Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can you help me to finish this exercise, I tried but there are few mistakes to fix it. 1) Prepare adjusting entries for the month

Can you help me to finish this exercise, I tried but there are few mistakes to fix it.

1) Prepare adjusting entries for the month ended April 30, 2017.

2) Post the adjusting entries.

3) Prepare closing entries for the year ended.

image text in transcribedimage text in transcribed
Date Account Titles and Explanation Debit Credit Apr. 30 Unearned Revenue 420 Service Revenue 420 (To record revenue for services provided) Apr. 30 Depreciation Expense 120 Accumulated Depreciation-Equipment * 120 (To record monthly depreciation) Apr. 30 Interest Expense -170 Interest Payable -170 (To accrue interest on note payable) LINK TO TEXT Your answer is partially correct. Try again. Post the adjusting entries. (Post entries in the order of journal entries presented in the previous part.) Unearned Revenue Apr. 30 V 420 Apr. 30 v 1400 Bal. 980 Accumulated Depreciation-Equipment Apr. 30 6240 0 Apr. 30 120 Bal. 6360 Service Revenue Apr. 30 v 16000 Apr. 30 v 420 Bal. 16420 Interest Payable Apr. 30 -170 Bal. -170 Depreciation ExpenseDepreciation Expense Apr. 30 v 3000 Apr. 30 v 120 Bal. 312 Interest Expense Apr. 30 v 770 Apr. 30 v -170 Bal. 500 LINK TO TEXT Your answer is partially correct. Try again. Prepare closing entries for the year ended. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If Date Account Titles and Explanation Debit Credit Apr. 30 Service Revenue 16420 Income Summary 16420 "To close revenue account) Apr. 30 Income Summary 13670 Depreciation Expense 800 Interest Expense 770 Salaries Expense 9900 (To close expense accounts) Apr. 30 Income Summary 2750 T. Muzyka, Capital 275 (To close profit to capital) Apr. 30 T. Muzyka, Capital 4000 T. Muzyka, Drawings 4000 (To close drawings account) LINK TO TEXT

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

Canadian Cases In Financial Accounting

Authors: Carol E. Dilworth, Joan E. D. Conrod

2nd Edition

256111405, 978-0256111408

More Books

Students also viewed these Accounting questions