GL0401-Based on... LO C3, P2, P3

Help GL0401 - Based on... LO C3, P2, P3 The Home Health Plus Company began operations on December 1, 2019. The unadjusted trial balance of the Home Health Plus Company as of December 31, 2019 is found on the trial balance tab. The following information is required to prepare the necessary adjusting entries for the Home Health Plus Company found in chapter 3. 1) The balance in Prepaid insurance represents a 24-month policy that went into effect on December 1, 2019. Review the unadjusted balance in Prepaid Insurance, and prepare the necessary adjusting entry, if any. 2) Based on a physical count, supplies on hand total 55,250. Review the unadjusted balance in Supplies, and prepare the necessary adjusting entry. If any 3) The equipment is expected to have a 4-year useful, and be worth about $10,000 at the end of four years. Review the unadjusted balance in Accumulated depreciation, and prepare the necessary adjusting entry if any 4 on December 26, the client paid a $11,400 60-day fee in advance, covering December 27 to February 24. Review the unadjusted balance in Unearned Consulting Revenue, and prepare the necessary adjusting entry, if any. 5 Home Health Plus's sole employee earns $200 per day for a five-day workweek beginning on Monday and ending on Friday. The employee was last paid on Friday, December 26. Review the unadjusted balance in Salarios payable and prepare the necessary adjusting entry, if any 6) In the second week of December Home Health Plus agreed to provide 30 days of consulting services to a local fitness club for a ford fee of $4,860. The terms of the initial agreement call for Home Health Plus to provide services from December 12, 2019, through January 10, 2020. or 30 days of service. The club agrees to pay Home Health Plus $4,860 on January 10, 2020, when the service period is complete Review the unadjusted balance in Consulting revenue and prepare the necessary adjusting entry, it any Prepare the required adjusting and closing entries for the Home Health Plus Company Requirement General General Incore Trial Balance Journal St Owner Lediger Statement Equity Balance Sheet Work Sheet General Journal tab For transactions 1-6, review the unadjusted balance and prepare the adjusting entry necessary to correctly report the revenue carned or the expense incurred. The prepare the required closing entries. General Ledger tab - Each journal entry is posted automatically to the general ledger. Use the drop-down button to view the unadjusted, adjusted, or post-closing balances Trial Balance tab. You may vieweither the adjusted, adjusted, or post-closing balances by choosing from the cropdown box below. Your choice will determine the reported values on the financial statement tabs Prey 1 of 1 !! Next G Search or type URL OP - $ 4 3 5 6 8 9 0 W E R T Y U 0 S D F G H C V B N M through January 10, 2020, or 30 days of service, in ciud agrees to pay Home Health Plus 34,000 on January 10, 2020, when service period is complete. Review the unadjusted balance in Consulting revenue and prepare the necessary adjusting entry any Prepare the required adjusting and closing entries for the Home Health Plus Company General Requirement General Income Journal Trial Balance St Owner Ledger Statement Balance Sheet Work Sheet Equity for transactions 1-6, review the unadjusted balance and prepare the adjusting entry necessary to correctly report the revenue earned or the expense incurred. After adjusting the accounts, review the financial statements for accuracy. Then, prepare the required closing entries. View transactions View journal entry workshost Debit Credit Na 1 Date Dec 31 Account Title No Transaction Recorded 2 Dec 31 No Transaction Recorded 3 Dec 31 No Transaction Recorded Pre Nerd MacBook Pro Search or type URL wei $ 4 % 5 & 7 2 3 6 8 0 W E R T Y U 0 S D F G H J General Ledger Account Cash No. Debit Date Dec 31 Credit Supplies Debit Balance 11,485 No. Credit Date Dec 31 Balance 7,000 No. Prepaid insurance Debit Credit Date Dec 31 Equipment Debit Balance 4,800 No. Date Dec 31 Credit Balance 43,600 Accounts payable Debit Credit No. Date Dec 31 Balance No. Unearned consulting revenue Date Debit Credit Dec 31 6.200 Balance 11.400 No. Date Dec 31 M. Duerr, Capital Debit Credit M. Duert, Withdrawals Debit Credit No. Date Balance 46,000 Balance 1,000 No. Consulting revenue Debit Credit Date Dec 31 Rental revenue Debit Credit Balance 9,700 No. Date Dec 31 Balance 650 Salaries expense Debit Credit No. Date Dec 31 Balance 3,400 No. Rent expense Debit Credit Date Dec 31 Balance 2.300 Uuilities expense Debit No. Credit Date Dec 31 Balance 365 Prey 1 of 1 Next General General Requirement Income Journal Trial Balance St Owner Ledger Balance Sheet Work Sheet Statement Equity You may view elther the unadjusted, adjusted, or post-closing trial balance by choosing from the dropdown box below. Your choice will determine the reported talues on the financial statement tabs. Unadjusted Home Health Plus Trial Balance December 31, 2017 Account Title Credit $ Debit 11,485 7,000 4,800 43.600 Cash Supplies Prepaid insurance Equipment Accounts payable Uncanned consulting revenue OM Duore, Capital M Duerr Withdrawals Consulting revenue Rental revenue Salaries expense Rent expense Utilities expense Total 8.200 11,400 46,000 1,000 9.700 650 3,400 2,300 365 73,950 $ 73,950 General General Requirement Income Trial Balance St Owner Journal Ledger Statement Equity Balance Sheet Work Sheet Income Statement Revenues and expenses are temporary equity accounts. They represent the change in equity attributable to the operation of the business during the current period. These temporary equity amounts are closed at the end of each account period. Unadjusted Home Health Plus Income Statement For Month Ended December 31, 2019 Revenues: $ 0 0 Expenses: O O OOOO Net income $ General General Requirement St Owner Income Trial Balance Balance Sheet Work Sheet Journal Ledger Statement Equity There are four subsets of equity: Investments by the owner, withdrawals by the owner, revenues and expenses. These four subsets are compiled in the owner's capital account at the end of the period during the closing entry process. The ending capital balance is transferred to the equity section of the balance sheet. Home Health Plus Statement of Owner's Equity For Month Ended December 31, 2019 0 M. Duerr Capital, December 31, 2019 46,000 Unadjusted Home Health Plus Balance Sheet December 31, 2019 Assets Current assets: $ 0 OOO $ 0 Total current assets: Plant assets: 0 0 0 Equipment, net $ 0 Liabilities $ Ooo Equity Dron 1 of 1 + Ne Income Statement St. of Owner's Equity & Balance Sheet Dr. Cr Cr. Dr. Gr. Unadjusted Trial Balance Dr. Cr 11,485 0 7.000 4,800 43,600 Work Sheet For the Year Ended December 31, 2019 Adjustments Adjusted Trial Balance Dr. Dr. Gr 11485 0 7,000 4,800 43,600 Account Cash Accounts receivable Supplies Prepaid insurance Equipment Accumulated depreciation Accounts payable Salaries payable Uneamed consulting revenue M. Duerr, Capital M. Duorr, Withdrawals Consulting revenue 0 6,200 6.200 0 11.400 46,000 11.400 46,000 1.000 1.000 9.700 0.700 650 650 3,400 2,300 Rental revenue Depreciation expense Salaries expense Insurance expense Rent expense Supplies expense Utilities expense Totals Net Income Totals 0 3,400 0 2.300 0 365 73.950 365 73.950 0 73,950 0 73,950 0 0 0 0 0 0 0 Pro 1 of 1 1:: Next GLO401 - Based on... LO C3, P2, P3 The Home Health Plus Company began operations on December 1, 2019. The unadjusted trial balance of the Home Health Plus Company as of December 31, 2019 is found on the trial balance tab. The following information is required to prepare the necessary adjusting entries for the Home Health Plus Company found in chapter 3. 1) The balance in Prepaid insurance represents a 24-month policy that went into effect on December 1, 2019. Review the unadjusted balance in Prepaid insurance, and prepare the necessary adjusting entry, if any. 2) Based on a physical count, supplies on hand total $5,250 Review the unadjusted balance in Supplies, and prepare the necessary adjusting entry, if any 3) The equipment is expected to have a 4-year useful life, and be worth about $10,000 at the end of four years, Review the unadjusted balance in Accumulated depreciation, and prepare the necessary adjusting entry, if any. 4) On December 26, the client paid a $11,400 60-day fee in advance, covering December 27 to February 24 Review the unadjusted balance in Unearned Consulting Revenue, and prepare the necessary adjusting entry, if any 5) Home Health Plus's sole employee earns $200 per day for a five-day workweek beginning on Monday and ending on Friday. The employee was last paid on Friday, December 26. Review the unadjusted balance in Solories payable, and prepare the necessary adjusting entry, if any. 6) In the second week of December, Home Health Plus agreed to provide 30 days of consulting services to a local fitness club for a fixed fee of $4,860. The terms of the initial agreement call for Home Health Plus to provide services from December 12, 2019. through January 10, 2020, or 30 days of service. The club agrees to pay Home Health Plus $4,860 on January 10, 2020, when the service period is complete. Review the unadjusted balance in Consulting revenue and prepare the necessary adjusting entry, if any. Prepare the required adjusting and closing entries for the Home Health Plus Company