AutoSaver Su Home Insert Draw Page Layout Calibri (Body) 11 Formulas Data Review AA EEE Practice problems week 5 - chapters 4 and 5 discuss View 2 Wrap Text General Q14 ; x fx =+H22 Barden Wizards provides gardening services to both commercial and esidential customers. The company performs adjusting entries on a 3 monthy basis, whereas closing entries are prepared annually at GARDEN WIZARDS ADJUSTED TRIAL BALANCE DECEMBER 31, 2015 ****** ********** ***** Shement of the rem Old 41 Instructions sa. Prepare an income statement and statement of retained eamings for 6 the year ended December 31, 2015 Also prepare the company's 7 balance sheet dated December 31, 2015 b. Prepare the necessary year-end closing entries 8 . Prepare an after closing tral balance Pb 4.58 P85.28 Hola Circular References: P25 MacBook Air Autoren Home Insert chapters 4 and 5 discussed in class Draw Page Layout Practice problems week s View Formulas Data Review Share Carmen General 2:28. 0. % X fx +H22 + itiliniile ini POS. Circular References P25 H12 f UNADJUSTED TRIAL BALANCE 1 Marvelous Music provides music lessons to student musicians. Some students pay in advance for lessons others are billed after lessons have been provided Advance payments are credited to an account entitled Unearned Lesson Revenue. Adjusting entries are performed on a monthly basis. An unadjusted trial balance dated December 31, 2015, follows (Bear in mind that adjusting entries have already been made for the first 11 months of 2015, but not for December) Amo Date Dec 31 MARVELOUS MUSIC UNADJUSTED TRIAL BALANCE DECEMBER 2015 2.100 2200 Account recevable Unapred insurance Preparat 6.000 MARVELOUS MUSIC INADIUSTID LAMALANGE DECEMBER 31, 2915 SRO ccounts receivable 2100 Une pied insurance 3200 Prepaid rent Sheet music supplies Music equipment Acumulated depreciation Accounts payable Notes payable Dividends payable Interest payable Income tax payable Unearned lesson revenue Capital stock Retained earnings Dividends Lowon revence earned Advertising expense Insurance expense Rent expende Sheet music supplies expense Dec 11 rearned Dec 31 revenu Dec 31 Dec 31 expiredins Dec 31 Sheet music Dec 11 sheet music 72000 Dec 31 Deprecation 3500 Dec 11 5000 Dec 31 interest 10 Dec 31 interest par 25 Dec 31 Salaries 1100 Dec 31 20000 Dec 31 income ta 19 Music equipment 180.000 20 Accumulated deprecat 72.000 3.500 21 Accounts payable 5.000 22 Notes peable 1,000 23 Chuldende peabile 24 Inter paye.. 3.400 25 neome taxes payable 1.100 26 Uneaed on revenu 20.000 27 Capital stock. 50.000 28 Retained caringe .. 29 Diudende .... 154,375 30 Lagen roue med 31 Advertising perce 32 merance en 16.500 Rent expanse 34 Sheet musupplies opened 5.000 as Unexpense 13,000 Deprecatione p er mu 27.000 Dalle pene Interexpense. boome tax expense 317000 1917000 41 Other Data 41 1. Accrued but unrecorded lesson revenue oured as of December 31 1.000 Depreciation expense Salaries expense interest expense Income taxpense 115 317000 317000 Date Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 2000 Dec 31 3500 Dec 31 5000 Dec 31 1000 Dec 31 25 Dec 31 3400 Dec 31 1100 Dec 31 20000 Dec 31 56600 7400 4800 16500 1030 5000 36000 31000 Adjustments journal entries Account Accounts receivable Lesson revenue earned Unearned lesson revenue Lesson revenue earned Insurance expense Unexpired insurance Sheet music supplies expense sheet music supplies Depredation expense Accumulated depreciation interest expense Interest payable Salaries expense Salaries payable Income taxes expense Income taxes payable Adjusted accounts Debit Credit Lesson revenue earned 32001 Advertising expense 3200 Insurance expense 800l Rent expense 800 Sheet music supplies expense 400 Utilities expense 400 Depreciation expense 250 Salaries expense 250 Interest expense 3000 Income taxes expense 3000 Net Income 22000 34595 25 3500 3500 8155 8155 154375 317000 AutoSave OFF D U = Practice problems week 5 Home Insert Draw Page Layout Formulas Data Review Vien Calibri (Body) 11 A A LUIS BIU A Alignment Number H12 X fx_UNADJUSTED TRIAL BALANCE / 41 Other Data 1. Accrued but unrecorded lesson revenue earned as of December 31 2015, amounts to $3,200 2. Records show that $800 of cash receipts originally recorded as unearned lesson revenue had been earned as of December 31 3. The company purchased a 12-month insurance policy on August 1, 2015, for $4,800 4. On October 1, 2015, the company paid $9,000 for rent through March S2 31, 2016 5. Sheet music supplies on hand at December 31 amount to $200. 6. All music equipment was purchased when the business was first formed its estimated life at that time was five years (or 60 months) 7. On November 1, 2015, the company borrowed $5,000 by signing a three-month 6 percent note payablo The entire note, plus three months' accrued interest is due on Fobruary 1, 2016 8. Accrued but unrecorded salaries at December 31 amount to $3.500 9. Estimated income taxes expense for the entire year totals $22.000 Taxes are due in the first quarter of 2016 Instructions SGSRSS a. For each of the numbered paragraphs, prepare the necessary adjusting entry (including an explanation) b. Determine that amount at which each of the following accounts will be reported in the company's 2015 income statement 1. Lesson Revenue Earned 2. Advertising Expense 3. Insurance Expense 4. Rent Expense 5. Sheet Music Supplies Exponse 6. Utilities Expense 7. Depreciation Expense Music Equipment 8. Interest Expense 9. Salaries Expense 10. Income Taxes Experise c. The unadjusted trial balance reports dividends of $1.000. As of December 31, 2015, have these dividends been paid? Explain Pb 4.5B PB52B Hoja3 + AutoSaver Su Home Insert Draw Page Layout Calibri (Body) 11 Formulas Data Review AA EEE Practice problems week 5 - chapters 4 and 5 discuss View 2 Wrap Text General Q14 ; x fx =+H22 Barden Wizards provides gardening services to both commercial and esidential customers. The company performs adjusting entries on a 3 monthy basis, whereas closing entries are prepared annually at GARDEN WIZARDS ADJUSTED TRIAL BALANCE DECEMBER 31, 2015 ****** ********** ***** Shement of the rem Old 41 Instructions sa. Prepare an income statement and statement of retained eamings for 6 the year ended December 31, 2015 Also prepare the company's 7 balance sheet dated December 31, 2015 b. Prepare the necessary year-end closing entries 8 . Prepare an after closing tral balance Pb 4.58 P85.28 Hola Circular References: P25 MacBook Air Autoren Home Insert chapters 4 and 5 discussed in class Draw Page Layout Practice problems week s View Formulas Data Review Share Carmen General 2:28. 0. % X fx +H22 + itiliniile ini POS. Circular References P25 H12 f UNADJUSTED TRIAL BALANCE 1 Marvelous Music provides music lessons to student musicians. Some students pay in advance for lessons others are billed after lessons have been provided Advance payments are credited to an account entitled Unearned Lesson Revenue. Adjusting entries are performed on a monthly basis. An unadjusted trial balance dated December 31, 2015, follows (Bear in mind that adjusting entries have already been made for the first 11 months of 2015, but not for December) Amo Date Dec 31 MARVELOUS MUSIC UNADJUSTED TRIAL BALANCE DECEMBER 2015 2.100 2200 Account recevable Unapred insurance Preparat 6.000 MARVELOUS MUSIC INADIUSTID LAMALANGE DECEMBER 31, 2915 SRO ccounts receivable 2100 Une pied insurance 3200 Prepaid rent Sheet music supplies Music equipment Acumulated depreciation Accounts payable Notes payable Dividends payable Interest payable Income tax payable Unearned lesson revenue Capital stock Retained earnings Dividends Lowon revence earned Advertising expense Insurance expense Rent expende Sheet music supplies expense Dec 11 rearned Dec 31 revenu Dec 31 Dec 31 expiredins Dec 31 Sheet music Dec 11 sheet music 72000 Dec 31 Deprecation 3500 Dec 11 5000 Dec 31 interest 10 Dec 31 interest par 25 Dec 31 Salaries 1100 Dec 31 20000 Dec 31 income ta 19 Music equipment 180.000 20 Accumulated deprecat 72.000 3.500 21 Accounts payable 5.000 22 Notes peable 1,000 23 Chuldende peabile 24 Inter paye.. 3.400 25 neome taxes payable 1.100 26 Uneaed on revenu 20.000 27 Capital stock. 50.000 28 Retained caringe .. 29 Diudende .... 154,375 30 Lagen roue med 31 Advertising perce 32 merance en 16.500 Rent expanse 34 Sheet musupplies opened 5.000 as Unexpense 13,000 Deprecatione p er mu 27.000 Dalle pene Interexpense. boome tax expense 317000 1917000 41 Other Data 41 1. Accrued but unrecorded lesson revenue oured as of December 31 1.000 Depreciation expense Salaries expense interest expense Income taxpense 115 317000 317000 Date Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 2000 Dec 31 3500 Dec 31 5000 Dec 31 1000 Dec 31 25 Dec 31 3400 Dec 31 1100 Dec 31 20000 Dec 31 56600 7400 4800 16500 1030 5000 36000 31000 Adjustments journal entries Account Accounts receivable Lesson revenue earned Unearned lesson revenue Lesson revenue earned Insurance expense Unexpired insurance Sheet music supplies expense sheet music supplies Depredation expense Accumulated depreciation interest expense Interest payable Salaries expense Salaries payable Income taxes expense Income taxes payable Adjusted accounts Debit Credit Lesson revenue earned 32001 Advertising expense 3200 Insurance expense 800l Rent expense 800 Sheet music supplies expense 400 Utilities expense 400 Depreciation expense 250 Salaries expense 250 Interest expense 3000 Income taxes expense 3000 Net Income 22000 34595 25 3500 3500 8155 8155 154375 317000 AutoSave OFF D U = Practice problems week 5 Home Insert Draw Page Layout Formulas Data Review Vien Calibri (Body) 11 A A LUIS BIU A Alignment Number H12 X fx_UNADJUSTED TRIAL BALANCE / 41 Other Data 1. Accrued but unrecorded lesson revenue earned as of December 31 2015, amounts to $3,200 2. Records show that $800 of cash receipts originally recorded as unearned lesson revenue had been earned as of December 31 3. The company purchased a 12-month insurance policy on August 1, 2015, for $4,800 4. On October 1, 2015, the company paid $9,000 for rent through March S2 31, 2016 5. Sheet music supplies on hand at December 31 amount to $200. 6. All music equipment was purchased when the business was first formed its estimated life at that time was five years (or 60 months) 7. On November 1, 2015, the company borrowed $5,000 by signing a three-month 6 percent note payablo The entire note, plus three months' accrued interest is due on Fobruary 1, 2016 8. Accrued but unrecorded salaries at December 31 amount to $3.500 9. Estimated income taxes expense for the entire year totals $22.000 Taxes are due in the first quarter of 2016 Instructions SGSRSS a. For each of the numbered paragraphs, prepare the necessary adjusting entry (including an explanation) b. Determine that amount at which each of the following accounts will be reported in the company's 2015 income statement 1. Lesson Revenue Earned 2. Advertising Expense 3. Insurance Expense 4. Rent Expense 5. Sheet Music Supplies Exponse 6. Utilities Expense 7. Depreciation Expense Music Equipment 8. Interest Expense 9. Salaries Expense 10. Income Taxes Experise c. The unadjusted trial balance reports dividends of $1.000. As of December 31, 2015, have these dividends been paid? Explain Pb 4.5B PB52B Hoja3 +