Cash Accounts Receivable Supplies Equipment Accounts Payable Unearned Fees Common Stock Retained Earnings Dividends Fees Earned...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Cash Accounts Receivable Supplies Equipment Accounts Payable Unearned Fees Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Utilities Expense Miscellaneous Expense Debit Balances 12,640 83,940 20,230 426,990 16,690 117,320 89,510. 64,220 10,110 841,650 Credit Balances 19,720 22,250 55,000 239,000 505,680 841,650 • Supplies on hand on April 30 were $7,470. • Fees earned but unbilled on April 30 were $9,150. • Depreciation of equipment was estimated to be $12,640 for the year. • Unpaid wages accrued on April 30 were $1,620. • The balance in unearned fees represented the April 1 receipt in advance for services to be provided. Only $17,580 of the services was provided between April 1 and April 30. Required: 1. Journalize the adjusting entries necessary on April 30, 20YS. If an amount box does not require an entry, leave it blank. Apr. 30 30 30 30 30 00 00 00 2. Determine the revenues, expenses, and net income of Crazy Mountain Outfitters Co. before the adjusting entries. Revenues Expenses Net income 3. Determine the revenues, expenses, and net income of Crazy Mountain Outfitters Co. after the adjusting entries. Revenues Expenses Net income 4. Determine the effect of the adjusting entries on Retained Earnings. Retained Earnings by $ Cash Accounts Receivable Supplies Equipment Accounts Payable Unearned Fees Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Utilities Expense Miscellaneous Expense Debit Balances 12,640 83,940 20,230 426,990 16,690 117,320 89,510. 64,220 10,110 841,650 Credit Balances 19,720 22,250 55,000 239,000 505,680 841,650 • Supplies on hand on April 30 were $7,470. • Fees earned but unbilled on April 30 were $9,150. • Depreciation of equipment was estimated to be $12,640 for the year. • Unpaid wages accrued on April 30 were $1,620. • The balance in unearned fees represented the April 1 receipt in advance for services to be provided. Only $17,580 of the services was provided between April 1 and April 30. Required: 1. Journalize the adjusting entries necessary on April 30, 20YS. If an amount box does not require an entry, leave it blank. Apr. 30 30 30 30 30 00 00 00 2. Determine the revenues, expenses, and net income of Crazy Mountain Outfitters Co. before the adjusting entries. Revenues Expenses Net income 3. Determine the revenues, expenses, and net income of Crazy Mountain Outfitters Co. after the adjusting entries. Revenues Expenses Net income 4. Determine the effect of the adjusting entries on Retained Earnings. Retained Earnings by $
Expert Answer:
Related Book For
Accounting
ISBN: 978-0324401844
22nd Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
Posted Date:
Students also viewed these accounting questions
-
The price of a stock is $55. A put option written on this stock with a strike price of $48.8 is quoted at $7.2. One option contracts covers 100 underlying shares. A trader enters a short position in...
-
Calm Lake Outfitters Co., an outfitter store for fishing trips, prepared the following unadjusted trial balance at the end of its first year of operations: To prepare the adjusting entries, the...
-
Suppose you wrote a piece of software that does a better job of allowing computers to network than any other program designed for this purpose. a large networking company wants to incorporate your...
-
Himanshu Patel, a resident taxpayer aged 59, runs a sole trading business selling imported food items. His business is registered for GST. He also works on a casual basis as an import/export agent at...
-
When the resistor R in Fig. 19-73 is 35-, the high resistance voltmeter reads 9.7 V. When R is replaced by a 14.0- resistor, the voltmeter reading drops to 8.1 V. What are the emf and internal...
-
If you are offered one slice from a round pizza (in other words, a sector of a circle) and the slice must have a perimeter of 32 inches, what diameter pizza will reward you with the largest slice?
-
Which types of economic damages are related to digital crimes?
-
After watching the video on Thailands booming economy, discuss the following: 1. How do firms in Asia (in this case, in Thailand) overcome market failure? 2. What costs and benefits do US-based Ford...
-
Jane has been offered a research consultancy job to study the impact of inequality of poverty in five SADC countries of her choice. As her former classmate, Jane has asked you to help advise her on...
-
If the IMM index quotation for a 90-day T-bill future is 98.50, what would be the discount rate equivalent? 2.75% 2.50% 2.25% 1.75% 1.50%
-
Accountants use the worksheet to organize and complete adjustments for all but one of the following events: Depreciation on equipment. Revenue eamed and recorded in the current period. Supplies on...
-
4) Calculate the coordinates of the points labeled 1 and 2 on the line connecting points T and M, as well as the coordinates of point P, which is located perpendicular to point 1, the given...
-
WHAT IS INDIA'S ROLE IN THE GLOBAL WORLD ?
-
A partner sold a 25% interest in a partnership for $400,000 cash plus assumption of the partner's share of the partnership liabilities. The following additional information relates to the partnership...
-
Elaborate the figure given below? FACTOR MARKETS Y HOUSEHOLDS FIRMS 2 GOODS MARKETS GOVERNMENTS (X-M (X-M REST OF WORLD
-
Suppose that the S&P 500, with a beta of 1.0, has an expected return of 10% and T-bills provide a risk-free return of 4%. (LO12-1) a. How would you construct a portfolio from these two assets...
-
Some people argue that the internal control requirements of the Sarbanes-Oxley Act (SOX) put U.S. companies at a competitive disadvantage to companies outside the United States. Discuss the...
-
Ennis College requires students to pay tuition each term before classes begin. Students who have not paid their tuition are not allowed to enroll or to attend classes. What journal entry do you think...
-
Lamar Kline and Kevin Lambert decide to form a partnership by combining the assets of their separate businesses. Kline contributes the following assets to the partnership: cash, $10,000; accounts...
-
What are the principal objections to the use of the average rate of return method in evaluating capital investment proposals?
-
Enter the following transactions of an antiques shop in the accounts and extract a trial balance as at 31 March 2017. 2017 March 1 Started in business with 8,000 in the bank. 2 Bought goods on time...
-
Record the following transactions for the month of January of a small finishing retailer, balance-off all the accounts, and then extract a trial balance as at 31 January 2016. 2016 Jan 1 Started in...
-
On 1 October 2016, the owner of the USS Enterprise, Mr Kirk, decides that he will boldly go and keep his records on a double entry system. His assets and liabilities at that date were: Kirk's...
Study smarter with the SolutionInn App