How to complete the general journal, income statement, balance sheet, statement of retained earnings and effect on equity. Thank you!
The November 30, 2018, unadjusted trial balance of Arnold Computing is found in the Trial balance tab. Arnold Computing had the following transactions and events in December 2018 Dec. 2 Paid $1,270 cash to Cayuga Mall for Arnold Computing' share of mall advertising costs. Dec. 3 Paid $660 cash for minor repairs to the company's computer. Dec. 4 Received $6,6ee cash from Green Engineering Co. for the receivable from November. Dec. 10 Paid cash to Ronnie Arnold for six days of work at the rate of $220 per day. Dec. 14 Notified by Green Engineering Co. that Arnold Computing' bid of $7,828 on a proposed project has been accepted. Green paid a $1,980 cash advance to Arnold Computing. Dec. 15 Purchased $2,ese of computer supplies on credit from Potter Office Products. 16 Sent a reminder to Porter Co. to pay the fee for services recorded on November 8. Dec. 2e Completed a project for Hughes Corporation and received $7,5ee cash. Dec. 22- Took the week off for the holidays. 26 Dec. 28 Received $3,6ee cash from Porter Co. on its receivable. Dec. 29 Reimbursed M. Arnold for business autonabile mileage (Bee miles at $2.32 per mile). Dec. 31 The company paid $2,200 cash in dividends. The following additional facts are collected for use in making adjusting entries prior to preparing financial statements for the company's first three months: Dec. a. The December 31 Inventory count of computer supplies shows $1.340 still available. b. Three months have expired since the 12-month Insurance premium was paid in advance. C. As of December 31. Ronnie Arnold has not been paid for four days of work at $220 per day. d. The computer system, acquired on October 1, is expected to have a four-year life with no salvage value. e. The office equipment, acquired on October 1, is expected to have a five-year life with no salvage value. f. Three of the four months' prepaid rent has expired. No Date Account Title Debit Credit 1 Dec 02 1.270 Advertising expense Cash 1.270 2 Dec 03 680 Repairs expense - Computer Cash OO 880 3 Dec 04 6,600 Cash Accounts receivable OO 6,600 4 Dec 10 1.320 Wages expense Cash OOO 1,320 5 Dec 14 Cash Unearned computer services revenue ol 1.900 1.900 6 Dec 15 2.050 Computer supplies Accounts payable 2,050 7 Dec 16 X 8 Dec 20 7,500 Cash Computer services revenue 7,500 9 Dec 28 3.600 Cash Accounts receivable 3.600 10 Dec 29 250 Mileage expense Cash DO 258 11 Dec 31 Dividends 2.200 7 Dec 18 X 8 Dec 20 olo 7.500 Cash Computer services revenue 7,500 9 Dec 28 3,600 Cash Accounts receivable DO 3.600 10 Dec 29 258 Mileage expense Cash los 258 11 Dec 31 2.200 o Dividends Cash 00 2.200 12 Dec 31 X 13 Dec 31 X X X Dec 31 880 Wages expense Wages payable 880 15 Dec 31 X X 18 Dec 31 8 17 Dec 31 > X 3 Each journal entry is posted automatically to the general ledger. Use the drop-down button to view the unadjusted or adjusted balances. Adjusted General Ledger Account Cash Accounts receivable Debit Credit No. Debit Credit No. Date Nov 30 Dec 04 Dec 28 Balance 18,400 9,800 8.200 1 tt 1,270 880 3 9 8,600 3,600 8,600 Date Nov 30 Dec 02 Dec 03 Dec 04 Dec 10 Dec 14 Dec 20 Dec 28 Dec 29 Dec 31 2 3 4 5 8 9 1.320 Balance 38,910 37,840 38,980 43,580 42,260 44,160 51,660 55,260 55,004 52,804 1,900 7,500 3,600 10 258 2. 200 11 Computer supplies Debit Credit Prepaid insurance Debit Credit No. Date No. Balance 3,120 5,170 Date Nov 30 Balance 2,840 Nov 30 Dec 15 6 2,050 Prepaid rent Debit Office equipment Debit Credit No. Credit No. Date Nov 30 Balance 7.100 Date Nov 30 Balance 10,400 Computer equipment Debit Credit Accounts payable Debit Credit No. No. Date Nov 30 Balance 23,840 Date Nov 30 Dec 15 Balance 0 2,050 6 2,050 Wages payable Debit Credit No. Balance No. Date Nov 30 Dec 31 Unearned computer services revenue Date Debit Credit Nov 30 Dec 14 1,900 0 Balance 0 1.900 14 880 880 1 5 Dividends Common stock Debit Credit No. Date No. Date Debit Credit Balance 82,500 Balance 8,600 8,800 2 11 Dec 31 2.200 Computer services revenue Debit Credit Wages expense Debit Credit No. Date No. Nov 30 Dec 20 Balance 35,100 42.600 Date Nov 30 Dec 10 Dec 31 t Balance 4,620 5.940 8,820 8 7,500 1,320 880 14 Advertising expense Debit Credit Mileage expense Debit Credit No. No. Date Nov 30 Dec 02 Balance 1,750 3,020 Date Nov 30 Dec 29 Balance 730 12 1 1.270 10 258 988 Miscellanous expenses Debit Credit Repairs expense - Computer Debit Credit No. Balance No. Date Nov 30 Date Balance 440 Balance Balance 1,050 1,710 Nov 30 Dec 03 2 2 880 Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Shee Use the drop-downs to select the accounts properly included on the income statement. Th balances will appear for each account, based on your selection. Adjusted ARNOLD COMPUTING Income Statement For Three Months Ended December 31, 2019 Revenues: $ 0 0 X Expenses: 0 X X X 0 0 0 0 0 0 X X X X X 0 0 0 0 Net income $ 0 Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on Income The unadjusted or adjusted balances will appear for each account, based on your selection. Adjusted ARNOLD COMPUTING Statement of Retained Earnings For Three Months Ended December 31, 2019 Retained earnings. October 1, 2019 $ Add: Net income Less: Dividends Retained earnings, December 31, 2019 0 (8.800) Balance Sheet > Income Statement Red last indicato response was expected in a car a formula-based calculation is incorrect; no points deducted. ARNOLD COMPUTING Balance Sheet December 31, 2019 ASSETS Current assets $ 0 0 0 X 0 X X 0 0 Plant assets 0 0 0 Total plant assets LIABILITIES AND EQUITY Liabilities: s 0 0 0 0 Equity X 0 0 Adjusted Account affecting the Income Statement Balance Sheet Impact on net income Adjusting entry related to: a) Computer supplies b) Prepaid insurance X c) Accrued wages x d) Depreciation - Computer equipment e) Depreciation - Office equipment f) Prepaid rent X X X X x 0
