book name fundamental accounting principles 15th canadian edition

chapter 3 problem 3-14a journalizing, posting, adjusted trial balance, adjusting entries(monthly), financial statements LO4,6,7

that Analysis Component: The owner, John Conroe, is very pleased with th cha My banker told position. Specifically, he noted that s equity me tha creasing, my business is doing great." Comment HTinancial equity is in- A Journalizing, posting, adjusted trial balance, adjusting entries dmontM statements L N), inancial $4,600: 4. Dr $1a,100: 6. Dr s19,524.7 CHECK FIGURES: 3. cash balance, Aug. 31, 2017 On August 1, 2017, Delanie Tugut began a tour company in the Northwest Territories called T ugut Ar Tours, The following occurred during the first month of operations Aug. 1 Purchased office furniture on account: $5,200 Delanie Tugut invested $7,000 cash into her new business collected $3.goo in advance for a three-week guided caribou unt beginning the last week of August ent for office space effective August 1. Paid $6,000 for six months' Received $3,000 for a four-day northern lights viewing tour just completed 7 Paid $1,500 for hotel expenses regarding the August 4 touri 15 Delanie withdrew cash of $500 for personal use 22 Met with a Japanese tour guide to discuss a $150,000 tour contract. 31 Paid wages of $1,300 Required 1. Prepare general journal entries to record the August transactions 2. Set up T-accounts: Cash (101); Prepaid Rent (131); office Furniture Accumu the following Revenue (233 lated Depreciation, Office Furniture (162); Accounts Payable (201); Unearned E Delanie Capital (301) Delanie Tugut, Withdrawals G302), Revenue (401); Depreciation pense, office Furniture (602); Wages Expense (623); Rent Expense (640); Telephone Expense (688); and Hotel Expenses (696) 3. Post the entries to the accounts, calculate the ending balance in each account. Prepare an unadjusted trial balance at August 31, 2017 5. Use the following information to prepare and post adjusting entries on August 31 office furniture has an estimated life of four years and a $208 residual value a. The b. Two-thirds of the August 2 advance has been earned. c. One month of the Prepaid Rent has been used d. The August telephone bill was not received as of August 31 but amounted to $320 6. Prepare an adjusted trial balance 7 Prepare an income statement, a statement of changes in equity, and a balance sheet Analysis Component: When a company shows revenue on its income statement, does this mean equal to revenues was received during the period in which the revenues were report 212