Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Need help with the T Accounts for #2 Presented below is the November 30,2022, unadjusted trial balance of Jenny's Jewelry Boutique, which is owned by

image text in transcribedimage text in transcribed

Need help with the T Accounts for #2

Presented below is the November 30,2022, unadjusted trial balance of Jenny's Jewelry Boutique, which is owned by Jenny's Jewelry Company. The temporary account balances represent the results of entries recorded during the first 11 months of 2022, and the balance in Jenny's common stock and retained earnings accounts have not changed since December 31, 2021. The following transactions occurred during the month of December 2022: Dec. 4 Paid accounts payable of $10,500 5 Paid store rental of $6,400 in advance. 6 Purchased supplies, $650, on account. 6 Deposited $18,000 of jewelry revenue receipts. 9 Unearned jewelry service revenue is for gift certificates sold for future jewelry services. $630 more of these gift certificates were sold to a local shop, for cash. 11 Acquired additional equipment worth $25,000 by paying $600 cash and giving a long-term note payable for the balance. 13 Paid wages of $7,000 for the period December 1 through 14 . 15 Paid for the supplies purchased on December 6. 16 Purchased $11,300 of supplies on credit. 18 Issued 400 shares of common stock for $6,200. 21 Deposited $34,000 from jewelry service revenue receipts. 23 Paid $6,000 for repairs at the jewelry boutique. 27 Paid for the supplies purchased on December 16. 27 Paid wages of $10,500 for the period December 15 through 28 . 29 Paid $2,900 to newspaper for advertisements that appeared in December. 31 Deposited $36,500 from jewelry service revenue receipts. 31 Paid the annual dividend, amounting to $6,400. REQUIREMENTS Please follow these instructions carefully! 1. Prepare journal entries to record the December transactions listed above. 2. Post the December journal entries to the T-accounts to get your unadjusted balances. Put those balances in the unadjusted trial balance columns of the worksheet. 3. Prepare adjusting journal entries based on the following: a. Unpaid wages were $4,000 as of December 31 . b. The supplies balance was $13,000 on December 31 . c. The unexpired portion of the prepaid store rental was $8,650 as of December 31 . d. Depreciation for the year on the equipment was $13,000. e. Depreciation for the year on the building was $19,450. f. Unpaid utilities expense for December was $2,500. g. Interest expense on the note payable for 2022 was $4,300, to be paid in 2023 . h. Jewelry service gift certificates still unredeemed at December 31 totaled $1,700 4. Post the adjusting journal entries to the T-accounts and to the Adjustments columns of the worksheet. 5. Prepare the adjusted trial balance section of the worksheet. 6. Prepare an income statement, statement of retained earnings, and a classified balance sheet for the year ended December 31,2022. 7. Journalize and post the closing entries to the T-accounts

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions