The following information is available at year end on Dec 31, 2019. A. Unexpired insurance at...

 

 

Transcribed Image Text:

The following information is available at year end on Dec 31, 2019. A. Unexpired insurance at Dec 31 B. Fees earned but unbilled on Dec 31 - Nike C. Supplies on hand at Dec 31 D. Revenue Unearned at Dec 31 E. Accrued salaries and wages at Dec 31 F. Prepaid Advertising G. Inventory H. Depreciation of truck for the S2,200 S3,470 $1,150 $4,650 $3,405 S800 S13,600 year I. Depreciation of machine for the year J. Depreciation of equipment for the усar K. Interest Owed to Under Amor Info to determine Depreciation & Interest: Truck: useful life of 6 years. Bought for $36,000 with a salvage value of $2,000 and a Machine: Bought for S48,000 with a salvage value of $4,000 and a useful life of 11 years. Equipment: Bought for $57,77 with a salvage value of $5,631 and a useful life of 6 years. Interest: Borrowed $18,000 from Under Amor with an 17% interest rate compounded monthly. Chanps Kinadjusted Tnal Balance Aprill, 2019 Cah SIK,700 AR- Adida SIKASO Prepsid Inure Propsid Adverining Inventory Supplies Land Bailing S7I00 Cat Machine Truk Equipemene Acciamulated Dep- Truck Acculated Eep- Machine Acculaned Eep Eqip SI3302 S2,2 AP $21,044 None Payable - Llader Amst SIK0 SI0,000 S14300 Uncarned Revenu Capital Stock Drawings Fees Eamed s2.725 Champs, Capital Salaries & Wagen Expene 53.103 Uitites Expee Advertising Expene Tetala S1241 Journalize the adjusting entries from above and include explanations for each. (11 transactions x 2 each) Please see above for proper date and ensure you skip a line between 22 transactions. Daic Account Title & Deseription Ref. Dehit Creda Prepare and complete an Adjusted Trial Balance based on the adjusted balances. /24 Deb/Cred Totals: /2 for totals /22 for changes Champs Unadjusted Trial Balance Aprill, 2019 Cash S18,700 A/R - Adidas S18,950 Prepaid Insurance Prepaid Advertising S6,300 S2,400 Inventory S21,000 Supplies $2,750 Land S8,025 Building S71,000 Car S19,503 Machine $48,000 Truck S36,000 Equipment Accumulated Dep - Truck Accumulated Dep - Machine Accumulated Dep - Equip $57,777 $8,630 S13,502 $26,492 A/P S23,044 Note Payable - Under Amor S18,000 Unearned Revenue s10,000 $14,300 Capital Stock Drawings S10,500 Fees Earned $202,725 Champs, Capital Salaries & Wages Expense $55,103 Utilities Expense Advertising Expense $125,857 $4,201 S12,341 Totals S442,550 S442,550 Journalize the adjusting entries from above and include explanations for each. (11 transactions x 2 each) Please see above for proper date and ensure you skip a line between transactions. /22 The following information is available at year end on Dec 31, 2019. $2,200 $3,470 $1,150 $4,650 $3,405 A. Unexpired insurance at Dec 31 B. Fees earned but unbilled on Dec 31 - Nike C. Supplies on hand at Dec 31 D. Revenue Unearned at Dec 31 E. Accrued salaries and wages at Dec 31 F. Prepaid Advertising G. Inventory H. Depreciation of truck for the $800 $13,600 year /1 I. Depreciation of machine for the year /1 J. Depreciation of equipment for the /1 year K. Interest Owed to Under Amor /1 Info to determine Depreciation & Interest: Truck: Bought for $36,000 with a salvage value of $2,000 and a useful life of 6 years. Machine: Bought for $48,000 with a salvage value of $4,000 and a useful life of 11 years. Equipment: Bought for $57,777 with a salvage value of $5,631 and a useful life of 6 years. Interest: Borrowed $18,000 from Under Amor with an 17% interest rate compounded monthly. In class Test- Adjusting Entries 1. April 1st I spent $5,200 on advertising services for the next year. Perform the adjustment for Dec 31. 2. May 1* you purchased $9,500 in supplies. Dec 31 shows that there are $2,200 in supplies on hand. Perform the adjustment. 3. June 1s you received $5,000 for landscaping services. Dec 31 shows that you only owe $1,200 left on your services. 4. You purchased a machine for $18,300 that has no salvage value and an estimated useful life of 1 dog year. (aka 7 years) 5. Oct 1* you borrowed $9,400 from a friend who gave you an 8% interest rate and 4 months to pay you back. Calculate interest owing. Perform adjustment for Dec 31. 6. You have not billed Goodlife Fitness for the 13 classes of Hot Yoga you taught where you charge $65/hour. Perform the adjustment. 7. Bought a new Tesla for $88,000 with a residual value of $4,900 and a estimated useful life of 11 years. 8. Records show that you owe your part time employees 213 hours at $13.75/hour. 9. Jan 1 2020 you prepaid your insurance for 24 months for $11,360. Perform the adjustment for Dec 31, 2020. Bonus: Dec 1 records show an inventory balance of $17,000. Dec 31 records show an inventory balance of $18,000. Perform the adjustment. Prepare and complete an Adjusted Trial Balance based on the adjusted balances. /24 Deb/Cred Totals: /2 for totals /22 for changes The following information is available at year end on Dec 31, 2019. A. Unexpired insurance at Dec 31 B. Fees earned but unbilled on Dec 31 - Nike C. Supplies on hand at Dec 31 D. Revenue Unearned at Dec 31 E. Accrued salaries and wages at Dec 31 F. Prepaid Advertising G. Inventory H. Depreciation of truck for the S2,200 S3,470 $1,150 $4,650 $3,405 S800 S13,600 year I. Depreciation of machine for the year J. Depreciation of equipment for the усar K. Interest Owed to Under Amor Info to determine Depreciation & Interest: Truck: useful life of 6 years. Bought for $36,000 with a salvage value of $2,000 and a Machine: Bought for S48,000 with a salvage value of $4,000 and a useful life of 11 years. Equipment: Bought for $57,77 with a salvage value of $5,631 and a useful life of 6 years. Interest: Borrowed $18,000 from Under Amor with an 17% interest rate compounded monthly. Chanps Kinadjusted Tnal Balance Aprill, 2019 Cah SIK,700 AR- Adida SIKASO Prepsid Inure Propsid Adverining Inventory Supplies Land Bailing S7I00 Cat Machine Truk Equipemene Acciamulated Dep- Truck Acculated Eep- Machine Acculaned Eep Eqip SI3302 S2,2 AP $21,044 None Payable - Llader Amst SIK0 SI0,000 S14300 Uncarned Revenu Capital Stock Drawings Fees Eamed s2.725 Champs, Capital Salaries & Wagen Expene 53.103 Uitites Expee Advertising Expene Tetala S1241 Journalize the adjusting entries from above and include explanations for each. (11 transactions x 2 each) Please see above for proper date and ensure you skip a line between 22 transactions. Daic Account Title & Deseription Ref. Dehit Creda Prepare and complete an Adjusted Trial Balance based on the adjusted balances. /24 Deb/Cred Totals: /2 for totals /22 for changes Champs Unadjusted Trial Balance Aprill, 2019 Cash S18,700 A/R - Adidas S18,950 Prepaid Insurance Prepaid Advertising S6,300 S2,400 Inventory S21,000 Supplies $2,750 Land S8,025 Building S71,000 Car S19,503 Machine $48,000 Truck S36,000 Equipment Accumulated Dep - Truck Accumulated Dep - Machine Accumulated Dep - Equip $57,777 $8,630 S13,502 $26,492 A/P S23,044 Note Payable - Under Amor S18,000 Unearned Revenue s10,000 $14,300 Capital Stock Drawings S10,500 Fees Earned $202,725 Champs, Capital Salaries & Wages Expense $55,103 Utilities Expense Advertising Expense $125,857 $4,201 S12,341 Totals S442,550 S442,550 Journalize the adjusting entries from above and include explanations for each. (11 transactions x 2 each) Please see above for proper date and ensure you skip a line between transactions. /22 The following information is available at year end on Dec 31, 2019. $2,200 $3,470 $1,150 $4,650 $3,405 A. Unexpired insurance at Dec 31 B. Fees earned but unbilled on Dec 31 - Nike C. Supplies on hand at Dec 31 D. Revenue Unearned at Dec 31 E. Accrued salaries and wages at Dec 31 F. Prepaid Advertising G. Inventory H. Depreciation of truck for the $800 $13,600 year /1 I. Depreciation of machine for the year /1 J. Depreciation of equipment for the /1 year K. Interest Owed to Under Amor /1 Info to determine Depreciation & Interest: Truck: Bought for $36,000 with a salvage value of $2,000 and a useful life of 6 years. Machine: Bought for $48,000 with a salvage value of $4,000 and a useful life of 11 years. Equipment: Bought for $57,777 with a salvage value of $5,631 and a useful life of 6 years. Interest: Borrowed $18,000 from Under Amor with an 17% interest rate compounded monthly. In class Test- Adjusting Entries 1. April 1st I spent $5,200 on advertising services for the next year. Perform the adjustment for Dec 31. 2. May 1* you purchased $9,500 in supplies. Dec 31 shows that there are $2,200 in supplies on hand. Perform the adjustment. 3. June 1s you received $5,000 for landscaping services. Dec 31 shows that you only owe $1,200 left on your services. 4. You purchased a machine for $18,300 that has no salvage value and an estimated useful life of 1 dog year. (aka 7 years) 5. Oct 1* you borrowed $9,400 from a friend who gave you an 8% interest rate and 4 months to pay you back. Calculate interest owing. Perform adjustment for Dec 31. 6. You have not billed Goodlife Fitness for the 13 classes of Hot Yoga you taught where you charge $65/hour. Perform the adjustment. 7. Bought a new Tesla for $88,000 with a residual value of $4,900 and a estimated useful life of 11 years. 8. Records show that you owe your part time employees 213 hours at $13.75/hour. 9. Jan 1 2020 you prepaid your insurance for 24 months for $11,360. Perform the adjustment for Dec 31, 2020. Bonus: Dec 1 records show an inventory balance of $17,000. Dec 31 records show an inventory balance of $18,000. Perform the adjustment. Prepare and complete an Adjusted Trial Balance based on the adjusted balances. /24 Deb/Cred Totals: /2 for totals /22 for changes