M3O1
I have seen this exact assignment with the same numbers and everything come out with different answers (including solutions from chegg). Please show me how you would do it
ACT 300 Module 3 CT 3 Option #1: Preparing Adjusting Entries in a Worksheet Following is the unadjusted trial balance of Skylar Gaming, Inc. at the end of its first year of operations, December 31, 20x7: CR. DR. $71,550 $25,200 $550 $12,000 $31,750 $4,050 $6,700 Account Name Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Equipment Accounts Payable Salaries Payable Unearned Revenue Common Stock Retained Earnings Dividends Revenue Depreciation Expense-Equipment Salaries Expense Insurance Expense Rent Expense Supplies Expense Utilities Expense Totals $2,200 $45,700 $23,850 $3,500 $80,750 $2,000 $4,750 $3,100 $4,200 $2,500 $2,150 $163,250 $163,250 The following additional information is available: 1. Skylar Gaming, Inc. needs to accrue $2,000 in salaries that will not be paid until next month. 2. Skylar Gaming, Inc. has earned $2,000 of the services that were paid for in advance as included in the unearned revenue account. 3. At the end of the period, Skylar Gaming, Inc. has provided services in the amount of $500 to another customer John Gartner). However, Skylar has not billed them yet since they only issue bills at the beginning of each month. 4. Skylar Gaming, Inc. needs to record the annual $1,025 of depreciation on the equipment. 5. One month of the 12 month insurance policy in prepaid insurance has been used up, and a journal entry is needed to reflect this. 6. At the end of the period, $125 in supplies are remaining. Required: Using the template (worksheet) linked below, complete the following: 1. Prepare all necessary adjusting entries at December 31, 20x7. Descriptions are not needed. 2. Prepare an adjusted trial balance at December 31, 20x7. 3. Columns listed on the worksheet as income statement, statement of retained earnings, and balance sheet should be completed. 4. Prepare closing entries including descriptions. Review the grading rubric to understand how you will be graded on this assignment. Reach out to your instructor if you have questions about the assignment. Note: The template required for this assignment is located in the Module 3 folder. ACT300 Principles of Accounting Module 3: Critical Thinking Template Option #1 Worksheet Student Name: Skylar Gaming, Inc. Work Sheet For Month Ended December 31, 2017 Account Unadjusted Trial balance Adjusting entries (1) Adjusted trial balance (2) Income statement (3) Statement of Retained Earnings (3) Balance Sheet (3) Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit 0 0 0 0 0 0 0 0 0 0 Totals Net income Totals 0 0 0 0 0 0 ACT300 Principles of Accounting Module 3: Critical Thinking Template Option #1 Closing Entries Student Name: Closing Entries Account Titles and Explanation Debit Credit Date Dec. 31 Account Titles and Explanation Debit Credit Date Dec. 31 Account Titles and Explanation Debit Credit Date Dec. 31 Account Titles and Explanation Debit Credit Date Dec. 31
