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I NEED SOLUTION OF ATTACHED ASSIGNMENT. PLEASE HELP ME FOR THIS

Acct3310 - Assignment #1 - due May 17 1. The following are all of the accounts of Mean Green Company that have a balance at the end of August, the company's first month of operation: Accounts receivable Equipment Service revenues earned Rent expense Office supplies Notes payable $11,000 39,700 32,000 1,500 2,300 22,500 Cash Advertising expense Accounts payable J. Mullins, withdrawals Salaries expense J. Mullins, capital $10,100 3,000 13,800 2,000 9,000 10,300 All accounts have normal balances. a) Calculate net income. b) Determine the amount of owner's equity to be shown on the August 31 balance sheet. 2. For each of the following errors, indicate the amount it will cause the trial balance to be out of balance, and which trial balance column (i.e., debit or credit) will have the larger total as a result of the error. a) A $100 debit to Cash was debited to the Cash account twice. b) A $1,900 credit to Sales was posted as a $190 credit. c) A $5,000 debit to Office Equipment was debited to Office Supplies. d) A $625 debit to Prepaid Insurance was posted as a $62.50 debit. e) A $520 credit to Accounts Payable was not posted. Error a) b) c) d) e) 3. Amount Out of Balance _________ _________ _________ _________ _________ Column (Dr. Cr.) with Larger Total ______________ ______________ ______________ ______________ ______________ Prepare period-end adjusting journal entries for the following unrelated cases, assuming a December 31 fiscal year-end for each. (Explanations not required). a) Office equipment expected to last 10 years was acquired on May 31 for $64,000. The office manager estimated that it could be salvaged for $4,000 at that time. b) The Prepaid Insurance account has a $2,580 debit balance before adjustment. An examination of insurance policies shows $890 of insurance expired. c) The Prepaid Insurance account has a $2,150 debit balance before adjustment. An examination of insurance policies shows $525 of unexpired insurance. d) Three office employees each earn $75 per day for a five-day workweek that ends on Friday. The employees were paid on Friday, December 26, and have worked full days on Monday, Tuesday, and Wednesday, December 29, 30, and 31. e) On November 1, a property owner received 6 months' rent in advance from a tenant whose rent is $675 per month. The $4,050 was credited to the Unearned Rent account. f) A property owner collects rent monthly from his tenants. One tenant whose rent is $750 per month has not paid his rent for December. He pays for December and the next two months together on the same cheque on January 2. In addition to adjusting entry(s), record reversing entry(s) and the subsequent payment received January 2. 1 4. Beryl Agatha is experiencing some difficulty with her trial balance not balancing. She has asked you to review her accounts, and you find the following errors: (i) The following accounts were understated $200; Prepaid Insurance, Property Tax Expense (ii) Transposition errors were made in Accounts Receivable and Service Revenue; the correct balances are $5,500 and $13,380 respectively. (iii) Owner's personal drawings of $3,000 was debited to Beryl Agatha Capital and credited to cash. (iv) Advertising expense of $600 debit was completely omitted. (v) Accounts payable was overstated by $200. BERYL AGATHA COMPANY Trial Balance December 31, 2015 Debit Credit Cash Accounts Receivable Prepaid Insurance Equipment Accounts Payable Property tax Payable Beryl Agatha Capital Service Revenue Salaries Expense Advertising Expense Property Tax Expense TOTAL $ 9,600 5,140 1,400 $ 16,000 9,000 1,120 22,400 13,920 8,400 2,200 ________ $ 41,780 1,600 $ 49,000 Required: Prepare a corrected trial balance. 5. The trial balance of Santos Corporation is reproduced on the following page. The information below is relevant to the preparation of adjusting entries needed to both properly match revenues and expenses for the period and reflect the proper balances in the real and nominal accounts. Requirement #1 As the accountant for Santos Corporation, you are to prepare adjusting entries based on the following data, entering the adjustments on the work sheet provided and completing the additional columns with respect to the income statement and balance sheet. Reference your adjustments, label all items and provide all required totals. (Due to time constraints, an adjusted trial balance is not required.) Round all calculations to the nearest dollar. a) After an aging of accounts receivable, it was determined that three percent of the accounts will become uncollectible. b) Depreciation is calculated using the straight-line method, with an eight-year life and $1,000 salvage value. 2 c) Salesmen are paid commissions of 11 percent of sales. Commissions on sales for the last week of December have not been paid. (i.e. not all commissions have been paid for the year) d) The note payable was issued on October 1, bearing interest at 8 percent, due February 1, 2015. (Prorate interest by months not days) e) A physical inventory of supplies indicated $280 of supplies currently in stock. f) Provisions of a lease contract specify payments must be made one month in advance, with monthly payments at $900/mo. This provision has been complied with as of December 31, 2013. Santos Corporation Work Sheet December 31, 2015 Adjustments Income Statement Trial Balance Accounts Cash Marketable Securities Accounts Receivable Allow. for D. A. Mdse. Inventory Supplies Equipment Acc.. Dep'n.-Equip. Accounts Payable Notes Payable Common Stock Retained Earnings Cost of Goods Sold Office Salaries Sales Commissions Rent Expense Misc. Expense Sales Totals Dr_ 5,400 4,050 40,000 Cr. Dr. Cr. Dr. Cr. Balance Sheet Dr. Cr. 420 16,800 1,040 49,000 9,500 4,400 4,250 40,000 25,340 238,520 20,800 29,000 7,200 2,200 414,010 330,100 414,010 (You may use this page for submission of requirement #1 after marking.) Requirement #2: Prepare all closing entries for Santos Corporation on December 31, 2015 3