Question
Answer questions 25 to 45 using JC Companys account balances from the general ledger at January 31, 2022 as follows: Cash 40,000.00 Accounts Receivable 16,200.00
Answer questions 25 to 45 using JC Companys account balances from the general ledger at January 31, 2022 as follows:
| Cash | 40,000.00 |
| Accounts Receivable | 16,200.00 |
| Supplies | 5,000.00 |
| Prepaid Insurance | 18,000.00 |
| Equipment | 24,000.00 |
| Accu. Depreciation-Equipment | - |
| Accounts Payable | 10,000.00 |
| Interest Payable | 800.00 |
| Bank Loan | 20,000.00 |
| J.Cole, Capital | 50,000.00 |
| J. Cole, Withdrawals | 9,000.00 |
| Service Revenue | 73,500.00 |
| Advertising Expense | 3,400.00 |
| Depreciation Expense | - |
| Supplies Expense | - |
| Insurance Expense | - |
| Salaries Expense | 30,000.00 |
| Rent Expense | 5,000.00 |
| Telephone Expense | 1,200.00 |
| Utilities Expense | 2,500.00 |
The balances are after a months worth of operations. Do the following adjustments at the end of the month:
- Supplies used during the month amounted to $2,500.
- The amount in the Prepaid Insurance account represents a payment made on January 1, 2022, for six months of insurance coverage.
- The equipment, purchased on January 1, 2022, has an estimated useful life of 10 years with no salvage value. The firm uses the straight-line method of depreciation.
Note: The worksheet will not be submitted but will be used to calculate the balances of the various accounts after the adjustments have been made.
How much is the balance of Accounts receivable after adjustments?
Do not enter dollar signs or commas in the input box. Use a dash sign before the number if the account has a credit balance.
Answer:
How much is the balance of Supplies after adjustments?
Do not enter dollar signs or commas in the input box. Use a dash sign before the number if the account has a credit balance.
Answer:
How much is the balance of Prepaid insurance after adjustments?
Do not enter dollar signs or commas in the input box. Use a dash sign before the number if the account has a credit balance.
Answer:
How much is the balance of Equipment after adjustments?
Do not enter dollar signs or commas in the input box. Use a dash sign before the number if the account has a credit balance.
Answer:
How much is the balance of Accumulated depreciation - Equipment after adjustments?
Do not enter dollar signs or commas in the input box. Use a dash sign before the number if the account has a credit balance.
Answer:
How much is the balance of Accounts payable after adjustments?
Do not enter dollar signs or commas in the input box. Use a dash sign before the number if the account has a credit balance.
Answer:
How much is the balance of Interest payable after adjustments?
Do not enter dollar signs or commas in the input box. Use a dash sign before the number if the account has a credit balance.
Answer:
How much is the balance of Bank loan after adjustments?
Do not enter dollar signs or commas in the input box. Use a dash sign before the number if the account has a credit balance.
Answer:
How much is the balance of J. Cole, Capital after adjustments?
Do not enter dollar signs or commas in the input box. Use a dash sign before the number if the account has a credit balance.
Answer:
How much is the balance of J. Cole, Withdrawals after adjustments?
Do not enter dollar signs or commas in the input box. Use a dash sign before the number if the account has a credit balance.
Answer:
How much is the balance of Service income after adjustments?
Do not enter dollar signs or commas in the input box. Use a dash sign before the number if the account has a credit balance.
Answer:
How much is the balance of Advertising expense after adjustments?
Do not enter dollar signs or commas in the input box. Use a dash sign before the number if the account has a credit balance.
Answer:
How much is the balance of Depreciation expense after adjustments?
Do not enter dollar signs or commas in the input box. Use a dash sign before the number if the account has a credit balance.
Answer:
How much is the balance of Supplies expense after adjustments?
Do not enter dollar signs or commas in the input box. Use a dash sign before the number if the account has a credit balance.
Answer:
How much is the balance of Insurance expense after adjustments?
Do not enter dollar signs or commas in the input box. Use a dash sign before the number if the account has a credit balance.
Answer:
How much is the balance of Salaries expense after adjustments?
Do not enter dollar signs or commas in the input box. Use a dash sign before the number if the account has a credit balance.
Answer:
How much is the balance of Rent expense after adjustments?
Do not enter dollar signs or commas in the input box. Use a dash sign before the number if the account has a credit balance.
Answer:
How much is the balance of Telephone expense after adjustments?
Do not enter dollar signs or commas in the input box. Use a dash sign before the number if the account has a credit balance.
Answer:
How much is the balance of Utilities expense after adjustments?
Do not enter dollar signs or commas in the input box. Use a dash sign before the number if the account has a credit balance.
Answer:
How much is the total debits of the adjusted trial balance after adjustments?
Do not enter dollar signs or commas in the input box.
Answer:
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Survey of Accounting
Authors: Carl S. Warren
7th edition
1285974360, 1285183487, 9781285974361, 978-1285183480
