Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can I get the answers to this? The data needed to determine year-end adjustments are as follows: a. Supplies on hand at January 31 are

image text in transcribedCan I get the answers to this?
The data needed to determine year-end adjustments are as follows: a. Supplies on hand at January 31 are $2, 850. b. Insurance premiums expired during the year are $3, 150. c. Depreciation of equipment during the year is $5, 250. d. Depreciation of trucks during the year is $4,000. e. Wages accrued but not paid at January 31 are $900. For each account listed in the unadjusted trial balance, enter the balance in the appropriate Balance column of a four-column account and place a check mark in the Posting Reference column. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. Add the accounts listed in part (3) as needed. Journalize and post the adjusting entries, inserting balances in the accounts affected. Record the adjusting entries on Page 26 of the journal. The following additional accounts from Recessive Interiors' chart of accounts should be used: Wages Payable, 22; Depreciation Expense-Equipment, 54; Supplies Expense, 55; Depreciation Expense- Trucks, 56; Insurance Expense, 57. Prepare an adjusted trial balance. Prepare an income statement, a statement of owner s equity (no additional investments were made during the year), and a balance sheet. Journalize and post the closing entries. Record the closing entries on Page 27 of the journal. (Income Summary is account *33 in the chart of accounts.) Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry. Prepare a post-closing trial balance

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

A Simplify Way Of Practicalise Auditing Profession

Authors: DR LUKMAN A ABATAN

1st Edition

B09YVKHT6X, 979-8800165050

More Books

Students also viewed these Accounting questions

Question

V. What is the firm's cash flow to creditors for 2018?

Answered: 1 week ago