Please Answer in EXCEL Sheet

Exercise 1: (5 marks)

The account balances appearing on the trial balance were taken from the general ledger of ABC Company at January 31. Additional information for January which has not yet been recorded in the accounts is as follows:

a.Depreciation on equipment for January was $1,200.

b.The amount of insurance that expired in January was $700.

c.Rent owed on ABC Company for January was $1,800 but will not be paid until February.

d.A physical count of supplies indicates $1,750 on hand at January 31^st.

e.Salaries owed on ABC Company for January was $2,700 but will not be paid until February.

f.A utility bill for $150 has not been recorded and will not be paid until next month.

g.$2,800 of unearned service revenue is recognized for services performed during the month.

h.Invoices representing $1,200 of services performed during the month have not been recorded as of June 30.

Accounts

Trial Balance

Debit

Credit

Cash

12,500

Supplies

2,750

Prepaid insurance

5,500

Equipment

60,000

Accumulated Depreciation

11,250

Accounts payable

6,000

Notes payable

10,000

Owner capital

48,250

Owners? drawings

6,000

Copy revenue

12,250

Utilities expense

1,000

Total

87,750

87,750

Required:

(a) Prepare the necessary adjusting entries for January.

(b) Prepare the adjusted trial balance for the month ended January 31.

Exercise 2: (2 Marks)

The adjusted trial balance of YWZ Company on December 31, 2017 includes the following accounts:

Accumulated Depreciation, $8,000;

Depreciation Expense, $2,500;

Note Payable $6,500;

Interest Expense $250;

Utilities Expense, $350;

Rent Expense, $820;

Service Revenue, $22,600;

Salaries Expense, $6,000;

Supplies, $300;

Supplies Expense, $1,800;

Wages Payable, $700.

Required:

Prepare an income statement for the month of December.

Exercise 3: (3 Marks)

The trial balance columns of the worksheet for Lamar Company at June 30, 2017, are as follows.

LAMAR COMPANY

Worksheet

for the Month Ended June 30, 2017

Trial Balance

Account Titles

Debit

Credit

Cash

2,760

Accounts Receivable

3,100

Supplies

1,320

Accounts Payable

$2,080

Unearned Service Revenue

360

Owner?s Capital

2,480

Service Revenue

3,100

Salaries and Wages Expense

700

Miscellaneous Expense

140

Total

8,020

8,020

Other data:

1. A physical count reveals $450 of supplies on hand.

2. $220 of the unearned revenue is still unearned at month-end.

3. Accrued salaries are $350.

Required:

Enter the trial balance on a worksheet and complete the worksheet.

UNIVERSITY OF MODERN SCIENCES COLLEGE OF BUSINESS Assignment 2 Spring Semester - 2016 - 2017 Course Name: Accounting Instructor: Dr. Rihab Grassa Total Marks: 10 Course Code : ACCT 102 Due date: 20- 05- 2017 Number of pages: 4 UMS policy states that this assignment constitutes 10 % of your final grade for the course. Maximum Marks : 10 Student Name Student ID Section Total Marks 1 Exercise 1: (5 marks) The account balances appearing on the trial balance were taken from the general ledger of ABC Company at January 31. Additional information for January which has not yet been recorded in the accounts is as follows: a. b. c. d. e. Depreciation on equipment for January was $1,200. The amount of insurance that expired in January was $700. Rent owed on ABC Company for January was $1,800 but will not be paid until February. A physical count of supplies indicates $1,750 on hand at January 31st. Salaries owed on ABC Company for January was $2,700 but will not be paid until February. f. A utility bill for $150 has not been recorded and will not be paid until next month. g. $2,800 of unearned service revenue is recognized for services performed during the month. h. Invoices representing $1,200 of services performed during the month have not been recorded as of June 30. Accounts Trial Balance Debit Cash 12,500 Supplies 2,750 Prepaid insurance 5,500 Equipment 60,000 Credit Accumulated Depreciation 11,250 Accounts payable 6,000 Notes payable 10,000 Owner capital 48,250 Owners' drawings 6,000 Copy revenue 12,250 Utilities expense 1,000 Total 87,750 Required: 2 87,750 (a) Prepare the necessary adjusting entries for January. (b) Prepare the adjusted trial balance for the month ended January 31. Exercise 2: (2 Marks) The adjusted trial balance of YWZ Company on December 31, 2017 includes the following accounts: Accumulated Depreciation, $8,000; Depreciation Expense, $2,500; Note Payable $6,500; Interest Expense $250; Utilities Expense, $350; Rent Expense, $820; Service Revenue, $22,600; Salaries Expense, $6,000; Supplies, $300; Supplies Expense, $1,800; Wages Payable, $700. Required: Prepare an income statement for the month of December. 3 Exercise 3: (3 Marks) The trial balance columns of the worksheet for Lamar Company at June 30, 2017, are as follows. LAMAR COMPANY Worksheet for the Month Ended June 30, 2017 Trial Balance Account Titles Cash Accounts Receivable Supplies Accounts Payable Unearned Service Revenue Owner's Capital Service Revenue Salaries and Wages Expense Miscellaneous Expense Total Debit Credit 2,760 3,100 1,320 $2,080 360 2,480 3,100 700 140 8,020 8,020 Other data: 1. A physical count reveals $450 of supplies on hand. 2. $220 of the unearned revenue is still unearned at month-end. 3. Accrued salaries are $350. Required: Enter the trial balance on a worksheet and complete the worksheet. 4