erlestiaspxi testid=234905270&lcenterwin-ves 212 21:20 Data Ta Newport Inn Company Unadjusted Trial Balance December 31, 2016 Balance Account Title Debit Credit 11,900 13,900 3,500 1.100 515,000 $ 350,000 4,500 Cash $ Accounts Receivable Prepaid Insurance Office Supplies Building Accumulated Depreciation-Building Accounts Payable Salaries Payable Unearned Revenue Coffey, Capital Coffey, Withdrawals Service Revenue Salaries Expense Insurance Expense Depreciation ExpenseBuilding Advertising Expense Supplies Expense 2,500 175,620 2. 170 18.200 2.500 750 550,820 S 550,820 Total 2.12.2020 Mora into Adjustment data at December 31 follow: a. As of December 31, Newport had $600 of Prepaid Insurance remaining. b. At the end of the month, Newport had $700 of office supplies remaining. c. Depreciation on the building is $3,500. d. Newport pays its employees weekly on Friday. Its employees eam $1,500 for a five-day workweek. December 31 falls on Wednesday this year. e. On November 20, Newport contracted to perfom services for a client receiving $2,500 in advance. Newport recorded this receipt of cash as Unearned Revenue. As of December 31, Newport has $1,500 still unearned. 24.12.2020 Requirements 1. Joumalize the adjusting entries on December 31. 2. The four-column ledger accounts have been opened for you using the unadjusted trial balance. Post the adjusting entries to the ledger accounts. 3. Prepare the adjusted trial balance. 4. Assuming the adjusted trial balance total debits equals total credits, does this mean that the adjusting entries have been recorded correctly? Explain. Requirement 1 Journalize the adjusting entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Asot December 31. Newport had $600 of Prepaid Insurance remaining Date Accounts and explanation Debit Credit faldet W b. At the end of the month, Newport had $700 of office supplies remaining Date Accounts and explanation Debit Credit b De 31 Depreciation on the building a $3,500 Date Accounts and Explanation Debit Credit co) 0,31 d. Newport paysite employees weekly on Friday. Its employees eam $1.500 for a five-day wo week. December 31 talls on Wednesday this year. Date Accounts and Explanation Debit credit dyDec 31 On 20. eto po visini $2.500 in advance. Now that are suneate hue. As of December 31. Newport R$1.500 still need D Account and plantion De Croat Requirement 2. The four column ledger accounts have been opened for you using the unadjusted trial balance. Post the adjusting entries to the ledger accounts As of December 31, Newport had 5000 of Prepaid Insurance remaining Review the journal entry you prepared in Requirement 1 PREPAID INSURANCE Balance Date Rem Post Red Debit Credit Bebit Credit 2010 Dec 31 Dec 31 Balance 3,500 INSURANCE EXPENSE Balance Rem Post. Ret Debit Credit Debit Credit Oste 2010 Dec 31 Dec 31 Balance 1) b At the end of the month, Newport had $700 of office supplies remaining. Review the journal entry you prepared in Requirement 1. OFFICE SUPPLIES Balance Date Item Post. Ref Debit Credit Debit Credit 2016 Dec. 31 Balance 1.100 Dec 31 SUPPLIES EXPENSE Balance Date Item Post. Ref Debit Credit Debit Credit 2016 Dec 311 Balance B Dec 31 c. Depreciation on the building is $3.500. Review the journal entry you prepared in Requirement 1 ACCUMULATED DEPRECIATION-BUILDING Balance Date Item Post. Ret Debit Credit Debit Credit 2016 Dec 31 Balance 360,000 Dec 31 co) DEPRECTATION EXPENSE BUILDING Balance Date Item Post. Ref Debit Credit Debit Credit 2010 Dec 1 Balance 0 Dec 31 d. Newport pays its employees on Friday for the weekly salaries its employees can $1.500 for a five-day wek December 31 falls on Wednesday this year Review the journal entry you prepared in Requirement SALARIES PAYABLE Balance Date Hem Poat Rel Debel Credit Dett Credit 2010 De 31 balance De 31 (d) SALARIES EXPENSE Bale Date Item Post Ref Debit Credit Debat Credit 2016 D4.31 2.500 Balance 10 Det 31 d. Newport pays its employees on Friday for the weekly salaries its employees can $1.500 for a five-day wek December 31 falls on Wednesday this year Review the journal entry you prepared in Requirement SALARIES PAYABLE Balance Date Hem Poat Rel Debel Credit Dett Credit 2010 De 31 balance De 31 (d) SALARIES EXPENSE Bale Date Item Post Ref Debit Credit Debat Credit 2016 D4.31 2.500 Balance 10 Det 31 Os 30. Not contato patenting 12.000 inte har nese Accome. Noha 1.500 named Reviethe main Regent UNEARNED REVENUE Buiwe Det De Credit 2015 2800 VICE REVENDE Petal Debt Crest Det Credit 2010 Der 31 Dance ke 50.200 The unadjusted trial balance of Newport Inn Company at December 31, 2016, and the data (Click the icon to view the unadjusted trial balance.) (Click the icon to view the a Read the requirements Requirement 3. Prepare the adjusted trial balance. Review the ledger accounts. Newport Inn Company Adjusted Trial Balance December 31, 2016 Balance Debit Credit Account Title Total Requirement 4. Assuming the adjusted trial balance total debits equals total credits, does this Choose from any liat or enter any number in the input fields and then continue to the next questi Aramak icin buraya yan 22.12.2020 Data Table Wonder Anvils Unadjusted Trial Balance December 31, 2016 Balance Account Title Debit Credit Cash $ 17,590 Accounts Receivable 16,000 Prepaid Rent 2,210 Office Supplies 2,800 Equipment 27,000 Accumulated Depreciation Equipment $ 5,000 Accounts Payable 7,200 Salaries Payable Unearned Revenue 6.200 Wonder, Capital 32,300 Wonder Withdrawals 3,000 Service Revenue 20.000 2.300 Salaries Expense Rent Experise Depreciation Expense-Equipment Supplies Expense $ 70,700 $ 70.700 Tota his 24.12.2020 More Info Adjustment data: a. Unearned Revenue still unearned at December 31, $4,100. b. Prepaid Rent still in force at December 31, $2,000. c. Office Supplies used, $1,300. d. Depreciation, $310. e. Accrued Salaries Expense at December 31, $150. Requirement 2. Prepare an adjusted trial balance. Wonder Anvils Adjusted Trial Balance December 31, 2016 Balance Account Title Debit Credit Total Wonder nvils Worksheet (Partial) December 31, 2016 Adjusted Income Trial Balance Statement Debit Credit Debit Credit Balance Sheet Account Title Debit Credit Cash Accounts Receivable Prepaid Rent Office Supplies Equipment Accumulated Depr.- Equip Accounts Payable Salaries Payable Uneamed Revenue Wonder, Capital Wonder, Withdrawals Service Revenue Salaries Expense Rent Expense Depr. Expense-Equip. Supplies Expense Net income or loss ALE Requirement 4. Prepare the income statement the statement of our and the balance sheet portom. Amabution made by the during Begin by reparing the income statement to be in the statement leave the bande ele alable Wonder anvi hope women Morth Ended Dec 31, 2016 Net Incon (LO WWW www Read the Prepare the classified balance sheet report form as of December 31, 2016 Begin with the Assets tection that complete the inities and Owner's Bouty sections (lt a box is not used in the balance sheet, leave the box empty: do not select a label or enter a zero.) Wonder nuits Balance Sheet December 31, 2016 Asses Les Libilities OEquity Requirements. Prepare the closing entries and post to the accounts Begin by preparing the closing entries (Record debits first, then credits. Select the explanation on the last line of the joumal entry table.) Start by closing revenue Date Accounts and explanation Debit Credit Dec 31 Clos. (0 Close expenses for the period Date Accounts and Explanation De 31 Clos 23 Debit Credit Close Income Summary Date Accounts and explanation Dec 31 Clos (3) Debit Credit Choose from any list or enter any number in the input fields and then continue to the next question Close withdrawals. Date Accounts and Explanation Debit Credit Dec. 31 Clos. (4) Foto ngentot tante vosted back to her be prepared. The second to commems og references los dos r. Postanowing the wholog balance Coaching more that were stored for a count throbe ting, mot Fotomete and the core posting the entry close Income mu med barn med en show on street Deen. Et Cash Acea Service Aceast SP sixpense Prepaid RO Pani pe Office Supplies Wonder, Capital Depreciation Expense-Equipment Equipment Wonder, Withdrawals Supplies Expense Accumulated Depr.- Equip. Income Summary Requirement 6. Prepare a post-closing trial balance Wonder Anvils Post-Closing Trial Balance December 31, 2016 Balance Debit Credit Account Title Tota Requirement 7. Calculate the current ratio for the company Select the labels then enter the amounts and compute the current ratio. (Round your answer to two decimal places) Current ratio erlestiaspxi testid=234905270&lcenterwin-ves 212 21:20 Data Ta Newport Inn Company Unadjusted Trial Balance December 31, 2016 Balance Account Title Debit Credit 11,900 13,900 3,500 1.100 515,000 $ 350,000 4,500 Cash $ Accounts Receivable Prepaid Insurance Office Supplies Building Accumulated Depreciation-Building Accounts Payable Salaries Payable Unearned Revenue Coffey, Capital Coffey, Withdrawals Service Revenue Salaries Expense Insurance Expense Depreciation ExpenseBuilding Advertising Expense Supplies Expense 2,500 175,620 2. 170 18.200 2.500 750 550,820 S 550,820 Total 2.12.2020 Mora into Adjustment data at December 31 follow: a. As of December 31, Newport had $600 of Prepaid Insurance remaining. b. At the end of the month, Newport had $700 of office supplies remaining. c. Depreciation on the building is $3,500. d. Newport pays its employees weekly on Friday. Its employees eam $1,500 for a five-day workweek. December 31 falls on Wednesday this year. e. On November 20, Newport contracted to perfom services for a client receiving $2,500 in advance. Newport recorded this receipt of cash as Unearned Revenue. As of December 31, Newport has $1,500 still unearned. 24.12.2020 Requirements 1. Joumalize the adjusting entries on December 31. 2. The four-column ledger accounts have been opened for you using the unadjusted trial balance. Post the adjusting entries to the ledger accounts. 3. Prepare the adjusted trial balance. 4. Assuming the adjusted trial balance total debits equals total credits, does this mean that the adjusting entries have been recorded correctly? Explain. Requirement 1 Journalize the adjusting entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Asot December 31. Newport had $600 of Prepaid Insurance remaining Date Accounts and explanation Debit Credit faldet W b. At the end of the month, Newport had $700 of office supplies remaining Date Accounts and explanation Debit Credit b De 31 Depreciation on the building a $3,500 Date Accounts and Explanation Debit Credit co) 0,31 d. Newport paysite employees weekly on Friday. Its employees eam $1.500 for a five-day wo week. December 31 talls on Wednesday this year. Date Accounts and Explanation Debit credit dyDec 31 On 20. eto po visini $2.500 in advance. Now that are suneate hue. As of December 31. Newport R$1.500 still need D Account and plantion De Croat Requirement 2. The four column ledger accounts have been opened for you using the unadjusted trial balance. Post the adjusting entries to the ledger accounts As of December 31, Newport had 5000 of Prepaid Insurance remaining Review the journal entry you prepared in Requirement 1 PREPAID INSURANCE Balance Date Rem Post Red Debit Credit Bebit Credit 2010 Dec 31 Dec 31 Balance 3,500 INSURANCE EXPENSE Balance Rem Post. Ret Debit Credit Debit Credit Oste 2010 Dec 31 Dec 31 Balance 1) b At the end of the month, Newport had $700 of office supplies remaining. Review the journal entry you prepared in Requirement 1. OFFICE SUPPLIES Balance Date Item Post. Ref Debit Credit Debit Credit 2016 Dec. 31 Balance 1.100 Dec 31 SUPPLIES EXPENSE Balance Date Item Post. Ref Debit Credit Debit Credit 2016 Dec 311 Balance B Dec 31 c. Depreciation on the building is $3.500. Review the journal entry you prepared in Requirement 1 ACCUMULATED DEPRECIATION-BUILDING Balance Date Item Post. Ret Debit Credit Debit Credit 2016 Dec 31 Balance 360,000 Dec 31 co) DEPRECTATION EXPENSE BUILDING Balance Date Item Post. Ref Debit Credit Debit Credit 2010 Dec 1 Balance 0 Dec 31 d. Newport pays its employees on Friday for the weekly salaries its employees can $1.500 for a five-day wek December 31 falls on Wednesday this year Review the journal entry you prepared in Requirement SALARIES PAYABLE Balance Date Hem Poat Rel Debel Credit Dett Credit 2010 De 31 balance De 31 (d) SALARIES EXPENSE Bale Date Item Post Ref Debit Credit Debat Credit 2016 D4.31 2.500 Balance 10 Det 31 d. Newport pays its employees on Friday for the weekly salaries its employees can $1.500 for a five-day wek December 31 falls on Wednesday this year Review the journal entry you prepared in Requirement SALARIES PAYABLE Balance Date Hem Poat Rel Debel Credit Dett Credit 2010 De 31 balance De 31 (d) SALARIES EXPENSE Bale Date Item Post Ref Debit Credit Debat Credit 2016 D4.31 2.500 Balance 10 Det 31 Os 30. Not contato patenting 12.000 inte har nese Accome. Noha 1.500 named Reviethe main Regent UNEARNED REVENUE Buiwe Det De Credit 2015 2800 VICE REVENDE Petal Debt Crest Det Credit 2010 Der 31 Dance ke 50.200 The unadjusted trial balance of Newport Inn Company at December 31, 2016, and the data (Click the icon to view the unadjusted trial balance.) (Click the icon to view the a Read the requirements Requirement 3. Prepare the adjusted trial balance. Review the ledger accounts. Newport Inn Company Adjusted Trial Balance December 31, 2016 Balance Debit Credit Account Title Total Requirement 4. Assuming the adjusted trial balance total debits equals total credits, does this Choose from any liat or enter any number in the input fields and then continue to the next questi Aramak icin buraya yan 22.12.2020 Data Table Wonder Anvils Unadjusted Trial Balance December 31, 2016 Balance Account Title Debit Credit Cash $ 17,590 Accounts Receivable 16,000 Prepaid Rent 2,210 Office Supplies 2,800 Equipment 27,000 Accumulated Depreciation Equipment $ 5,000 Accounts Payable 7,200 Salaries Payable Unearned Revenue 6.200 Wonder, Capital 32,300 Wonder Withdrawals 3,000 Service Revenue 20.000 2.300 Salaries Expense Rent Experise Depreciation Expense-Equipment Supplies Expense $ 70,700 $ 70.700 Tota his 24.12.2020 More Info Adjustment data: a. Unearned Revenue still unearned at December 31, $4,100. b. Prepaid Rent still in force at December 31, $2,000. c. Office Supplies used, $1,300. d. Depreciation, $310. e. Accrued Salaries Expense at December 31, $150. Requirement 2. Prepare an adjusted trial balance. Wonder Anvils Adjusted Trial Balance December 31, 2016 Balance Account Title Debit Credit Total Wonder nvils Worksheet (Partial) December 31, 2016 Adjusted Income Trial Balance Statement Debit Credit Debit Credit Balance Sheet Account Title Debit Credit Cash Accounts Receivable Prepaid Rent Office Supplies Equipment Accumulated Depr.- Equip Accounts Payable Salaries Payable Uneamed Revenue Wonder, Capital Wonder, Withdrawals Service Revenue Salaries Expense Rent Expense Depr. Expense-Equip. Supplies Expense Net income or loss ALE Requirement 4. Prepare the income statement the statement of our and the balance sheet portom. Amabution made by the during Begin by reparing the income statement to be in the statement leave the bande ele alable Wonder anvi hope women Morth Ended Dec 31, 2016 Net Incon (LO WWW www Read the Prepare the classified balance sheet report form as of December 31, 2016 Begin with the Assets tection that complete the inities and Owner's Bouty sections (lt a box is not used in the balance sheet, leave the box empty: do not select a label or enter a zero.) Wonder nuits Balance Sheet December 31, 2016 Asses Les Libilities OEquity Requirements. Prepare the closing entries and post to the accounts Begin by preparing the closing entries (Record debits first, then credits. Select the explanation on the last line of the joumal entry table.) Start by closing revenue Date Accounts and explanation Debit Credit Dec 31 Clos. (0 Close expenses for the period Date Accounts and Explanation De 31 Clos 23 Debit Credit Close Income Summary Date Accounts and explanation Dec 31 Clos (3) Debit Credit Choose from any list or enter any number in the input fields and then continue to the next question Close withdrawals. Date Accounts and Explanation Debit Credit Dec. 31 Clos. (4) Foto ngentot tante vosted back to her be prepared. The second to commems og references los dos r. Postanowing the wholog balance Coaching more that were stored for a count throbe ting, mot Fotomete and the core posting the entry close Income mu med barn med en show on street Deen. Et Cash Acea Service Aceast SP sixpense Prepaid RO Pani pe Office Supplies Wonder, Capital Depreciation Expense-Equipment Equipment Wonder, Withdrawals Supplies Expense Accumulated Depr.- Equip. Income Summary Requirement 6. Prepare a post-closing trial balance Wonder Anvils Post-Closing Trial Balance December 31, 2016 Balance Debit Credit Account Title Tota Requirement 7. Calculate the current ratio for the company Select the labels then enter the amounts and compute the current ratio. (Round your answer to two decimal places) Current ratio