I only need to check my answers for 5,6,7,8
Accounting Cycle Problem The John Marshall Company, Inc., which provides consulting services to major utility companies, was formed on January 2 of this year. Transactions completed during the first year of operation were as follows: Juary 2 - Issued 600,000 shares of stock for $10,000,000 January 10 - Acquired equipment in exchange for $2,000,000 cash and a $6,000,000 note payable. The note is due in ten years. February 1 - Paid $24,000 for a business insurance policy covering the two-year period beginning on ebruary 1. February 22 - Purchased $900,000 of supplies on account March 1 Paid wages of $185,600 March 23 Billed $2,730,000 for services rendered on account April 1-Paid 100,000 of the amount due on the supplies purchased February 22 April 17 - Collected S210,000 of the accounts receivable May 1 Paid wages of $200,400 -May-Received and paid bill for $98.200 for utilities "May 24 - Paid $42,500 for sales commissions. June+Made the first payment on the note issued January 10. The payment consisted of 560,000 interest and $200,000 applied against the principal of the note. June 16 - Billed customers for S560,000 of services rendered. June 30 - Collected $300,000 on accounts receivable. July 1Purchased $155,000 of supplies on account. August 25 - Paid $160,000 for administrative expenses. September 23-Paid $30,000 for warehouse repairs. October 1-Paid general wages of $90,000 November 20 - Purchased supplies for $60,000 cash. December 15 - Collected $125,600 in advance for services to be provided in December and January. December 30 - Declared and paid a $50,000 dividend to shareholders. The chart of accounts that Marshall Company, Inc. uses is as follows: Assets: 101 Cash 102 Accounts receivable 103 Supplies 104 Prepaid insurance 110 Equipment 112 Accumulated depreciation Liabilities: 201 Accounts payable 202 Uncamned service revenue 203 Wages payable 210 Interest payable December 15 Collected $123,600 in advance for services to be provided in Decem December 30 - Declared and paid a $50,000 dividend to shareholders. The chart of accounts that Marshall Company, Inc. uses is as follows: Assets: 101 Cash 102 Accounts receivable 103 Supplies 104 Prepaid insurance 110 Equipment 112 Accumulated depreciation Liabilities: 201 Accounts payable 202 Unearned service revenue Wages payable 210 Interest payable 220 Notes payable 203 Stockholders' Equity: 301 Common stock 310 Retained earnings 320 Dividends Revenues: Service revenue 401 Expenses: 501 502 503 504 505 Wage expense Utility expense Selling expense Administrative expense Repairs expense Insurance expense Supplies expense Depreciation expense Interest expense 506 507 510 520 Other: 601 Income summary REQUIRED: Utilizing the information provided above, complete the workbook (Template provided): 1. Journalize the transactions for the year. 2. Post the journal entries to a T account. 3. Prepare an unadjusted trial balance as of December 31. 4. Journalize and post adjusting entries to the T accounts base information: a. Eleven months of the insurance policy expired by b. Depreciation for equipment is $400,000. 000 ate 502 SO3 504 sos Utility expense Selling expense Administrative expense Repairs expense Insurance expense Supplies expense Depreciation expense Interest expense 506 507 510 520 Other 601 Income summary REQUIRED: Utilizing the information provided above, complete the following Heps in an Excel workbook (Template provided): 1. Journalize the transactions for the year. 2. Post the journal entries to a T account. 3. Prepare an unadjusted trial balance as of December 31. 4. Journalize and post adjusting entries to the accounts based on the following additional information: a. Eleven months of the insurance policy expired by the end of the year b. Depreciation for equipment is $400,000 C. The company provided 570,000 of services related to the advance collection of December 15. d. There are $500,000 of supplies on hand at the end of the year. e. An additional S170,000 of interest has accrued on the note by the end of the yean f. Wilson accrued wages of $200,000 at the end of the car. 5. Prepare an adjusted trial balance as of December 31. 6. Prepare a single-step income statement and statement of retained carnings for the year ended December 31 and a classified balance sheet as of December 31. 7. Journalize and post the closing entries 8. Prepare a post-closing trial balance as of December 31. Submit your completed Excel workbook in Black Board under assignments by the due date. Account and explanations 1/2/2000 GE Cash Common Stock Acte 101 301 10,000,000 10,000,000 8.00pm 1/30/2020 G2 Equipment Cash Notas Pable 110 101 220 . 2,000,000 6,000,000 2/1/2020 GB Prepaid insurance Cash 104 24/000 101 24.000 2/22/2000 G4 Supplies Accounts payable 200,000 100 201 90000 3/1/2020 S Wage expense 185,500 125,000 2,730,000 3/23/2020 GUES Accounts recievable Service revenue 2,730,000 100.000 4/1/2020 QUE Accounts payable Cach 01 10000 230,00 4/17/2020 GE Cash Accounts recevable 301 300 210,000 200.000 5/1/2000 GB Wage expense Cash 501 101 2000 58.200 5/8/2020 GJE10 Utility expense so 101 56,200 so 5/24/2020 GE 11 Selling expense 2.500 6/1/2020 GE12 Interest expense Notas pavete Cash 506 220 301 50,000 200,00 200,000 550.000 6/16/2000 GE1 Accounts receivable Service revenu 400 560,000 300pco 6/6/2000 GLE 4 Cash Accounts recette 101 100 300,000 155 poo 7/19/2000 15 Supplies Accounts payable 103 201 155,000 8/25/2020 GJE16 Administrative pense Cash 504 101 160,000 169,000 9/23/2020 GJE17 Repair expense Cash 30,000 S05 101 . 30,000 10/1/2020 GJE 18 Wages expense Cash 90,000 501 101 90,000 11/20/2020 GJE 19 Supplies Cash 108 101 60,000 69 000 12/15/2020 GE20 Cash Unewned service revenue 101 125,600 125,600 12/30/2020 GJE21 Dividends Cash 320 301 50,000 50.000 12/31/2020 AJE1 Insurance expense Prepaid insurance 11,000 104 11,000 AE2 Depreciation expense Accumulated depreciation S10 112 400,000 400,000 AJE unearned service revenue Service revenue 202 401 70,000 70,000 AJE4 Supplies experse Supplies 500 108 615,000 615,000 AJES interest expense Interest Payable 520 210 170.000 170,000 AE6 Wege expense Wages payable 501 208 200,000 200.000 Trial Balance Worksheets Adjusting Journal Entires Debit Credit Unadjusted trial balance Debit Credit 7334900 2780000 1115000 24000 9000000 Adjustedt Debit 7334900 2780000 500000 13000 8000000 615000 11000 400000 955000 125600 70000 200000 170000 Cash Accounts receivable Supplies Prepaid insurance Equipment Accumulated depreciation Accounts payable Unearned service revenue Wages payable Interest payable Notes payable Common stock Retained earnings Dividends Service revenue Wage expense Utilities expense Selling expenses Administrative expenses Repairs expense Insurance expense Interest expense Supplies expense Depreciation expense 5800000 10000000 50000 50000 3290000 70000 200000 476000 99200 42500 160000 30000 676000 96200 42500 160000 30000 11000 230000 615000 400000 20940600 11000 170000 615000 400000 1466000 60000 20170600 20170600 1466000 rial balance Credit Closing Erties Credit Closed Trial Balance Credit 400000 955000 55600 200000 170000 5800000 10000000 3360000 20940800
