Accounting- adjusting entries. Instructions and Excel sheet attached.
Account title Unadjusted Trial Balance Dr. Cr. Temporary Accounts (INC) Sales Revenue Interest Revenue Rent Revenue Salaries Expense Depreciation Expense Insurance Expense Utility Expense Maintenance Expense $90,000 $3,000 $7,500 $37,000 $$$30,000 $15,000 Permanent Accounts (BAL) Cash Accounts Receivable Prepaid Insurance Land Buildings Accumulated Depreciation - Buildings Equipment Accumulated Depreciation Equipment Accounts Payable Salaries Payable Unearned Rent Revenue Common Stock Retained Earnings $8,000 $9,000 $3,000 $200,000 $50,000 TOTALS $452,000 Net Income / Loss of the period TOTALS $20,000 $100,000 $40,000 $35,050 $$$200,000 $56,450 $452,000 Adjusting Entries Dr. Cr. Adjusted Trial Balance Dr. Cr. Income Statement Dr. Cr. Balance Sheet Dr. Cr. ACCT4111, HOMEWORK ASSIGNMENT #1 The due date for the assignment is 11:59 pm of February 12th, 2015. There will be a penalty for any late submission. Output to be submitted: Do the assignment using a spreadsheet software (e.g. Microsoft Excel). As a template, use the spreadsheet document in the attachment. Save your file as Surname_Name.xls. For example, if your name is John Smith then your file name is Smith_John.xls. Submit your file through Desire2Learn. Important: You may work in groups to help one another if difficulties are encountered. However, the final output must be solely the result of your individual efforts, not a group endeavor. Problem The unadjusted trial balance of a company, as of December 31, 2014, appears below. December 31 is the company's fiscal year-end. Account title Dr. Cr. Temporary Accounts (INC) Sales Revenue $ 90,000 Interest Revenue $ 3,000 Rent Revenue $ 7,500 $ 20,000 Accumulated Depreciation Equipment $ 40,000 Accounts Payable $ 35,050 Salaries Payable $ - Salaries Expense $ 37,000 Depreciation Expense $ - Insurance Expense $ - Utility Expense $ 30,000 Maintenance Expense $ 15,000 Cash $ 8,000 Accounts Receivable $ 9,000 Prepaid Insurance $ 3,000 Land $ 200,000 Buildings $ 50,000 Permanent Accounts (BAL) Accumulated Depreciation - Buildings Equipment $ 100,000 Unearned Rent Revenue $ - Common Stock $ 200,000 Retained Earnings $ 56,450 $ 452,000 $ 452,000 TOTALS Furthermore, the following information is available: 1. The buildings have an estimated useful life of 50 years with no salvage value. 2. The company uses the straight-line depreciation method. 3. The equipment is depreciated at 10 percent of original cost per year. 4. Prepaid insurance expired during the year, $1,500. 5. Accrued salaries at year-end are $1,500. 6. The company was paid $1,200 by a tenant for a rent contract that will begin only next year; however, the transaction was recorded as rent revenue for the current year. Required: Using the spreadsheet document in the attachment, input account balances into the unadjusted trial balances columns. Perform adjusting entries and input them into the adjusting entries columns. Based on the data already entered, have the spreadsheet automatically produce the adjusted trial balance, the income statement and the balance sheet totals
