- In the photos below, I need help finding the trial balances, adjustments, adjustment trial balances, income statement, balance sheet, and statement of equity. All the questions I need answered are in the pictures, and the balances are provided to solve the hw problem.
Assignments: ACCT 101 $20 0010 x BP HW - CH 5 X New Tab X + X C A newconnect.mheducation.com/flow/connect.html C BP HW - CH 5 i Saved Help Save & Exit Submit Check my work 7 The account balances for the Patterson International Company on January 31, 2019, follow. The balances shown are after the first month of operations 1.48 points 101 Cash 36,950 401 Fees Income $ 61, 850 111 Accounts Receivable 6,800 511 Advertising Expense 3,000 121 Supplies 4,300 514 Depr. Expense-Equip. 0 131 Prepaid Insurance 30,000 517 Insurance Expense 141 Equipment 48,000 518 Rent Expense 5000 142 Accum. Depr.-Equip. 0 519 Book Salaries Expense 13, 400 202 Accounts Payable 12,000 520 Supplies Expense 0 301 Roger Patterson, Capital 80,000 523 Telephone Expense 700 302 Roger Patterson, Drawing 4,000 524 Utilities Expense 1,700 Print Adjustments: References a. Supplies used during the month amounted to $2,100. b. The amount in the Prepaid Insurance account represents a payment made on January 1, 2019, for six months of insurance coverage. c. The equipment, purchased on January 1, 2019, has an estimated useful life of 10 years with no salvage value. The firm uses the straight-line method of depreciation. Required: 3. Complete the worksheet. 4. Prepare an income statement, Statement of owner's equity and balance sheet. 5. Record the balances in the general ledger accounts, then journalize and post the adjusting entries. Analyze: If the useful life of the equipment had been 12 years instead of 10 years, how would net income have been affected? Complete this question by entering your answers in the tabs below. Req 3 Req 4 Inc Req 4 Stmt of Req 4 Bal Req 5 Gen Stmt OE Sheet Journal Req 5 Ledgers Analyze Record the balances in the general ledger accounts. Supplies Account No. 121 Prepaid Insurance Account No. 131 Date Debit Credit Balance Date Debit Credit Balance Mc Graw Assignments: ACCT 101 $20 0010 x BP HW - CH 5 X New Tab X + X - -> C A newconnect.mheducation.com/flow/connect.html C BP HW - CH 5 i Saved Help Save & Exit Submit Check my work 7 Complete this question by entering your answers in the tabs below. 1.48 Req Req 4 Inc Req 4 Stmt of Req 4 Bal Sheet Req 5 Gen Stmt Analyze points OF Journal Req 5 Ledgers Complete the worksheet. PATTERSON INTERNATIONAL COMPANY Book Worksheet Month Ended January 31, 2019 Print Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Account Name Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash $ $ 36,950 References Accounts Receivable 6,800 6,800 Supplies 4,300 2,100 2,200 Prepaid Insurance 30,000 30,000 Equipment 18,000 18,000 Accumulated Depreciation-Equipment of Accounts Payable 2,00 12,000 Roger Patterson, Capital Roger Patterson, Drawing Fees Income Advertising Expense Depreciation Expense-Equipment Insurance Expense Rent Expense Salaries Expense Supplies Expense Telephone Expense Utilities Expense Totals $ 126,050 $ 12,000 $ 0 $ 2,100 $ 123,950 $ 12,000 $ 05 0 5 Net Income 0 $ 0 $ 0 Graw Assignments: ACCT 101 $20 0010 x BP HW - CH 5 X New Tab X + X - -> C A newconnect.mheducation.com/flow/connect.html C BP HW - CH 5 i Saved Help Save & Exit Submit Check my work 7 Complete this question by entering your answers in the tabs below. 1.48 Reg 3 Req 4 Inc Req 4 Stmt of Req 4 Bal Req 5 Gen Sheet Journal Req 5 Ledgers points Stmt Analyze Prepare an income statement. PATTERSON INTERNATIONAL COMPANY Book Income Statement Month Ended January 31, 2019 Print Revenue In References Expenses Total expenses 0 $ 0 Graw Assignments: ACCT 101 $20 0010 x BP HW - CH 5 * New Tab X + X C A newconnect.mheducation.com/flow/connect.html C BP HW - CH 5 Saved Help Save & Exit Submit Check my work 7 Required: 3. Complete the worksheet. 4. Prepare an income statement, Statement of owner's equity and balance sheet. 5. Record the balances in the general ledger accounts, then journalize and post the adjusting entries. 1.48 points Analyze: If the useful life of the equipment had been 12 years instead of 10 years, how would net income have been affected? Book Complete this question by entering your answers in the tabs below. Print Reg 3 Req 4 Inc Req 4 Stmt of Req 4 Bal Req 5 Gen Stmt OE Sheet Journal Req 5 Ledgers Analyze References Prepare a statement of owner's equity PATTERSON INTERNATIONAL COMPANY Statement of Owner's Equity Month Ended January 31, 2019 Graw Assignments: ACCT 101 $20 0010 x BP HW - CH 5 X New Tab X + X - -> C A newconnect.mheducation.com/flow/connect.html C BP HW - CH 5 i Saved Help Save & Exit Submit Check my work 7 Complete this question by entering your answers in the tabs below. 1.48 Reg 3 Req 4 Inc Req 4 Stmt of Req 4 Bal Req 5 Gen Stmt OE Journal Analyze points Sheet Req 5 Ledgers Prepare a balance sheet. PATTERSON INTERNATIONAL COMPANY Book Balance Sheet January 31, 2019 Print Assets In References 0 Total Assets $ 0 Liabilities and owner's equity Liabilities Owner's Equity Total Liabilities and Owner's Equity $ 0 Graw Assignments: ACCT 101 $20 0010 x BP HW - CH 5 X New Tab X + X - -> C A newconnect.mheducation.com/flow/connect.html C BP HW - CH 5 i Saved Help Save & Exit Submit Check my work 7 Complete this question by entering your answers in the tabs below. 1.48 Reg 3 Req 4 Inc Req 4 Stmt of Req 4 Bal Req 5 Gen points Stmt OF Sheet Journal Req 5 Ledgers Analyze Journalize the adjusting entries for the year 2019. Book View transaction list Print Journal entry worksheet 2 3 References Prepare the adjusting entry for supplies. Note: Enter debits before credits. Date General Journal Debit Credit Jan 31, 2019 Record entry Clear entry View general journal Graw Assignments: ACCT 101 $20 0010 x BP HW - CH 5 X New Tab X + X C A newconnect.mheducation.com/flow/connect.html C BP HW - CH 5 Saved Help Save & Exit Submit Check my work 7 5. Record the balances in the general ledger accounts, then journalize and post the adjusting entries. 1.48 Analyze: points If the useful life of the equipment had been 12 years instead of 10 years, how would net income have been affected? Complete this question by entering your answers in the tabs below. Book Reg 3 Req 4 Inc Req 4 Stmt of Req 4 Bal Req 5 Gen Stmt OE Sheet Journal Req 5 Ledgers Analyze Print Record the balances in the general ledger accounts. Supplies Account No. 121 Prepaid Insurance Account No. 131 References Date Debit Credit Balance Date Debit Credit Balance Jan 1, 2019 Jan 1, 2019 Jan 31, 2019 Jan 31, 2019 Accumulated Depreciation- Equipment Account No. 142 Depreciation Expense- Equipment Account No. 514 Date Debit Credit Balance Date Debit Credit Balance Jan 31, 2019 Jan 31, 2019 Insurance Expense Account No. 517 Supplies Expense Account No. 520 Date Debit Credit Balance Date Debit Credit Balance Jan 31, 2019 Jan 31, 2019 2,100 Graw Assignments: ACCT 101 $20 0010 x BP HW - CH 5 X New Tab X + X C A newconnect.mheducation.com/flow/connect.html C BP HW - CH 5 Saved Help Save & Exit Submit Check my work 7 Adjustments: a. Supplies used during the month amounted to $2,100. b. The amount in the Prepaid Insurance account represents a payment made on January 1, 2019, for six months of insurance coverage. 1.48 c. The equipment, purchased on January 1, 2019, has an estimated useful life of 10 years with no salvage value. The firm uses the points straight-line method of depreciation. Required: 3. Complete the worksheet. Book 4. Prepare an income statement, Statement of owner's equity and balance sheet. 5. Record the balances in the general ledger accounts, then journalize and post the adjusting entries. Print Analyze: If the useful life of the equipment had been 12 years instead of 10 years, how would net income have been affected? References Complete this question by entering your answers in the tabs below. Reg 3 Req 4 Inc Req 4 Stmt of Req 4 Bal Req 5 Gen Stm OE Sheet Journal Req 5 Ledgers Analyze If the useful life of the equipment had been 12 years instead of 10 years, how would net income have been affected? (Do not round intermediate calculations. Round final answer to two decimal places.) Net income would have been Graw
