Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

General Ledger PR 3-3B Adjusting entries OBJ. 2, 3, 4, 5 Crazy Mountain Outfitters Co., an outfitter store for fishing treks, prepared the following unadjusted

image text in transcribed
General Ledger PR 3-3B Adjusting entries OBJ. 2, 3, 4, 5 Crazy Mountain Outfitters Co., an outfitter store for fishing treks, prepared the following unadjusted trial balance at the end of its first year of operations: Crazy Mountain Outfitters Co. Unadjusted Trial Balance April 30, 2019 Debit Balances Credit Balances 11,400 72,600 7,200 112,000 12,200 19,200 137,800 Cash Accounts Receivable.. Supplies.. Equipment.. Accounts Payable Unearned Fees John Bridger, Capital John Bridger, Drawing Fees Earned. Wages Expense Rent Expense Utilities Expense Miscellaneous Expense 10,000 305,800 157,800 55,000 42,000 7,000 475,000 475,000 For preparing the adjusting entries, the following data were assembled: Supplies on hand on April 30 were $1,380. Fees earned but unbilled on April 30 were $3,900. Depreciation of equipment was estimated to be $3,000 for the year. Unpaid wages accrued on April 30 were $2,475. The balance in unearned fees represented the April 1 receipt in advance for services to be provided. Only $14,140 of the services was provided between April 1 and April 30. . . Instructions 1. Journalize the adjusting entries necessary on April 30, 2019. 2. Determine the revenues, expenses, and net income of Crazy Mountain Outfitters Co. before the adjusting entries. 3. Determine the revenues, expenses, and net income of Crazy Mountain Outfitters Co. after the adjusting entries. 4. Determine the effect of the adjusting entries on John Bridger, Capital

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

Auditing Algorithms Understanding Algorithmic Systems From The Outside In Foundations And Trends

Authors: Danaƫ Metaxa, Joon Sung Park, Ronald E Robertson, Karrie Karahalios, Christo Wilson, Jeff Hancock, Christian Sandvig

1st Edition

1680839160, 978-1680839166

More Books

Students also viewed these Accounting questions