Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Comparative International Accounting

Authors: Christopher Nobes, Robert B Parker

12th Edition

0273763792, 978-0273763796

More Books

Students also viewed these Accounting questions