1) i need help with part 1( adjusting entries ) i have done the journal entry , but do not know equation in balancing them.
2) please excuse my blank blance sheet on the dollar amount ( i feel like i did it right) can it be check if i have i do have it correct?
3) i need help in "interpreting the financial statement" pt 3.
JESSUP ONLINE BUS 245 Financial Accounting Course Project Dr. Manuel Salazar III Updated 8.16.2018 Post- Closing Trial Balance Journal Entries Closing Entries Ledger Accounts Financial Statements Unadjusted Trial Balance Adjusted Trial Balance Adjusting Entries Jinni Aunn 11 ADJUSTING ENTRIES AND POSTING TO T-ACCOUNTS (PART 1) Prepare the required adjusting journal entry for each situation as of December 31 of the current war. Ser the last page for the imated cont balance showw To (a) Suppose Dean's had received a $1,800 shipment of supplies in September of the current year. When counting the supplies on December 31 of the current year, Denna's found only So worth of supplies on hund Debit and credit the accounts affected. Dec. 31 Supplies Upplies Expense . supplies MOOD A . Ensure the equation still balances and debits -credits Asset Liabilities + Stockholders' Equity (b) Suppose Deann's had paid $12,000 for six months' rent on November of the current year. As of December, 31 of the current year, two months (November & December) prepaid rent has expired. Debit and credit the accounts affected. Dec. 31 Pre-paid 4K Pre-paid Rent (emo.) 4K Ensure the equation still balances and debits credits. Assets Liabilities Stockholders' Equity (C) Suppose Deana's had paid S6,000 for one year's insurance on June 1 of the current year. Debit and credit the accounts affected. Dec. 31 C Prepaid Insurance Ensure the equation still balances and debits = credits. Assets Liabilities + Stockholders' Equity (d) The company had acquired equipment costing $40,000 on January 1 of the current year. Suppone that the depreciation on this equipment was calculated to be $2,000 for the current year. Debit and credit the accounts affected tan 1 Depreciation Expense Accemulated pepreciata Ensure the equation still balances and debits - credits Assets Liabilities Stockholders' Equity (e) On December of the current year, the company had sold S500 in gift certificates for decorating services to a customer. On December 31 of the current year, the accountant received an envelope containing $400 worth of redeemed gift certificates, not yet recorded in the company's books. Debit and credit the accounts affected Dec. 31 Recorating Revenue Ensure the equation still balances and debits = credits. Assets Liabilities Stockholders' Equity (1) Investments owned by the company earned $1,200 in additional interest revenue for the year, the cash will be received in January Debit and credit the accounts affected. Dec. 31 Interest Receivable 1200 Interest Revenue Reo Ensure the cquation still balances and debits = credits. Assets Liabilities + Stockholders' Equity (6) The company borrowed using a note payable from the bank for $30,000 on January 1 of the current year, due with all interest on June 30 of the following year. The note payable requires 10% interest. Debit and credit the accounts affected. Dec. 31 Interest payable Ensure the equation still balances and dcbits -credits Assets Liabilities Stockholders' Equity (h) The company calculated its income taxes as $26, 110 for the current year ended December 31 Debit and credit the accounts affected. Dec. 31 Income tax Expense nemo taxes payable 200,110 Ensure the equation still balances and debits -credits Assets Liabilities Stockholders' Equity (1) On December 15 of the current year, the company declared a $750 dividend, payable January 15 of the following year. Debit and credit the accounts affected. Dec. 31 I Dividends Declared Dividends payable Ensure the equation still balances and debits = credits. Assets Liabilities Stockholders' Equity Post the adjusting entries above to the T-accounts on the following page. FINANCIAL STATEMENTS Use the balances from the trial balance to prepare (1) an income statement (multi-step) for Deana's Decorators for the year ended December 31 of the current year and (2) a balance sheet (classified) as of December 31 of the current year (2018) Deana's Decorators Income Statement For the year ended December 31, 2018 32K Decorative Revenue Expenses Wage Oopense utillhes Expense telephone Expense Supplies Expense Sent Experise Insurance Ex Dense Depeciation Expense Interest Expense Income tax Expense SOD 800 4K 2500 ? ak 26.110 PREPARE AN ADJUSTED TRIAL BALANCE (Part 2) Lise the adjusted balances from the T-accounts to prepare an adjusted trial balance for Deana's Decorators as of December 31 of the current year (2018) Dean's Decorators Adjusted Trial Balance December 31, 2018 Credit Debit 43,4450 GOOD 200 800 SUO 2000 40.000 20,000 200 Cash Accounts Receivable Interest Receivable Supplies Prepaid Insurance Prepaid Rent Equipment Accumulated Depreciation Long-Term Investments Accounts Payable Dividend Payable Uneamed Revenue Short-Term Notes Payable Interest Payable Income Taxes Payable Common Stock (S1 par value) Additional Paid-in Capital Retained Eamings Decorating Revenue Investment Income Wage Expense Utilities Expense Telephone Expense Supplies Expense Rent Expense Insurance Expense Depreciation Expense Interest Expense Income Tax Expense Totals 750 500 200D BODO 20. TO 0.000 120,000 Deana's Decorators Balance Sheet December 31, 2018 Assets prepaid Insurance current Supplies Enterest Decevaples Pre-paid Rent NON current Property, plant & EQ up. ACOM' De precochon Liabilities arent : AIP Dividends unearned Revenue long-term Notes Paulable Interest palable 2. Income ta paura bio. Stockholders' Equity Istock The tained Earnings INTERPRETING THE FINANCIAL STATEMENTS (Part 3) Reler to the financial statements and calculate ratios below for each of the following categories for the current yeur (show all calculations and note instructor will provide additional data required) 1. Liquidity Current Ratio 2. Activity Average Collection Period Total Asset Tumover 3. Debt Debt Ratio Times Interest Earned 4. Profitability Net Profit Margin (NPM) Return of Assets (ROA) Return on Equity (ROE) Earnings Per Share (EPS) 5. Market Ratios Price/Earning (PE) Ratio JESSUP ONLINE BUS 245 Financial Accounting Course Project Dr. Manuel Salazar III Updated 8.16.2018 Post- Closing Trial Balance Journal Entries Closing Entries Ledger Accounts Financial Statements Unadjusted Trial Balance Adjusted Trial Balance Adjusting Entries Jinni Aunn 11 ADJUSTING ENTRIES AND POSTING TO T-ACCOUNTS (PART 1) Prepare the required adjusting journal entry for each situation as of December 31 of the current war. Ser the last page for the imated cont balance showw To (a) Suppose Dean's had received a $1,800 shipment of supplies in September of the current year. When counting the supplies on December 31 of the current year, Denna's found only So worth of supplies on hund Debit and credit the accounts affected. Dec. 31 Supplies Upplies Expense . supplies MOOD A . Ensure the equation still balances and debits -credits Asset Liabilities + Stockholders' Equity (b) Suppose Deann's had paid $12,000 for six months' rent on November of the current year. As of December, 31 of the current year, two months (November & December) prepaid rent has expired. Debit and credit the accounts affected. Dec. 31 Pre-paid 4K Pre-paid Rent (emo.) 4K Ensure the equation still balances and debits credits. Assets Liabilities Stockholders' Equity (C) Suppose Deana's had paid S6,000 for one year's insurance on June 1 of the current year. Debit and credit the accounts affected. Dec. 31 C Prepaid Insurance Ensure the equation still balances and debits = credits. Assets Liabilities + Stockholders' Equity (d) The company had acquired equipment costing $40,000 on January 1 of the current year. Suppone that the depreciation on this equipment was calculated to be $2,000 for the current year. Debit and credit the accounts affected tan 1 Depreciation Expense Accemulated pepreciata Ensure the equation still balances and debits - credits Assets Liabilities Stockholders' Equity (e) On December of the current year, the company had sold S500 in gift certificates for decorating services to a customer. On December 31 of the current year, the accountant received an envelope containing $400 worth of redeemed gift certificates, not yet recorded in the company's books. Debit and credit the accounts affected Dec. 31 Recorating Revenue Ensure the equation still balances and debits = credits. Assets Liabilities Stockholders' Equity (1) Investments owned by the company earned $1,200 in additional interest revenue for the year, the cash will be received in January Debit and credit the accounts affected. Dec. 31 Interest Receivable 1200 Interest Revenue Reo Ensure the cquation still balances and debits = credits. Assets Liabilities + Stockholders' Equity (6) The company borrowed using a note payable from the bank for $30,000 on January 1 of the current year, due with all interest on June 30 of the following year. The note payable requires 10% interest. Debit and credit the accounts affected. Dec. 31 Interest payable Ensure the equation still balances and dcbits -credits Assets Liabilities Stockholders' Equity (h) The company calculated its income taxes as $26, 110 for the current year ended December 31 Debit and credit the accounts affected. Dec. 31 Income tax Expense nemo taxes payable 200,110 Ensure the equation still balances and debits -credits Assets Liabilities Stockholders' Equity (1) On December 15 of the current year, the company declared a $750 dividend, payable January 15 of the following year. Debit and credit the accounts affected. Dec. 31 I Dividends Declared Dividends payable Ensure the equation still balances and debits = credits. Assets Liabilities Stockholders' Equity Post the adjusting entries above to the T-accounts on the following page. FINANCIAL STATEMENTS Use the balances from the trial balance to prepare (1) an income statement (multi-step) for Deana's Decorators for the year ended December 31 of the current year and (2) a balance sheet (classified) as of December 31 of the current year (2018) Deana's Decorators Income Statement For the year ended December 31, 2018 32K Decorative Revenue Expenses Wage Oopense utillhes Expense telephone Expense Supplies Expense Sent Experise Insurance Ex Dense Depeciation Expense Interest Expense Income tax Expense SOD 800 4K 2500 ? ak 26.110 PREPARE AN ADJUSTED TRIAL BALANCE (Part 2) Lise the adjusted balances from the T-accounts to prepare an adjusted trial balance for Deana's Decorators as of December 31 of the current year (2018) Dean's Decorators Adjusted Trial Balance December 31, 2018 Credit Debit 43,4450 GOOD 200 800 SUO 2000 40.000 20,000 200 Cash Accounts Receivable Interest Receivable Supplies Prepaid Insurance Prepaid Rent Equipment Accumulated Depreciation Long-Term Investments Accounts Payable Dividend Payable Uneamed Revenue Short-Term Notes Payable Interest Payable Income Taxes Payable Common Stock (S1 par value) Additional Paid-in Capital Retained Eamings Decorating Revenue Investment Income Wage Expense Utilities Expense Telephone Expense Supplies Expense Rent Expense Insurance Expense Depreciation Expense Interest Expense Income Tax Expense Totals 750 500 200D BODO 20. TO 0.000 120,000 Deana's Decorators Balance Sheet December 31, 2018 Assets prepaid Insurance current Supplies Enterest Decevaples Pre-paid Rent NON current Property, plant & EQ up. ACOM' De precochon Liabilities arent : AIP Dividends unearned Revenue long-term Notes Paulable Interest palable 2. Income ta paura bio. Stockholders' Equity Istock The tained Earnings INTERPRETING THE FINANCIAL STATEMENTS (Part 3) Reler to the financial statements and calculate ratios below for each of the following categories for the current yeur (show all calculations and note instructor will provide additional data required) 1. Liquidity Current Ratio 2. Activity Average Collection Period Total Asset Tumover 3. Debt Debt Ratio Times Interest Earned 4. Profitability Net Profit Margin (NPM) Return of Assets (ROA) Return on Equity (ROE) Earnings Per Share (EPS) 5. Market Ratios Price/Earning (PE) Ratio
