Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I need help with this assignment. Mostly with closing entries and financial statements. Homework 4 Due date: September 18, 2017 by 5 PM Assignment: Top
I need help with this assignment. Mostly with closing entries and financial statements.
Homework 4 Due date: September 18, 2017 by 5 PM Assignment: Top Shelf Lard Inc. provides you with the following listing of pre-adjustment account balances as of December 31, 2014. _____________________________________________________________________________ Debit Credit Cash ......................................................................................................... $ 6,000 Accounts Receivable ............................................................................... 2,200 Office Supplies ........................................................................................ 1,800 Prepaid Insurance .................................................................................... 2,500 Office Equipment .................................................................................... 15,000 Accumulated DepreciationOffice Equipment ..................................... $ 4,000 Accounts Payable .................................................................................... 4,000 Unearned Service Revenue ..................................................................... 4,000 Common Stock......................................................................................... 12,000 Retained Earnings ................................................................................... 4,400 Dividends ................................................................................................ 2,500 Service Revenue ...................................................................................... 3,500 Wage Expense ......................................................................................... 1,900 $31,900 $31,900 Additional information for adjusting entries: 1. A count of office supplies indicates $1,200 of supplies on hand at the end of the year. 2. Office equipment is depreciated straight-line over a ten year period. 3. Additional wages of $600 were incurred, but have not yet paid. 4. The prepaid insurance pertains to a 5-month insurance policy. Coverage began on December 1, 2014. 5. A cash advance received from a customer was recorded as unearned revenue. As of the end of the year, three-fourths of the services promised under the contract have been provided. Prepare adjusting journal entries, closing journal entries, an income statement for 2014, and a balance sheet as of December 31, 2014Step 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