Events: a) Purchased $16,400 of equipment for use in the business, paid cash. b) Earned $146,000 in service revenues for 2021, including $136,000 on credit and $10,000 collected in cash. c) Collected accounts receivable, $ 16,900. d) Customers paid $8,400 in advance for future services. e) Paid accounts payable, $8,400. f) Sold an old vehicle (that was fully depreciated) for $1,200 cash. g) On Sep. 1, paid $14,400 to rent a building for 12 months, starting immediately. h) Purchased $1,200 supplies on account for future use. 1) Declared and paid a $14,000 cash dividend. Information for Adjustments: j) Determined after a year end count that $7,200 of supplies had been used during the year. k) Depreciation for the year on the equipment, $5,460. 1) Accrued $1,050 interest on an outstanding loan (promissory note). m) Building rental expenses for the year, paid in transaction (g)had not yet been recorded. n) Wages of $9,600 earned by employees since the December 24 payroll were not yet paid. o) Pomeroy recorded $4,000 in service provided that had been collected in event (d), but had not yet been recorded. + p) During December, Pomeroy accrued $4,700 in service that had been provided to customers on account. a) Income tax for the year was $26,584. It will be paid in 2022. Chart of Accounts Acco Eston Inguts Up TURI For al jouma entries, you must only use Account Names from the chart of Account in cells the 20, and you must only use Accounting Equation Impact codes from the latest the K2 For M payables except Notes Payable, use the Accounts Payable count UURINN Rank Acet Account Debes Credea A. Equement 16,400 A- Cash Completed 16,400 as an example 110 Accounts Receivable Antes down 120 Prepaid Services 130 Supplies (on hand) 150 Equipment 155 Accum. Deprec. (Equip) 210 Accounts Payable L+ Les up - Les down SE Equity up SE Equkty down b) Bemed $146,000 service revenues for 2021, including $136.000 on credited $10,000 collected in cash. a Net Account Names Debits Credits E Impacta Le Notes Payable 136,000 A. Cash 10,000 wce Revenue 146,000 Colected red B10 chable, $16.900. Mark Meet Account Nam Det Credits 240 Unearned Reverie 250 Notes Payable 310 Common Stock 350 Retained Earnings 410 Didends Declared 2 16,900 Cash Accounts Receivable 16,900 5 5 510 Service Revenue 610 Supplies Expense 620 Depreciation Expense 630 Interest Expense 640 Rent Expense d) Customers pas ADO ce for future services Basic Art Account Names Lampacts Cash Debits Credits 9 8,400 650 Wages Expense 660 income Tax Expense Unearned Revenue 8,400 1 2 Paid counts payable $8ADO Bank Acet Account Names Debits Credits 8,400 Accounts Payable Cash 8,400 6 7 Credits Sold an old vehicle that was fully depreciated) for $1.200 canh Basic Acet Account Names Debiti Lampacts Cash 1,200 Equipment Instructions Grid J-Es 1,200 UnAdj TB Adjusted TB Fin Stmts + Pald 514 400 to rent building for 12 months, startinmediate Bok Act Account Names Debid Credits Ec moncos Prepaid Services 14,400 Cash 14,400 Deb Credits Purchased $1.200 supplies on account for future use. B Act Account Names ELOR Supplies (on hand) Cash 1,200 1,200 Debita Declared and paid a $14,000 cash dividend. BUKA Account Name dece Dividends Declared Cash Cie 14,000 14,000 Before continuing complete the Unadjusted This Baance. Determined after a year-end count that $7200 of supplies had been used during the year BMR Mest Account Names Debits Cred Toat Supplies Expense 7,200 Supplies fon hand) 7,200 Debits Depreciation for the year on the equipment. $5460. Basic ALL Account Names toimpact Accum. Deprec. (Equip.} Equipment Credits 5,460 5,460 Accrued $1,050 interest on an outstanding loan (promissory note). Bask. Acet Account Nunes Debits Elmost Interest. Frenca 1050 Instructions Grid JES Credits UnAdj TB Adjusted TB Fin S m) Building rental expenses for the year, paid in transaction(, had not yet been recorded. Basic Acct Account Name Debits Credits Eg Impact Rent Expense 14,400 Prepaid Services 14,400 m) Wages of $9,600 eamed by employees since the December 24 payroll were not yet paid. Basic Acct Account Names Debits Credits Eg Impacts Wages Expense 9,600 Cash 9,600 o) Pomeroy recorded $4,000 in service provided that had been collected in event (d), but had not yet been recorded. Basic Acct Account Names Debits Credits Eg Impacts Cash 4,000 Service Revenue 4,000 p) During December, Pomeroy accrued $4,700 in service that had been provided to customers on account. Basic Acct Account Names Debits Credits Eg Impacts Unearned Revenue 4.700 Service Revenue 4,700 Income tax for the year was $26,584. It will be paid in 2022, Basic Acct Account Names Debits Eg Impacts Income Tax Expense 26,584 Cash Credits 26,584 Pomeroy Inc. Unadjusted Trial Balance As of December 31, 2021 Debit Credit Cash Accounts Receivable Prepaid Services Supplies (on hand) Equipment Accum. Deprec. (Equip.) Accounts Payable Unearned Revenue Notes Payable Common Stock Retained Earnings Dividends Declared Service Revenue Depreciation Expense Interest Expense Rent Expense Supplies Expense Wages Expense Income Tax Expense Total Pomeroy Inc. Adjusted Trial Balance As of December 31, 2021 Debit Credit Cash Accounts Receivable Prepaid Services Supplies (on hand) Equipment Accum. Deprec. (Equip.) Accounts Payable Unearned Revenue Notes Payable Common Stock Retained Earnings Dividends Declared Service Revenue Depreciation Expense Interest Expense Rent Expense Supplies Expense Wages Expense Income Tax Expense Total omeroy Inc. 2021 2 Income Statement 3 For the Year Ended: 4 Sales Revenue s Less: Supplies Expense 6 Wages Expense 7 Depreciation Expense 8 Rent Expense 9 Other Expenses 20 NET INCOME 2021 12 Statement of Changes in Stockholders' Equity 13 For the Year Ended: 14 Beginning Common Stock 15 Plus: Common stock issued 26 Ending common stock 18 Beginning retained earnings 19 Plus: Net income (loss) 20 Less: Dividends declared 21 Ending retained earnings 22 TOTAL STOCKHOLDER'S EQUITY 2021 Balance Sheet As of the Last Day of: Assets Cash Accounts Receivable Prepaid Services Supplies (on hand) Equipment, net TOTAL ASSETS Liabilities Accounts Payable Unearned Revenue Notes Payable Total Liabilities Equity Common Stock Retained Earnings Total Equity TOTAL LIABILITIES AND EQUITY DAMALAN 2021 Pomeroy Inc. Statements of Cash Flows For the Year Ended: Cash flows from operating activities Cash collected from customers Cash paid to suppliers of operating services & goods Net cash flow from operating activities Cash flow from investing activities Cash collected from selling long-term assets Cash paid to purchase long-term assets Net cash flow from investing activities Cash flows from financing activities Cash inflows from borrowing Cash payments to repay debt Cash inflows from issuing stock Cash payments of dividends Net cash flows from financing activities Net change in cash Beginning cash balance Ending Cash Balance D 12.000 0 -1005 0 12,000 50,000 16,000 640 10,000 37,000 16,000 . 146,000 . 31,000 14,000 (16,000) 10,000 136,000 16,900 (16.900) R,400 01,400) 1,200 (14,000) 10d 8,400 (1,400) . (1,200) 14,000 . 11 1,200 1,200 14 1 (14,000) (0) 182.000 (14,000) 15,100 15 18 133,100 lol 14,000 51,800 14.500 4,800 9,040 50,000 16.000 10,860 13,200 10.2003 1 5.460 1.050 1 10 20 m Loco) . 9,600 0.2007 1.460) 01.050 7,000) 19,600) 4,000 4,700 025,584) (48,194) 21 10,000) 0 + . P 4,700 26.584 249 42,034 7,000 51,800 9.60 5,040 (0) 132,000 16,000 50,000 10,860 6,000 137,800 15,100 Adjusted 0,960 42,034 5,040 16.000 7,000 50,000 ( 132,000 51.800 10,860 (48,194 6,000 15,100 137,800 Fund End 28 *? 207,740 PRO 207,740 10 31 Events: a) Purchased $16,400 of equipment for use in the business, paid cash. b) Earned $146,000 in service revenues for 2021, including $136,000 on credit and $10,000 collected in cash. c) Collected accounts receivable, $ 16,900. d) Customers paid $8,400 in advance for future services. e) Paid accounts payable, $8,400. f) Sold an old vehicle (that was fully depreciated) for $1,200 cash. g) On Sep. 1, paid $14,400 to rent a building for 12 months, starting immediately. h) Purchased $1,200 supplies on account for future use. 1) Declared and paid a $14,000 cash dividend. Information for Adjustments: j) Determined after a year end count that $7,200 of supplies had been used during the year. k) Depreciation for the year on the equipment, $5,460. 1) Accrued $1,050 interest on an outstanding loan (promissory note). m) Building rental expenses for the year, paid in transaction (g)had not yet been recorded. n) Wages of $9,600 earned by employees since the December 24 payroll were not yet paid. o) Pomeroy recorded $4,000 in service provided that had been collected in event (d), but had not yet been recorded. + p) During December, Pomeroy accrued $4,700 in service that had been provided to customers on account. a) Income tax for the year was $26,584. It will be paid in 2022. Chart of Accounts Acco Eston Inguts Up TURI For al jouma entries, you must only use Account Names from the chart of Account in cells the 20, and you must only use Accounting Equation Impact codes from the latest the K2 For M payables except Notes Payable, use the Accounts Payable count UURINN Rank Acet Account Debes Credea A. Equement 16,400 A- Cash Completed 16,400 as an example 110 Accounts Receivable Antes down 120 Prepaid Services 130 Supplies (on hand) 150 Equipment 155 Accum. Deprec. (Equip) 210 Accounts Payable L+ Les up - Les down SE Equity up SE Equkty down b) Bemed $146,000 service revenues for 2021, including $136.000 on credited $10,000 collected in cash. a Net Account Names Debits Credits E Impacta Le Notes Payable 136,000 A. Cash 10,000 wce Revenue 146,000 Colected red B10 chable, $16.900. Mark Meet Account Nam Det Credits 240 Unearned Reverie 250 Notes Payable 310 Common Stock 350 Retained Earnings 410 Didends Declared 2 16,900 Cash Accounts Receivable 16,900 5 5 510 Service Revenue 610 Supplies Expense 620 Depreciation Expense 630 Interest Expense 640 Rent Expense d) Customers pas ADO ce for future services Basic Art Account Names Lampacts Cash Debits Credits 9 8,400 650 Wages Expense 660 income Tax Expense Unearned Revenue 8,400 1 2 Paid counts payable $8ADO Bank Acet Account Names Debits Credits 8,400 Accounts Payable Cash 8,400 6 7 Credits Sold an old vehicle that was fully depreciated) for $1.200 canh Basic Acet Account Names Debiti Lampacts Cash 1,200 Equipment Instructions Grid J-Es 1,200 UnAdj TB Adjusted TB Fin Stmts + Pald 514 400 to rent building for 12 months, startinmediate Bok Act Account Names Debid Credits Ec moncos Prepaid Services 14,400 Cash 14,400 Deb Credits Purchased $1.200 supplies on account for future use. B Act Account Names ELOR Supplies (on hand) Cash 1,200 1,200 Debita Declared and paid a $14,000 cash dividend. BUKA Account Name dece Dividends Declared Cash Cie 14,000 14,000 Before continuing complete the Unadjusted This Baance. Determined after a year-end count that $7200 of supplies had been used during the year BMR Mest Account Names Debits Cred Toat Supplies Expense 7,200 Supplies fon hand) 7,200 Debits Depreciation for the year on the equipment. $5460. Basic ALL Account Names toimpact Accum. Deprec. (Equip.} Equipment Credits 5,460 5,460 Accrued $1,050 interest on an outstanding loan (promissory note). Bask. Acet Account Nunes Debits Elmost Interest. Frenca 1050 Instructions Grid JES Credits UnAdj TB Adjusted TB Fin S m) Building rental expenses for the year, paid in transaction(, had not yet been recorded. Basic Acct Account Name Debits Credits Eg Impact Rent Expense 14,400 Prepaid Services 14,400 m) Wages of $9,600 eamed by employees since the December 24 payroll were not yet paid. Basic Acct Account Names Debits Credits Eg Impacts Wages Expense 9,600 Cash 9,600 o) Pomeroy recorded $4,000 in service provided that had been collected in event (d), but had not yet been recorded. Basic Acct Account Names Debits Credits Eg Impacts Cash 4,000 Service Revenue 4,000 p) During December, Pomeroy accrued $4,700 in service that had been provided to customers on account. Basic Acct Account Names Debits Credits Eg Impacts Unearned Revenue 4.700 Service Revenue 4,700 Income tax for the year was $26,584. It will be paid in 2022, Basic Acct Account Names Debits Eg Impacts Income Tax Expense 26,584 Cash Credits 26,584 Pomeroy Inc. Unadjusted Trial Balance As of December 31, 2021 Debit Credit Cash Accounts Receivable Prepaid Services Supplies (on hand) Equipment Accum. Deprec. (Equip.) Accounts Payable Unearned Revenue Notes Payable Common Stock Retained Earnings Dividends Declared Service Revenue Depreciation Expense Interest Expense Rent Expense Supplies Expense Wages Expense Income Tax Expense Total Pomeroy Inc. Adjusted Trial Balance As of December 31, 2021 Debit Credit Cash Accounts Receivable Prepaid Services Supplies (on hand) Equipment Accum. Deprec. (Equip.) Accounts Payable Unearned Revenue Notes Payable Common Stock Retained Earnings Dividends Declared Service Revenue Depreciation Expense Interest Expense Rent Expense Supplies Expense Wages Expense Income Tax Expense Total omeroy Inc. 2021 2 Income Statement 3 For the Year Ended: 4 Sales Revenue s Less: Supplies Expense 6 Wages Expense 7 Depreciation Expense 8 Rent Expense 9 Other Expenses 20 NET INCOME 2021 12 Statement of Changes in Stockholders' Equity 13 For the Year Ended: 14 Beginning Common Stock 15 Plus: Common stock issued 26 Ending common stock 18 Beginning retained earnings 19 Plus: Net income (loss) 20 Less: Dividends declared 21 Ending retained earnings 22 TOTAL STOCKHOLDER'S EQUITY 2021 Balance Sheet As of the Last Day of: Assets Cash Accounts Receivable Prepaid Services Supplies (on hand) Equipment, net TOTAL ASSETS Liabilities Accounts Payable Unearned Revenue Notes Payable Total Liabilities Equity Common Stock Retained Earnings Total Equity TOTAL LIABILITIES AND EQUITY DAMALAN 2021 Pomeroy Inc. Statements of Cash Flows For the Year Ended: Cash flows from operating activities Cash collected from customers Cash paid to suppliers of operating services & goods Net cash flow from operating activities Cash flow from investing activities Cash collected from selling long-term assets Cash paid to purchase long-term assets Net cash flow from investing activities Cash flows from financing activities Cash inflows from borrowing Cash payments to repay debt Cash inflows from issuing stock Cash payments of dividends Net cash flows from financing activities Net change in cash Beginning cash balance Ending Cash Balance D 12.000 0 -1005 0 12,000 50,000 16,000 640 10,000 37,000 16,000 . 146,000 . 31,000 14,000 (16,000) 10,000 136,000 16,900 (16.900) R,400 01,400) 1,200 (14,000) 10d 8,400 (1,400) . (1,200) 14,000 . 11 1,200 1,200 14 1 (14,000) (0) 182.000 (14,000) 15,100 15 18 133,100 lol 14,000 51,800 14.500 4,800 9,040 50,000 16.000 10,860 13,200 10.2003 1 5.460 1.050 1 10 20 m Loco) . 9,600 0.2007 1.460) 01.050 7,000) 19,600) 4,000 4,700 025,584) (48,194) 21 10,000) 0 + . P 4,700 26.584 249 42,034 7,000 51,800 9.60 5,040 (0) 132,000 16,000 50,000 10,860 6,000 137,800 15,100 Adjusted 0,960 42,034 5,040 16.000 7,000 50,000 ( 132,000 51.800 10,860 (48,194 6,000 15,100 137,800 Fund End 28 *? 207,740 PRO 207,740 10 31