year 1 journal entry

8. Made the adjusting entry for the expired rent. (See Event 2.) 9. Recorded $4,000 of accrued salaries at the end of Year 1 Events for Year 2 1. Pald $4,000 cash for the salaries accrued at the end of the prior accounting period. 2 Performed services for cash of $37,000. 3. Purchased $3,600 of supplies on account 4. Paid $12,900 cash in advance for rent. The payment was for one year beginning April 1, Year 2 5. Performed services for customers on account for $104.000. 6. Incurred operating expenses on account of $49,500. 7. Collected $97.000 cash from accounts receivable. 8. Paid $47.000 cash as a partial payment on accounts payable. 9. Paid $32,300 cash for salary expense. 10. Paid a $11.000 cash dividend to stockholders. Adjusting Entries 11. Made the adjusting entry for the expired rent (Hint Part of the rent was paid in Year 1) 12. Recorded supplies expense. A physical count showed that $300 of supplies were still on hand. Journal entry worksheet 1 > Record entry to close service revenue. Note: Enter debits before credits General Journal Debit Credit Date Dec 31 Service revenue Record entry Clear entry View general journal Journal entry worksheet Record entry to close expenses. Note Enter debits before credits Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal Cash Accounts Receivable Beg Bal Beg Bal d End, Bal End Bal Prepaid Rent Accounts Payable 0 Beg Bal Beg Bal ci End Bal End Bal Salaries Payable 0 Common Stock 0 Beg Bal Beg Bal. End Bal End. Bal Retained Earnings Service Revenge Beg Bal d Beg Bal d End Bal End Bal Operating Expenses Rent Expense Beg Bal Beg Bal di d End Bal End Bal Salaries Expense Beg Bal d End. Bal 1. Acquired $43,000 cash from the issue of common stock 2. Paid $12,800 cash in advance for rent. The payment was for the period 3. Performed services for customers on account for $88,000. 4. Incurred operating expenses on account of $39,000. 5. Collected $67,500 cash from accounts receivable. 6. Paid $29,000 cash for salary expense. 7. Paid $31,200 cash as a partial payment on accounts payable. Adjusting Entries 8. Made the adjusting entry for the expired rent. (See Event 2.) 9. Recorded $4,000 of accrued salaries at the end of Year 1. Events for Year 2 1. Paid $4,000 cash for the salaries accrued at the end of the prior accoun Danmaninantaranh 477nnn c. Prepare the trial balance as shown below: Trial Balance Debit Credit Cash $37,500 Accounts Receivable $ 20,500 Prepaid Rent $ 3,200 Accounts Payable $ 7,800 Salary Payable $ 4,000 Common Stock $ 43,000 Retained Earnings $ 6,400 Total S61,200 $61,200 d-1. Prepare the income statement as shown below: Income Statement Service revenue 88,000 Operating expenses (39,000) Salary Expense (33,000) Rent Expense (9,600) Retained Earnings 6,400 Therefore, the net profit for the year is $6,400. 8. Made the adjusting entry for the expired rent. (See Event 2.) 9. Recorded $4,000 of accrued salaries at the end of Year 1 Events for Year 2 1. Pald $4,000 cash for the salaries accrued at the end of the prior accounting period. 2 Performed services for cash of $37,000. 3. Purchased $3,600 of supplies on account 4. Paid $12,900 cash in advance for rent. The payment was for one year beginning April 1, Year 2 5. Performed services for customers on account for $104.000. 6. Incurred operating expenses on account of $49,500. 7. Collected $97.000 cash from accounts receivable. 8. Paid $47.000 cash as a partial payment on accounts payable. 9. Paid $32,300 cash for salary expense. 10. Paid a $11.000 cash dividend to stockholders. Adjusting Entries 11. Made the adjusting entry for the expired rent (Hint Part of the rent was paid in Year 1) 12. Recorded supplies expense. A physical count showed that $300 of supplies were still on hand. Journal entry worksheet 1 > Record entry to close service revenue. Note: Enter debits before credits General Journal Debit Credit Date Dec 31 Service revenue Record entry Clear entry View general journal Journal entry worksheet Record entry to close expenses. Note Enter debits before credits Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal Cash Accounts Receivable Beg Bal Beg Bal d End, Bal End Bal Prepaid Rent Accounts Payable 0 Beg Bal Beg Bal ci End Bal End Bal Salaries Payable 0 Common Stock 0 Beg Bal Beg Bal. End Bal End. Bal Retained Earnings Service Revenge Beg Bal d Beg Bal d End Bal End Bal Operating Expenses Rent Expense Beg Bal Beg Bal di d End Bal End Bal Salaries Expense Beg Bal d End. Bal 1. Acquired $43,000 cash from the issue of common stock 2. Paid $12,800 cash in advance for rent. The payment was for the period 3. Performed services for customers on account for $88,000. 4. Incurred operating expenses on account of $39,000. 5. Collected $67,500 cash from accounts receivable. 6. Paid $29,000 cash for salary expense. 7. Paid $31,200 cash as a partial payment on accounts payable. Adjusting Entries 8. Made the adjusting entry for the expired rent. (See Event 2.) 9. Recorded $4,000 of accrued salaries at the end of Year 1. Events for Year 2 1. Paid $4,000 cash for the salaries accrued at the end of the prior accoun Danmaninantaranh 477nnn c. Prepare the trial balance as shown below: Trial Balance Debit Credit Cash $37,500 Accounts Receivable $ 20,500 Prepaid Rent $ 3,200 Accounts Payable $ 7,800 Salary Payable $ 4,000 Common Stock $ 43,000 Retained Earnings $ 6,400 Total S61,200 $61,200 d-1. Prepare the income statement as shown below: Income Statement Service revenue 88,000 Operating expenses (39,000) Salary Expense (33,000) Rent Expense (9,600) Retained Earnings 6,400 Therefore, the net profit for the year is $6,400