Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can someone help me with this problem?! Questions 1,2,3,4,5(a,b,c,d), 6 and 7 Also a post closing trial balance Problem 3-14B Journalizing, posting. adjusted trial balance,

Can someone help me with this problem?! Questions 1,2,3,4,5(a,b,c,d), 6 and 7
Also a post closing trial balance image text in transcribed
Problem 3-14B Journalizing, posting. adjusted trial balance, adjusting entries (monthly), financial statements (quarterly) LO4,5,6,7 3. Cash balance, July 31, 2017 S3.400; 4. Dr $45,820: 6. Dr s50.100. CHECK FIGURES 7. Profit $7,550 On July 1, 2017, Melanie Thornhill began her third month of operating an electronics repair shop called Mr airs out of her dad's garage. The following occurred during the third month of operations: 1 Collected $3,600 as a deposit for work to be done at the local college in the tall. 1 Melanie Thornhill withdrew $4,000 cash for personal expenses. 2 Paid $2,200 for repair supplies purchased on account last month. 3 Did work for a client and immediately collected $1.400. 4 Performed services for a customer and collected $3.600. 7 Hired a new technician to start next week on a casual basis at $400 per day. 15 Melanie withdrew cash of $1,000 for personal use. 22 Purchased repair supplies for cash; $1,600. 31 Paid wages of $2,800 Required 1. Prepare general journal entries to record the July transactions. 2. set up the following T-accounts with June 30 adjusted balances: Cash (101), $6,400; Repair Sup- plies (131), $3,000; Tools (161), $16,800; Accumulated Depreciation, Tools (162), $560; Accounts Payable (201), $3,200; Unearned Revenue (23), $700; Melanie Thornhill, Capital G30) S?; Melanie Thornhill, Withdrawals (302), $0, Revenue (401), $25,800. Depreciation Expense, Tools (602), S560; $2700 3. Post the entries to the accounts; calculate the ending balance in each account. Prepare an unadjusted trial balance at July 31, 2017. 5. Use the following information to prepare and post adjusting entries for the month of July a. The tools have an estimated life of five years with no residual value. b. One-quarter of the repair supplies balance remained on hand at July 31. e. Accrued the July rent expense of $4,000, it will be paid in August. d. $3,800 of the unearned revenues remained unearned as at July 31. 6. Prepare an adjusted trial balance. Prepare an income statement and a statement of changes in equity for the three months ended 2017, and a July 31, 2017, balance sheet

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

Purchasing Audit

Authors: ISMAIL LAMHAMDI

1st Edition

6203507563, 978-6203507560

More Books

Students also viewed these Accounting questions

Question

Consider this article:...

Answered: 1 week ago