Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Gold Cleaning Services (GCS) has a facal year-and of December 31. It is the first year of operations. As of year-end, GCS has the following
Gold Cleaning Services (GCS) has a facal year-and of December 31. It is the first year of operations. As of year-end, GCS has the following unadjusted trial balance: In addition, it has not aqusted for the following transaction (Click the icon to view the transactions.) (Click the icon to view the unadjusted trial balance) Read the requirements Begin by posting the adjusting journal entries to the 1-accounts to obtain the adjusted balances. Taccounts have been opened using the balances from the unadjusted trial balance Use the adusting journal entry numbers (AJE1 through AJE4) as posting references to post each adjusting enery to the relevant accounts, than compute the adjusted ending balance of each account. Label the adjusted balances with Ad Bal (For accounts with a 30 adjusted balance, select "Ad Bal and errier on the normal balance side of the teccount.) Review the adjusting journal entries made in Requirement a Accounts acalable Account Rent Expense Prepaid Rent December 31 2,100 2,100 (2) The building was purchased early this year and has a 30-year life with no residual value. Depreciation is to be recorded for a full year on a straight-line basis Account Depreciation Expense-Building Accumulated Depreciation-Building December 31 4,400 4,400 (3) The company provided a portion of the services related to an advance collection on December 20. It performed one-half of the services to be performed in the current year. Account Deferred Service Revenue December 31 48,000 Service Revenue 48,000 (3) The company provided a portion of the services related to an advance collection on December 20. It performed one-half of the services to be performed in the current year. Account Deferred Service Revenue Service Revenue December 31 48,000 48,000 (4) Wages for the current year in the amount of $26,000 should be accrued and are set to be paid out to workers in January Account Wage Expense Wages Payable December 31 20,000 20,000 Gold Cleaning Services (GCS) has a fiscal year-end of December 31, it is the first year of operations. As of year-end. Requirement b. Prepare an adjusted trial balance as of December 31, 2022. In addison, it has not adjusted for the following transactions Begin by posting the adjusting journal entres to the 1-accounts to obtain the adjusted balances. T-accounts have been opened using the balances from the unadjusted trial balance. Use the adusting journal entry numbers (AJE1 rough AJE4) as posting references to post each adjusting entry to the relevant accounts, then compute the adjusted ending balance of each account. Label the adjusted balances with Ad. Bal (Fer accounts with a 50 adjusted balance, select Sky Bal and enter "0" on the normal balance side of the 1-account) Review the adustoo journal entries made in Cash Unad Bal 600.000 Und Ba Accounts Receivable 156,000 Supplies Prepaid Rent Unad Ba 113,000 Uned Ba 2,100 Una Bal Building 132.000 Accumulated Depreciation-Building Accounts Payable Wages Payable 42,000 Unad Bal Deferred Service Revenue Common Stock 96,000 Unad Bal 80,000 Unad Bal Retained Earnings Service Revenue 0 Unad Bal 154,300 Unad Bal Unad Ba Wage Expense 44.300 Uues Expense Unadj. Bel 7,000 Retained Earnings Service Revenue 0 Unadj. Bal. 854,300 Unadj. Bal Unadj. Bal Wage Expense 44,300 Utilities Expense Unadj. Bal. 7,000 Unadj. Bal Administrative Expense 18.500 Depreciation Expense-Building Help me solve this Etext pages Get more help Rent Expense
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started