Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

f f f Required information Problem 13-34A (Algo) Two complete accounting cycles LO 13-1, 13-2, 13-3, 13-4 [The following information applies to the questions displayed

fimage text in transcribed

fimage text in transcribed

image text in transcribedf

Required information Problem 13-34A (Algo) Two complete accounting cycles LO 13-1, 13-2, 13-3, 13-4 [The following information applies to the questions displayed below.] Colton Enterprises experienced the following events for Year 1, the first year of operation: 1. Acquired $48,000 cash from the issue of common stock. 2. Paid $13,300 cash in advance for rent. The payment was for the period April 1, Year 1, to March 31 , Year 2. 3. Performed services for customers on account for $98,000. 4. Incurred operating expenses on account of $41,500. 5. Collected $75,000 cash from accounts receivable. 6. Paid $34,000 cash for salary expense. 7. Paid $33,200 cash as a partial payment on accounts payable. Adjusting Entries 8. Made the adjusting entry for the expired rent. (See Event 2.) 9. Recorded $5,000 of accrued salaries at the end of Year 1. Events for Year 2 1. Paid $5,000 cash for the salaries accrued at the end of the prior accounting period. 2. Performed services for cash of $47,000. 3. Purchased $4,100 of supplies on account. 4. Paid $14,400 cash in advance for rent. The payment was for one year beginning April 1, Year 2. 5. Performed services for customers on account for $114,000. 6. Incurred operating expenses on account of $54,500. 7. Collected $102,000 cash from accounts receivable. 8. Paid $52,000 cash as a partial payment on accounts payable. 3. Performed services for customers on account for $98,000. 4. Incurred operating expenses on account of $41,500. 5. Collected $75,000 cash from accounts receivable. 6. Paid $34,000 cash for salary expense. 7. Paid $33,200 cash as a partial payment on accounts payable. Adjusting Entries 8. Made the adjusting entry for the expired rent. (See Event 2.) 9. Recorded $5,000 of accrued salaries at the end of Year 1. Events for Year 2 1. Paid $5,000 cash for the salaries accrued at the end of the prior accounting period. 2. Performed services for cash of $47,000. 3. Purchased $4,100 of supplies on account. 4. Paid $14,400 cash in advance for rent. The payment was for one year beginning April 1, Year 2 . 5. Performed services for customers on account for $114,000. 6. Incurred operating expenses on account of $54,500. 7. Collected $102,000 cash from accounts receivable. 8. Paid $52,000 cash as a partial payment on accounts payable. 9. Paid $32,800 cash for salary expense. 10. Paid a $10,000 cash dividend to stockholders. Adjusting Entries Problem 13-34A (Algo) Part c c. Prepare a trial balance for Year 1. Required information Problem 13-34A (Algo) Two complete accounting cycles LO 13-1, 13-2, 13-3, 13-4 [The following information applies to the questions displayed below.] Colton Enterprises experienced the following events for Year 1, the first year of operation: 1. Acquired $48,000 cash from the issue of common stock. 2. Paid $13,300 cash in advance for rent. The payment was for the period April 1, Year 1, to March 31 , Year 2. 3. Performed services for customers on account for $98,000. 4. Incurred operating expenses on account of $41,500. 5. Collected $75,000 cash from accounts receivable. 6. Paid $34,000 cash for salary expense. 7. Paid $33,200 cash as a partial payment on accounts payable. Adjusting Entries 8. Made the adjusting entry for the expired rent. (See Event 2.) 9. Recorded $5,000 of accrued salaries at the end of Year 1. Events for Year 2 1. Paid $5,000 cash for the salaries accrued at the end of the prior accounting period. 2. Performed services for cash of $47,000. 3. Purchased $4,100 of supplies on account. 4. Paid $14,400 cash in advance for rent. The payment was for one year beginning April 1, Year 2. 5. Performed services for customers on account for $114,000. 6. Incurred operating expenses on account of $54,500. 7. Collected $102,000 cash from accounts receivable. 8. Paid $52,000 cash as a partial payment on accounts payable. 3. Performed services for customers on account for $98,000. 4. Incurred operating expenses on account of $41,500. 5. Collected $75,000 cash from accounts receivable. 6. Paid $34,000 cash for salary expense. 7. Paid $33,200 cash as a partial payment on accounts payable. Adjusting Entries 8. Made the adjusting entry for the expired rent. (See Event 2.) 9. Recorded $5,000 of accrued salaries at the end of Year 1. Events for Year 2 1. Paid $5,000 cash for the salaries accrued at the end of the prior accounting period. 2. Performed services for cash of $47,000. 3. Purchased $4,100 of supplies on account. 4. Paid $14,400 cash in advance for rent. The payment was for one year beginning April 1, Year 2 . 5. Performed services for customers on account for $114,000. 6. Incurred operating expenses on account of $54,500. 7. Collected $102,000 cash from accounts receivable. 8. Paid $52,000 cash as a partial payment on accounts payable. 9. Paid $32,800 cash for salary expense. 10. Paid a $10,000 cash dividend to stockholders. Adjusting Entries Problem 13-34A (Algo) Part c c. Prepare a trial balance for Year 1

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

More Books

Students also viewed these Accounting questions

Question

How do rituals and routines express organizational values?

Answered: 1 week ago