasingly worried. In the last...
-
l ask this second time correnct answer is 38,01 can we look pls Consider a non-conducting rod of length 8.8 m having a uniform charge density 4.5 nC/m. Find the electric potential at P, a...
-
Classify each item as an operating, investing, or financing activity. Assume all items involve cash unless there is information to the contrary. (a). Purchase of equipment. (b). Sale of building....
-
Neely, Inc., is preparing its direct labor budget for 2010 from the following production budget based on a calendar year. Each unit requires 1.6 hours of direct labor.InstructionsPrepare a direct...
-
The financial statements of PepsiCo, Inc. and the Notes to Consolidated Financial Statements appear in Appendix A. Instructions Refer to PepsiCos financial statements and answer the following...
-
With a group of four or five students, determine which workplace rights or benefits illegal immigrant employees and regular employees share, and which ones employees who are citizens or legal...
-
This exercise asks you to explore your attitudes concerning illegal immigrants in the workplace. a. Would you work for an employer who makes it a point to hire illegal immigrants? Why or why not? b....
-
Is it necessarily the case that working conditions and rules are less flexible in a unionized organization? Why or why not? If it is the case, then how does this affect managements ability to make...
Study smarter with the SolutionInn App