Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

How do I calculate retained earnings in both the Unadjasted Trial Balance and Adjusted Trial Balance? ALSO, I need help with income statement, statement of

How do I calculate retained earnings in both the Unadjasted Trial Balance and Adjusted Trial Balance?
ALSO, I need help with income statement, statement of stockholders equity and classified balance sheet?
(Last Picture)
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Question Completion Status Prepare journal entries to record the December transactions in the General Journal Tab in the excel template file "Accounting Cycle Excel #1 Template.xlsx". Use the following accounts as appropriate: Cash, Accounts Receivable, Supplies, Prepaid Insurance, Equipment, Accumulated Depreciation, Accounts Payable, Wages Payable, Common Stock, Retained Earnings, Dividends, Service Revenue, Depreciation Expense, Wages Expense, Supplies Expense, Rent Expense, and Insurance Expense. Required: Began business by depositing $10000 in a bank account in the name of the company in exchange for 1000 shares of $10 per share common stock 1-Dec 1-Dec Paid the rent for the current month, $1400 1-Dec Paid the premium on a one-year insurance policy, $1200 Purchased Equipment for $3600 cash. Purchased office supplies from XYZ Company on account, $300. Provided services to customers for $9000 cash 1-Dec 5-Dec 15-Dec 16-Dec Provided service to customers ABC Inc. on account, $7900 21-Dec Received $3300 cash from ABC Inc, customer on account. 23-Dec Paid $170 to XYZ company for supplies purchased on account on December 5. 28-Dec 30-Dec Paid wages for the period December 1 through December 28, $4760 Declared and paid dividend to stockholders $200 Post all of the December transactions from the "General Journal" tab to the T-accouns under the "T-Accounts" tab in the excel template file "Accounting Cycle Excel Template.xlsx. Assume there are no beginning balances in ahy of the accounts. #3. Compute the balance for each T-account after all of the entries have been posted. These are the unadjusted balance as of December 31. 4Prepare the unadjusted trial balance under the "Unadjusted Trial Balance" tab in the excel template file "Accounting Cycle Excel Template.xlsx" Provide the total of the credit column from the Unadjusted Trial Balance #5. Record the following four transactions as adjusting entries under the "General Journalr tab. One month's insurance has been used by the company 31-Dec $100. 31-Dec The remaining inventory of unused office supplies is $90. 31-Dec The estimated depreciation on equipment is $60. Click Save and Submit to sae and submit. Click Save All Answers to save all answers. Save All Answers Save and Subm Question Completion Status 31-Dec Wages incurred from December 29 to December 31 but not yet paid or recorded total $510. Post all of the adjusting entries to the T-accounts under the "T-Accounts" tab. Compute the balance for each T-account after all of the #6. adjusting entries have been posted. These are the adjusted balance as of December 31. #7 Prepare the adjusted trial balance under the "Adjusted Trial Balance" tab as of December 31 Excel Template.xlsx in the excel template file "Accounting Cycle Provide the following accounts balances from the Adjusted Trial Balance: Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Wages Payable Common Stock Retained Earnings Prepare Income Statement, Statement of Stockholder's Equity, and Classified Balance Sheet under the "Financial Statements" tab for the month ended December 31, 20XX in the excel template file "Accounting Cycle Excel Template.xlsx Provide the following amount from the Income Statement: Service Revenue Depreciation Expense Wages Expense Supplies Expense Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers Save and Submib Question Completion Status: Supplies Expense Rent Expense Insurance Expense Net Income Provide the following account balance from the Statement of Stockholders Equity Dividends Provide the following account balances from the Balance Sheet: Current Assets Long-Term Assets Total Liabilities Total Stockholder's Equity Cash #9. Record the closing entries under the "General Journalr tab. Post all of the closing entries to the T-accounts under the T-Accounts" tab. Compute the balance for each T-account after all of the closing #10 entries have been posted. Provide the ending balance of Cash at December 31 from the T-accoun Provide the balance of the Retained Earnings T-account after closing entries have been posted. Does the ending balance of the Retained Earnings T-account agree with the balance of Retained Earnings on the Balance Sheet? Check Point: Total Assets $ 20,300.00 Click Sqve and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers Save and Submit py A Merge & C I U Paste Format Office Update To keep up-to-date with security updates, fixes, and improvements, choose Check for Updates. G16 F G H E C D B A Accounts 4 Credit Debit 5 $ 10,970 6 Cash 4,600 7 Accounts Receivables 300 8 Supplies 9 Prepaid Insurance 1,200 S 3,600 10 Equipment 11 Accumulated Depreciation 12 Accounts Payable 13 Wages Payable 14 Common Stock 15 Retained Earnings 16 Dividends 130 $ 10,000 200 S 16,900 17 Service Revenue 1,400 18 Rent Expense 19 Wages Expense 20 Insurance Expense 21 Supplies Expense 22 Depreciation Expense 4,760 $ 27,030 $ 27,030 23 Totals 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 Unadjusted Trial Balance T-Accounts Adjusted Trial Balance Fir General Journal Ready py A I U B Paste Format Office Update To keep up-to-date with security updates, fixes, and improvements, choose C fx X v G E F D C B A Adjusted Trial Balance 3 Credit Debit 10,970 6 Cash 4,600 Accounts Receivables 7 90 8 Supplies $ 1,100 9 Prepaid Insurance $ 3,600 10 Equipment 11 Accumulated Depreciation 60 130 12 Accounts Payable 510 13 Wages Payable 14 Common Stock 10,000 15 Retained Earnings 200 16 Dividends 16,900 17 Service Revenue 1,400 5,270 18 Rent Expense 19 Wages Expense 20 Insurance Expense $ 100 21 Supplies Expense 22 Depreciation Expense 23 Totals 210 60 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 General Journal T-Accounts Unadjusted Trial Balance Adjusted Tria 1/0 Cut Calibri (Body) A- 11 A- Wrap Text Accounting Copy Paste B I U- A . A Merge & Center S Conditional Format Formatting as Table Styles Format Cel Insert Delete Office Update To keep up-to-date with security updates, fixes, and improvements, choose Check for Updates. P28 fx C F H Income Statement Statement of Stockholderns Equity For the month Ended December 31, 20X Classfed Balance Sheet For the month Ended December 31, 2000X Service Revenue At December 31, 20XX 16.900 Less: 7 Rent Expense 1,400 8 Wages Expense Insurance Expense Supplies Expense Depreciation Expense 4,760 100 210 11 90 12 6,560 10,340 13 Net Incomer 14 15 Statement of Retained Earning For The Period Ending Dec. 31. 16 17 Net income 10,340 Ch0op 10,140 18 Dividends 19 20 21 22 21 24 25 28 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 47 General Journal T-Accounts Unadjustod Trial Balance Adjusted Trial Balance Financial Statements Ready

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Word Search Puzzle Book For Auditing Clerk

Authors: Lx Antu

1st Edition

B09KN7YDD6, 979-8757688466

More Books

Students also viewed these Accounting questions