hello, i need help with 6.
he end of May, the following adjustment data were assembled. Analyze these data to complete parts (5) and 6) a. Insurance expired during May is $275. b. Supplies on hand on May 31 are $715. c. Depreciation of office equipment for May is $330. d. Accrued receptionist salary on May 31 is $325. e. Rent expired during May is $1,600. f. Unearned fees on May 31 are $3,210. 4. At t and use 211 Chapter 4 Completing the Accounting Cycle 5. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet complete the spreadsheet. 6. Journalize and post the adjusting entries. Record the adjusting entries on Page 7 o the journal. 7. Prepare an adjusted trial balance. 8. P repare an income statement, a retained earnings statement, and a balance sheet 9. Prepare and post the closing entries. Record the closing entries on Page 8 of the journal. (Income Summary is account #34 in the chart of accounts. ) Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry 10. Prepare a post-closing trial balance. Cases & Projects 0 CP 4-1 Ethics and professional conduct in business Picasso Graphics is a graphics arts design consulting firm. Pablo Taylor, its treasurer and vice president of finance, has prepared a classified balance sheet as of July 31, 2016, the end of its fiscal year. This balance sheet will be submitted with Picasso Graphics' loan application to Paris Trust & Savings Bank. Becky Holt, the president of Picasso Graphics, as a trade account receivable. for a down payment In the Current Assets section of the balance sheet, Pablo reported a $56,000 receiv- Becky borrowed the money from Picasso Graphics in January 2014 f on a new home. She has orally assured Pablo that she will pay off the account receivable within the next year. Pablo reported the $56,000 in the same manner on the preceding year's balance sheet. - Evaluate whether it is acceptable for Pablo to prepare the July 31, 2016, balance sheet in this manner n Ren Simpson, presi- 211 r the unadjusted trial balance on an end-of-period spreadsheet an post the adjusting entries. Record the adjusting entries on Page 7 o Chapter 4 Completing the Accounting Cycle complete the spreadsheet. 6. Journalize and the journal. 7. Prepare an adjusted trial balance 8. P repare an income statement, a retained earnings statement, and a balance sheet 9. Prepare and post the closing entries. Record the closing entries on Page 8 of the journal. (Income Summary is account #34 in the chart of accounts.) Indicate cl osed accounts by inserting a line in both the Balance columns opposite the closing entry 10. Prepare a post-closing trial balance. Cases & Projects 0 CP 4-1 Ethics and professional conduct in business Picasso Graphics is a graphics arts design consulting firm. Pablo Taylor, its treasurer and vice president of finance, has prepared a classified balance sheet as of July 31, 2016, the end of its fiscal year. This balance sheet will be submitted with Picasso Graphics' loan application to Paris Trust& Savings Bank. able from Becky Holt, the president of Picasso Graphics, as a trade Becky borrowed on a new home. She has orally assured Pablo that she will pay off the account receivable within the next year. Pablo reported the $56,000 in the same manner on the preceding year's balance sheet. In the Current Assets section of the balance sheet, Pablo reported a $56,000 receiv- the money from Picasso Graphics in January 2014 for a down payment Evaluate whether it is acceptable for Pablo to prepare the July 31, 2016, balance sheet in this manner n Ren Simpson, presi Instructions 1. The chart of accounts for Kelly Consulting is shown in Exhibit 9, and the post-closing trial balance as of April 30, 2016, is shown in Exhibit 17. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of four-column account. Date the balances May 1, 2016, and place a check mark ( in the Posting Reference column. Journalize each of the May transactions in a two column journal starting on Page 5 of the journal and using Kelly Consulting's chan of accounts. (Do not insert the account numbers in the journal at this time.) 2. Post the journal to a ledger of four-column accounts. 3. Prepare an unadjusted trial balance 4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6) a. Insurance expired during May is $275. b. Supplies on hand on May 31 are $715. c. Depreciation of office equipment for May is $330, d. Accrued receptionist salary on May 31 is $325. e. Rent expired during May is $1,600. f. Unearned fees on May 31 are $3,210
