GL0404 - Based on Problem 4-6A LO P4 The unadjusted trial balance for Photo Sense as December 31 is provided on the trial balance tab. Information for adjustments is as follows: a. As of December 31, employees had earned $1,900 of unpaid and unrecorded salaries. The next payday is January 4, at whic $2,375 of salaries will be paid. b. The cost of supplies still available at December 31 is $2,000. c. The notes payable requires an interest payment to be made every three months. The amount of unrecorded accrued interes December 31 is $1,075. The next interest payment, at an amount of $1,290, is due on January 15. 2. Analysis of the unearned member fees account shows $2,400 remaining unearned at December 31. e. In addition to the member fees included in the revenue account balance, the company has earned another $12,800 in unre fees that will be collected on January 31. The company is also expected to collect $13,000 on that same day for new fees ea January f. Depreciation expense for the year is $23,600. Requirement General Journal General Ledger Trial Balance Income Statement St Owners Equity Balance Sheet Post Closing You may view either the unadjusted, adjusted, or post-closing trial balance by choosing from the drop-down box below. Your choice will determine the reported values on the financial statement tabs. Unadjusted - PHOTO SENSE Trial Balance December 31, 2019 Account Title Credit $ Debit 132,120 10,000 118,000 Cash Supplies Equipment Accumulated depreciation - Equipment Unearned member fees Long-term notes payable 1. Kuhl, Capital 1. Kuhl, Withdrawals Member fees earned Salaries expense Interest expense Total 47,200 18,500 86,000 98,000 26,000 56,000 17,000 2,580 305,700 $ $ 305,700 Journal entry worksheet 2 3 4 5 6 7 8 9 10 > As of December 31, employees had earned $1,900 of unpaid and unrecorded salaries. The next payday is January 4, at which time $2,375 of salaries will be paid. Record the required adjusting entry, if any. Note: Enter debits before credits. Date Account Title Debit Credit Dec 31 Journal entry worksheet 3 4 5 6 7 8 9 10 > The cost of supplies still available at December 31 is $2,000. Record the required adjusting entry, if any. Note: Enter debits before credits. Account Title Debit Credit Date Dec 31 Journal entry worksheet The notes payable requires an interest payment to be made every three months. The amount of unrecorded accrued interest at December 31, is $1,075. The next interest payment, at an amount of $1,290, is due on January 15. Record the required adjusting entry, if any. Note: Enter debits before credits. Date Account Title Debit Credit Dec 31 Journal entry worksheet 5 6 7 8 9 10 > Analysis of the unearned member fees account shows $2,400 remaining unearned at December 31. Record the required adjusting entry, if any. Note: Enter debits before credits. Date Account Title Debit Credit Dec 31 Journal entry worksheet In addition to the member fees included in the revenue account balance, the company has earned another $12,800 in unrecorded fees that will be collected on January 31. The company is also expected to collect $13,000 on that same day for new fees earned in January. Record the required adjusting entry, if any. Note: Enter debits before credits. Date Account Title Debit Credit Dec 31 Journal entry worksheet Depreciation expense for the year is $23,600. Record the required adjusting entry, if any. Note: Enter debits before credits. Date Account Title Debit Credit Dec 31 Journal entry worksheet Record the entry to close the revenue account(s). Note: Enter debits before credits. Date Account Title Debit Credit Dec 31 Journal entry worksheet Record the entry to close the expense account(s). Note: Enter debits before credits. Date Account Title Debit Credit Dec 31 Journal entry worksheet Record the entry to close income summary. Note: Enter debits before credits. Date Account Title Debit Credit Dec 31 Record entry Clear entry View general iournal Journal entry worksheet Requirement General Journal General Ledger Trial Balance Income Statement St Owners Equity Balance Sheet Post Closi Use the drop-downs to select the accounts properly included on the balance sheet. The unadjusted, post-closing balances will appear for each account, based on your selection. Unadjusted PHOTO SENSE Balance Sheet December 31 ASSETS Current assets: Plant assets: LIABILITIES AND EQUITY Current liabilities: $ 0 Noncurrent liabilities: Equity Requirement General Journal General Ledger Trial Balance Income Statement St Owners Equity Balance Sheet Post Closing Begin by selecting "Post-closing" from the drop-down below. Then, for each account, use the drop-down to indicate whether the account is included on the post-closing trial balance. Based on your decisions, the post-closing trial balance will be created. Compare your results with the Trial Balance tab. Unadjusted - Included on Post-closing trial balance? Type of Account Post-closing Trial Balance Dr. Cr. Account Cash Accounts receivable Supplies Equipment Accumulated depreciation - Equipment Interest payable Salaries payable Unearned member fees Long-term notes payable 1. Kuhl, Capital I. Kuhl, Withdrawals Member fees earned Depreciation expense - Equipment Salaries expense Interest expense Supplies expense Totals $ 0 $ 0
