2019. Edison C.C is a company that offers consulting services. The company prepares the financial statements at the end of the December and records the adjusting entries on monthly basis. Below you can find the unadjusted Trial Balance as of December 31st Below you can find a list of the adjusting entries that needs to be recorded. Revenue Accruals for December 31, 2019, amount to $1,500 $2,500 of cash receipts originally that clients paid in advance had been earned as of December 31. September 1,2019 for $1,800 the company purchased an insurance policy covering 6 months. On the first day of the month company paid the rent for 3 months. Supplies on hand are $500 The equipment will be used for 10 years. After that the residual value will be 0. First day of August the company signed a notes payable. The principle is $12,000 and the annual interest rate is 8%. The whole principal and the interest expense will be paid in the first day of February 2020. Salaries Expense for December equal to $2,000. The salaries are paid on January 10th 2020. $20,000 is the value of the estimated tax for the entire year. Taxes will be paid on March 2020. Please : Journalize the above transactions provide also the explanation) Prepare the General Ledger Prepare the Adjusted Trial Balance Prepare the Income Statement Prepare the Balance Sheet Edison C. is a company that offers consulting services. The company prepares the financial statements at the end of the December and records the adjusting entries on monthly basis. Below you can find the unadjusted Trial Balance as of December 31st 2019. Below you can find a list of the adjusting entries that needs to be recorded. 1. Revenue Accruals for December 31, 2019, amount to $1,500 2. $2,500 of cash receipts originally that clients paid in advance had been camed as of December 3. September 1,2019 for $1,800 the company purchased an insurance policy covering 6 months. 4. On the first day of the month company paid the rent for 3 months. 5. Supplies on hand are 5500 6. The equipment will be used for 10 years. After that the residual value will be 0. 7. First day of August the company signed a notes payable. The principle is $12,000 and the annual interest rate is 8%. The whole principal and the interest expense will be paid in the first day of February 2020. 8. Salaries Expense for December equal to $2,000. The salaries are paid on January 10th 2020. 9. $20,000 is the value of the estimated tax for the entire year. Taxes will be paid on March 2020. Please : a. Journalize the above transactions (provide also the explanation) b. Prepare the General Ledger c. Prepare the Adjusted Trial Balance d. Prepare the Income Statement 31. a. Journalize the above transactions (provide also the explanation) b. Prepare the General Ledger c. Prepare the Adjusted Trial Balance d. Prepare the Income Statement Credit Debit 27,020.00 59,200.00 900.00 3,000.00 600.00 60,000.00 31-Dec-19 unadjusted trial balance Account Tittle Cash Accounts Receivable Prepaid Insurance Prepaid Rent Office supplies Equipment Accumulated-Depreciation:Equipment Accounts Payable Notes Payable interest Payable Income Tax Payable Unearned Revenues Retained Earnings Capital Stock Dividends Service Revenues Travel Expense Insurance Expense Rent Expense Office Supplies Expense Utilities Expense Depreciation Expense Salaries Expense Interest Expense Income Tax Expense Total 29,500.00 4,180.00 12,000.00 320.00 4,000.00 26,000.00 49,000.00 25,000.00 3,000.00 75,000.00 5,000.00 2,980.00 9,900.00 780.00 4,800.00 5,500.00 30,000.00 320.00 12,000.00 225,000.00 225,000.00
