Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Instructions a. For each account listed in the trial bala nce, enter the balance in the appropriate Balance column of a T account. b. Journalize

image text in transcribedimage text in transcribed
image text in transcribedimage text in transcribed
Instructions a. For each account listed in the trial bala nce, enter the balance in the appropriate Balance column of a T account. b. Journalize the adjusting entries. The following additional accounts should be used: i. Accounts Receivable, 12; ii. Depreciation ExpenseVehicle, 55; iii. Depreciation ExpenseComputer, 55; iv. Insurance Expense, 5?. c. Post the adjusting entries to the T accounts created in pa rt a. cl. Prepare a n adjusted trial balance. e. Prepare an income statement, a retained earnings statement, and a balance sheet. f. Journalize and post the closing entries to the T accounts created in part a. {Income Eu mma W is account #34 in the chart of accou ms] Indicate closed accounts b'.r inserting a line in both the debit and credit side of the relevant T accounts. g. Prepare a post-closing trial balance. The unadjusted trial balance of No Sigmund LLC at March 31, 2021, the end of the year, follows: No Sigmund LLC Unadjusted Trial Balance As of March 31, 2021 Account Name (Acct. #) Debit Balances Credit Balances Cash 11 23,000 Supplies 13 30,000 Prepaid Insurance 14 3,600 Vehicle 16 40,000 Accumulated Depreciation - Vehicle 17 3,000 Computer 18 20,000 Accumulated Depreciation - Computer 19 4,000 Accounts Payable 21 4,000 Common Stock 31 16,000 Retained Earnings 32 40,000 Dividends 33 14,000 Service Revenue 41 133,000 Wages Expense 51 45,000 Rent Expense 53 10,600 Supplies Expense 54 9.000 Miscellaneous Expense 59 4,800 200,000.00 200,000.00 The data needed to determine year-end adjustments are as follows: i. Supplies on hand at March 31 are $10,000. ii. Insurance premiums expired during year are $1,800. iii. Depreciation of the computer during year is $400. iv. Depreciation of the vehicle during year is $1,000. V. Revenue earned but not billed at March 31 is $1,500

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

Managerial Accounting

Authors: Charles E. Davis, Elizabeth Davis

4th Edition

1119577667, 978-1119577669

More Books

Students also viewed these Accounting questions

Question

Define positive thinking and cite its benefits.

Answered: 1 week ago

Question

Make eye contact when talking and listening

Answered: 1 week ago

Question

Do not go, wait until I come

Answered: 1 week ago

Question

Pay him, do not wait until I sign

Answered: 1 week ago