Question
BE4-12 The following selected accounts appear in the adjusted trial balance for Baden Company. Indicate the financial statement on which each account would be reported.
BE4-12
The following selected accounts appear in the adjusted trial balance for Baden Company. Indicate the financial statement on which each account would be reported.
Identify financial statement for selected accounts.
(LO 6),K
- (a)Accumulated Depreciation.
- (b)Depreciation Expense.
- (c)Retained Earnings (beginning).
- (d)Dividends.
- (e)Service Revenue.
- (f)Supplies.
- (g)Accounts Payable.
---------------------------------------------------------------------------------------
BE4-13 Using the data in BE4-12, identify the accounts that would be included in a post-closing trial balance.
Identify post-closing trial balance accounts.
--------------------------------------------------------------------------------------
BE4-15
The required steps in the accounting cycle are listed in random order below. List the steps in proper sequence.
List required steps in the accounting cycle sequence.
(LO 8),K
- (a)Prepare a post-closing trial balance.
- (b)Prepare an adjusted trial balance.
- (c)Analyze business transactions.
- (d)Prepare a trial balance.
- (e)Journalize the transactions.
- (f)Journalize and post closing entries.
- (g)Prepare financial statements.
- (h)Journalize and post adjusting entries.
- (i)Posttoledgeraccounts.
-----------------------------------------------------------------------------------------------------
E4-13
This is a partial adjusted trial balance of Barone Company.
Analyze adjusted data.
(LO 1, 4, 5, 6),AN
BARONE COMPANY
Adjusted Trial Balance
January 31, 2014
Debit
Credit
Supplies
$700
Prepaid Insurance
1,560
Salaries and Wages Payable
$1,060
Unearned Service Revenue
750
Supplies Expense
950
Insurance Expense
520
Salaries and Wages Expense
1,800
Service Revenue
4,000
Instructions
Answer these questions, assuming the year begins January 1.
- (a)If the amount in Supplies Expense is the January 31 adjusting entry, and $300 of supplies was purchased in January, what was the balance in Supplies on January 1?
- (b)If the amount in Insurance Expense is the January 31 adjusting entry, and the original insurance premium was for 1 year, what was the total premium and when was the policy purchased?
- (c)If $2,500 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2013?
- (d)If $1,800 was received in January for services performed in January, what was the balance in Unearned Service Revenue at December 31, 2013?
-----------------------------------------------------------------------------------------------------
E4-14
A partial adjusted trial balance for Barone Company is given in E4-13.
Prepare closing entries.
(LO 7),AP
Instructions
Prepare the closing entries at January 31, 2014.
------------------------------------------------------------------------------------------------
E4-16
The trial balances shown below are before and after adjustment for Bere Company at the end of its fiscal year.
Prepare adjusting entries from analysis of trial balance.
(LO 4, 5, 6),AP
BERE COMPANY
Trial Balance
August 31, 2014
Before Adjustment
After Adjustment
Dr.
Cr.
Dr.
Cr.
Cash
$10,900
$10,900
Accounts Receivable
8,800
9,400
Supplies
2,500
500
Prepaid Insurance
4,000
2,500
Equipment
16,000
16,000
Accumulated DepreciationEquipment
$ 3,600
$ 4,800
Accounts Payable
5,800
5,800
Salaries and Wages Payable
0
1,100
Unearned Rent Revenue
1,800
800
Common Stock
10,000
10,000
Retained Earnings
5,500
5,500
Dividends
2,800
2,800
Service Revenue
34,000
34,600
Rent Revenue
12,100
13,100
Salaries and Wages Expense
17,000
18,100
Supplies Expense
0
2,000
Rent Expense
10,800
10,800
Insurance Expense
0
1,500
Depreciation Expense
0
1,200
$72,800
$72,800
$75,700
$75,700
Instructions
Prepare the adjusting entries that were made.
-------------------------------------------------------------------------------
E4-18
The adjusted trial balance for Bere Company is given in E4-16.
Prepare closing entries.
(LO 7),AP
Instructions
Prepare the closing entries for the temporary accounts at August 31.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Intermediate Accounting
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
10th Edition
324300980, 978-0324300987
