Jakarta and Kristen Company

Kristen Company Unadjusted Trial Balance December 31, 2018 125,000 30,000 12,000 36,000 100,000 14,000 64,000 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2018) Dividends Service Revenue Repair Expense Delivery Expense Depreciation Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Expense Income Tax Expense Total 35,000 9,000 18,600 12,500 46,000 35,000 65,700 4,000 586,000 1,800 50,000 6,000 64,000 10,000 190,000 50,000 6,000 45,000 807,800 807,800 Prepaid expense 0 15,000 Part 1: Prepare adjusting journal entries using the unadjusted trial balance provided to you in Question 1 of the Financial Statement Homework quiz on D2L and the information provided below. The Unadjusted Trial Balance can be downloaded from the D2L quiz by right clicking on the image and saving it to your computer. When preparing the adjusting journal entries, use only the account names provided in the Unadjusted Trial Balance (do not create any new account names and do not abbreviate account names) 1. The prepaid insurance balance reflects a 12-month insurance policy which started on Sept. 1, 2018, and no adjustments were made from Sept. 1 - Dec. 31, 2018. Write the adjusting journal entry for Dec. 31. 2018. insurance expense 12,000 12.000 2. Additional depreciation expense of $15,000 needs to be recorded for the year ended 2018 Depreciation expense 15.000 A comulated Depreciation 3. Wages due to employees of $8,000 need to be recorded at year end. These wages will be paid to employees on January 9, 2019. (next month) Wages Expense 5,000 12000 4. The company has completed $12,900 of the amount in unearned revenue as of Dec. 319 Unearned Revenue Service Revenue 12 900 5. In Dec. the company provided services worth $8,000 to clients that were not yet billed or recorded by Dec. 31. Record the additional revenue. Acounts Receivable 8.000 Service Revenue 6. On Dec 31" the company completed a physical count of their supplies and determined that only $4.000 of supplies are still on hand. Sopplies expense 2.000 supplies 8.000 wages payable 12.900 65 Page 4 of 10 Part 2: Post the adjusting journal entries to t-accounts: account affected by an adjusting journal entry (you may not need to use all of the Ta (Hints on getting started: Above each T-account, write the account name of each accounts). Write in the unadjusted balance for each of these accounts from the Unadjusted Trial Balance provided in question 1 of your D2L quiz (the unadjusted balance might be a debit, a credit, or zero balance). Now you are ready to post your adjusted balances Page 5 Part 3: Prepare the Adjusted Trial Balance (i.e., after the previous 6 journal entries are posted) Kristen End December 31, 2017 Date) (Company Name) Adjusted Trial Balance 164,000 9.000 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2018) Dividends Service Revenue Repair Expense Delivery Expense Depreciation Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Expense Income Tax Expense Total 1125.000 138,000 4.000 124,000 100.000 19. DOO 50.000 5700 105001 16 000 135 000 4,000 606,000 18.00 150,000 2.000 69,000 Zlibro 149,00 SLOO 1.000 65,706 833,900 838,800 Page 6 of 10 Jakarta Company Adjusted Trial Balance December 31, 2018 111,500 18,000 5,000 34,000 112,500 18,000 70,000 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Eamings (1/1/2018) Dividends Service Revenue Repair Expense Delivery Expense Depreciation Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Expense Income Tax Expense Total 35,000 8,000 16,400 4,000 44,000 37,000 51,600 3,000 479,500 10,000 40,000 11,000 50,000 12,000 135,000 13,000 2,500 30,000 675,500 675,500 (Company Name) Income Statement (Date) (Company Name) Statement of Retained Earnings (Date) (Be sure to include all the necessary subtotals and totals as outlined in Chapter 2 for a Classified Balance Sheet. You may not need to use all the lines provided. Note: The two columns below do not represent debit and credit balances like they do on a trial balance. On the Balance Sheet use the right column for subtotals and totals.) (Company Name) Balance Sheet (Date) Page 9 of 10 Part 5: Answer the following questions using the above completed financial statements: What is the dollar amount for Net Income or Net Loss? What is the dollar amount for Ending Retained Earning? What is the dollar amount for Total Current Assets? What is the dollar amount for Total Current Liabilities? What is the dollar amount for Total Stockholders Equity? What is the dollar amount for Total Assets