Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Fiscal year ending January 31 JumpCloud Vigilante Analytics, Inc Unadjusted Trial Balance 31-Jan-20 Debit Credit Balance Balance 13,100 8,000 7,500 113,000 12,000 90,000 27,100 4,500

image text in transcribed
image text in transcribed
Fiscal year ending January 31 JumpCloud Vigilante Analytics, Inc Unadjusted Trial Balance 31-Jan-20 Debit Credit Balance Balance 13,100 8,000 7,500 113,000 12,000 90,000 27,100 4,500 Description Cash Supplies Prepaid Insurance Equipment Accumulated Depreciation - Equipment Trucks Accumulated Depreciation - Trucks Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Service Revenue Depreciation Expense - Equipment Depreciation Expense - Trucks Insurance Expense Wages Expense Rent Expense Supplies Expense Truck Expense Miscellaneous Expense 30,000 96,400 3,000 155,000 72,000 7,600 5,350 5,450 325,000 325,000 The data need to determine year-end adjustments are as follows: Supplies on-hand at January 31, 2020 are $ 2,850 b. Insurance premiums expired during the year are $3,150 Depreciation of equipment during the year is $5,250 Depreciation of trucks during the year is $ 4,000 Wages accrued but not paid at January 31, 2020 are $ 900 Requirements: 1 Prepare journal entries for the above year-end adjustments. 2 Enter the adjustments prepared in 1 above to the end-of-period Excel spreadsheet. 3 Prepare an adjusted trial balance. 4 Prepare an income statement, a retained earnings statement, and a balance sheet 5 Journalize the post closing entries. 6 Prepare a post-closing trial balance

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_2

Step: 3

blur-text-image_3

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

Wiley CPAexcel Exam Review 2018 Study Guide Auditing And Attestation

Authors: Wiley

1st Edition

1119480671, 978-1119480679

More Books

Students also viewed these Accounting questions