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Jaguar Auto Company provides general car maintenance to customers. The company's fiscal year-end is December 31. The December 31, 2018, trial balance (before any adjusting

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Jaguar Auto Company provides general car maintenance to customers. The company's fiscal year-end is December 31. The December 31, 2018, trial balance (before any adjusting entries) appears below. Accounts Debits Credits Cash $ 15,500 Accounts Receivable 13.700 Supplies 20,500 Prepaid Insurance 16,200 Equipment 82,000 Accumulated Depreciation $ 25,500 Accounts Payable 10,700 Salaries Payable 0 Utilities Payable 0 Interest Payable 0 Notes Payable 28,500 Common Stock 22,000 Retained Earnings 8,700 Dividends 1,700 Service Revenue 216,400 Salaries Expense 151,500 Depreciation Expense 0 Insurance Expense Supplies Expense Utilities Expense 10,700 Interest Expense 0 Totals $311,800 $ 311,800 Information necessary to prepare the year-end adjusting entries appears below. a. Depreciation on the machines for the year is $8,700. b. Employee salaries are paid every two weeks. The last pay period ended on December 23. Salaries earned from December 24 through December 31, 2018, are $2,700. c. On September 1, 2018, Jaguar borrows $28,500 from a local bank and signs a note. The note requires interest to be paid annually on August 31 at 12%. The principal is due in five years. d. On March 1, 2018, the company purchases insurance for $16,200 for a one-year policy to cover possible injury to mechanics. The entire $16,200 was debited to Prepaid Insurance at the time of the purchase. e. $3,700 of supplies remains on hand at December 31, 2018. f. On December 30, Jaguar receives a utility bill of $1,550 for the month. The bill will not be paid until early January 2019, and no entry was recorded when the bill was received. Required: 1., 2. & 6. Enter the unadjusted balances from the trial balance and post the adjusting entries to the T-accounts, and post the closing entries to the T-accounts. Cash 15,500 Accounts Receivable 13,700 Beg. Bal. Beg. Bal. 0 0 0 0 0 0 0 0 0 0 End. Bal. 15,500 End. Bal. 13,700 Supplies 20,500 Prepaid Insurance 16,200 Beg. Bal. 0 Beg. Bal. 0 0 0 16,800 ADJ. e. 0 13,500 ADJ. d. 0 0 0 End. Bal. 3,700 End. Bal. 2,700 Beg. Bal. Equipment 82,000 0 0 Beg. Bal. 0 Accumulated Depreciation 0 25,500 0 8,700 ADJ. a. 0 0 34,200 0 0 End. Bal. 82,000 End. Bal. Salarles Payable Beg. Bal. Accounts Payable 0 10,700 0 0 Beg. Bal. 0 0 0 2.700 ADJ. b. 0 2,700 0 0 0 End. Bal. 10,700 End. Bal. Utilities Payable Interest Payable Beg. Bal. 0 0 Beg. Bal. 0 0 0 1,550 ADJ. 1. 0 ADJ. c. 0 0 End. Bal. 1,550 End. Bal. 0 Notes Payable Common Stock Beg. Bal. 0 Beg. Bal. 0 22,000 28,500 0 0 0 0 0 0 0 0 22,000 End. Bal. 28,500 End. Bal Dividends Beg. Bal. Beg. Bal. 1,700 0 Retained Earnings 0 8,700 1.700 216,400 0 223,400 0 0 0 1,700 End. Bal. End. Bal. 0 Service Revenue 0 216,400 Beg. Bal. Beg. Bal. 0 ADJ. b. 0 216,400 Salaries Expense 151,500 0 2.700 0 0 154,200 0 0 End. Bal. 0 End. Bal. Depreciation Expense Insurance Expense Beg. Bal. 0 0 0 0 Beg. Bal. ADJ. d. 8.700 0 13,500 0 0 8,700 0 13,500 End. Bal. 0 End. Bal. 0 Supplies Expense Utilities Expense Beg. Bal. 0 0 Beg. Bal. 10,700 0 16,800 0 ADJ.f. 1,550 0 0 16,800 0 12,250 End. Bal. 0 End. Bal. 0 Interest Expense 0 0 Beg. Bal. ADJ.C. 660 0 0 End. Bal. 660

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