Financial Statement Homework #1 Name Hardy Company Unadjusted Trial Balance December 31, 2018 118.000 35,500 6.000 30,000 108,100 17.000 74,000 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2018) Dividends Service Revenue Repair Expense Delivery Expense Depreciation Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Expense Income Tax Expense Total 40.000 9,500 15,500 11,500 43,000 41,000 40,000 5,000 487.000 12.000 40,000 15,000 36,000 10,000 139.000 7,500 2.400 32,000 687,500 687,500 Part 1: Prepare adjusting journal entries using the unadjusted trial balance provided to you in Question 1 of the Financial Statement Homework quiz on D2L and the information provided below. The Unadjusted Trial Balance can be downloaded from Page 1 oft Part 1: Prepare adjusting journal entries using the unadjusted trial balance provided to you in Question 1 of the Financial Statement Homework quiz on D2L and the information provided below. The Unadjusted Trial Balance can be downloaded from the D2L quiz by right clicking on the image and saving it to your computer. When preparing the adjusting journal entries, use only the account names provided in the Unadjusted Trial Balance (do not create any new account names and do not abbreviate account names). 1. The prepaid insurance balance reflects a 12-month insurance policy which started on Sept. 1. 2018, and no adjustments were made from Sept. 1 - Dec. 31, 2018. Write the adjusting journal entry for Dec. 31, 2018. Dr. Insurance Expense TODO WOOD Cr. Prepaid Insurance 2. Additional depreciation expense of $15,000 needs to be recorded for the year ended 2018. Dr Depreciation Expose 15 DOO CE 3. Wages due to employees of $8,000 need to be recorded at year end. These wages will be paid to employees on January 9, 2019. (next month) Dr. Weges Expense Cr. Woges Payable 4. The company has completed $12,900 of the amount in unearned revenue as of Dec. 31st Dr. Unearned Revenue 12400 Cr. service Revenue 5. In Dec. the company provided services worth $8,000 to clients that were not yet billed or recorded by Dec. 31. Record the additional revenue. 2000 Dr. Accounts Receivable Cr. Service Revenue 200D 6. On Dec 31" the company completed a physical count of their supplies and determined that only $4,000 of supplies are still on hand. Dr. Supplies Expense 2000 L Cr. Supplies 2 DOD Page 2 of & accounts). Write in the unadjusted balance for each of these accounts from the Unadjusted Trial Balance provided in question 1 of your D2L quiz (the unadjusted balance might be a debit, a credit, or zero balance). Now you are ready adjusting journal entries from Part 1 to the corresponding T-accounts and calculate adjusted balances. T TI Part 3: Prepare the Adjusted Trial Balance (i.e., after the previous 6 journal entries are posted) Page 3 of 8
