Question
neeed to prepare general journal entries, general ledger, trial balance, adjusted trial balance, income statement, owners equity, balance sheet, and post closing trial balance. *****i
neeed to prepare general journal entries, general ledger, trial balance, adjusted trial balance, income statement, owners equity, balance sheet, and post closing trial balance.
*****i got a reply that said the solution will take two hours, so does that mean someones working on it or no?******
Principles of Accounting I | |||||||||
Comprehensive Problem | |||||||||
1. | Journalize the following December transactions. | ||||||||
Dec. 2 | Received $180 as advance payments on storage rental | ||||||||
Dec. 5 | Paid accounts payable of $720 | ||||||||
Dec. 6 | Paid insurance premiums of $8,100 in advance | ||||||||
Dec. 7 | Deposited $8,700 from completed moving jobs. | ||||||||
Dec. 10 | Purchased $1,560 of moving supplies on credit | ||||||||
Dec. 12 | Acquired additional truck worth $56,000 by paying $6000 cash and signing | ||||||||
a long-term note payable for the balance | |||||||||
Dec. 14 | Paid wages of $2,700 for the period Dec. 1-14 | ||||||||
Dec. 17 | Purchased $130 of office supplies on credit | ||||||||
Dec. 21 | Deposited $6,260 from completed moving jobs and $1,600 of storage | ||||||||
revenue receipts | |||||||||
Dec. 24 | Paid $860 for repairs to truck for damages sustained in an accident. | ||||||||
Dec. 28 | Paid wages of $2,850 for the period Dec. 15-28. | ||||||||
Dec. 30 | Paid $900 to a magazine for advertisements that appeared in December | ||||||||
Dec. 30 | George Sanders (owner) withdrew $1,600 cash for personal use. | ||||||||
Dec. 31 | Deposited $4,700 from completed moving jobs and $800 of storage | ||||||||
revenue receipts | |||||||||
2. | Post the above December transactions. | ||||||||
3. | Prepare a trial balance | ||||||||
4. | Journalize the following adjusting entries: | ||||||||
a. | Unpaid wages were $610 as of December 31 | ||||||||
b. | The December 31 office supplies inventory was $180 | ||||||||
c. | The moving supplies inventory was $4,530 on December 31 | ||||||||
d. | The unexpired portion of the prepaid insurance was $9,475 as of Dec. 31 | ||||||||
e. | Depreciation for the year on the trucks was $50,350 | ||||||||
f. | Depreciation for the year on the building was $7,400 | ||||||||
g. | Unearned storage revenue balance at Dec. 31 was $650 | ||||||||
h. | Interest expense on the notes payable was $24,700 | ||||||||
5. | Post the adjusting entries | ||||||||
6. | Prepare an adjusted trial balance | ||||||||
7. | Prepare an income statement | ||||||||
8. | Prepare a statement of owner's equity | ||||||||
9. | Prepare a balance sheet | ||||||||
10. | Journalize the closing entries | ||||||||
11. | Post the closing entries | ||||||||
12. | Prepare a post-closing trial balance | ||||||||
CHECK FIGURES: | |||||||||
Unadjusted trial balance | 798,935 | ||||||||
Adjusted trial balance | 881,995 | ||||||||
Net Income | 30,050 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started