2:43 N 35% III + : COMPREHRANE Pointe Requirement 16 1. Complete journal entries 15 2 Postjournal entries to ledger accounts (T accounts) (Show beginning balance, journal entry amounts and ending balance) 125 3. Prepare Unadjusted Trial Balance Include heading total Debits equal tota Credits 17 4. Complete adjusting journal entries (Include general ledger impact accounts) 125 27 5. Prepare: Adjusted Trul Balance 6. Prepare Incorre Statement, Statement of Pertained Earings Balance Sheet Total points 100 34%. 000 2:44 The following for people . Ben wyt 200 Cash 3125 Accounts Pay Acc. 350 10 Cortado De O 70.000 of 2 Scho e por for Beginnt 56.00 2 for month beginingar Store FOR$22.000 tontext 100 to the recome 5420 med stor Me Services are performed for thomans 56.000 Wages for the heart repost 30 Themes 32.5 from a comercio my and Collection from across 30. The two wordt weer > Say 700 Recom [The following information applies to the questions displayed below) Francine's Fast Deliveries, Inc. (FFD) was organized in December of 2011. It had limited activity in 2011. The resulting balance sheet at the beginning of 2012 is provided below: Francine's Fast Deliveries, Inc. Balance Sheet at January 1, 2012 Assets Liabilities: Cash $ 1025 Accounts Payable $ 525 Accounts Receivable 550 Stockholders' Equity Supplies 350 Contributed Capital $1000 Retained Earnings Total Assets $ 1925 Total Liabilities & Stk. Equity $1925 400 January Transactions for Francine's Fast Deliveries, Inc. (FFD) Date 1 Owners Invest $20,000 of additional cash in the business 2a Supplies are purchased for $650 on account. 2b Insurance is paid for 12 months beginning January 1:56,420 (Record as an asset) 2c Rent is paid for 3 months beginning in January $2,850 (Record as an asset) 2d Two employees are hired. Each employee will be paid $1,010 per month 3 FFD borrows $23.000 from 1st State Bank at 6% annual interest. 6 A delivery van is purchased for cash, Including tax the total cost was $33,600 It wil be used for 4 years and will be depreciated monthly using straight-line with no salvage value. A full month of depreciation will be charged in January 7 $385 of the receivables from December's sales are collected 8 $420 of the accounts payable from December are paid 9 Performed services for customers on account. Maited invoices totaling $8,600. 10 Services are performed for cash customers: $6,020. 16 Wages for the first half of the month are paid on January 16: $1,010, 20 The company receives $2.450 from a customer for an advance order for services to be provided in January and February 25 Collections from customers on account (see January 9 transaction): 53.440 300 The last 2 weeks wages earned by employees are $505 per employee and will be paid on February 3. 300 A $635 utility bill for January arrived. It is due on February 15. Additional Information for adjusting entries at January 31 a. Supplies on hand on January 31 total $200. b. The company completed 60% of the deliveries for the customer who paid in advance on January 20 Interest is accrued for the bank loan. (Assume a full month for the 1" State Bank loan) d. Record January depreciation e. Adjust the prepaid asset (Rent and Insurance) accounts as needed COMPREHENSIVE PROBLEM - OUTLINE Point value Requirement 16 1. Complete journal entries 15 2. Post journal entries to ledger accounts (T accounts) (Show beginning balance, journal entry amounts and ending balance.) 12.5 3. Prepare: Unadjusted Trial Balance (Include heading; total Debits equals total Credits.) 17 4. Complete adjusting journal entries (Include general ledger impact/T accounts.) 12.5 5. Prepare: Adjusted Trial Balance 27 6. Prepare: Income Statement, Statement of Retained Earnings, Balance Sheet Total points 100
