Question
On January 1, 2021, Floral Resort had the following balance: Cash$16,000 Supplies $8,400 Land$64,000 Deferred Revenue$5,400 Common Stock$$54,000 Retained Earnings29,000 During 2021, the company had
On January 1, 2021, Floral Resort had the following balance:
Cash$16,000
Supplies $8,400
Land$64,000
Deferred Revenue$5,400
Common Stock$$54,000
Retained Earnings29,000
During 2021, the company had the following transaction:
1)February 15 issue additional share of common stock, $24,000
2)May 20, Provide service to customers for cash $39,000, and on account $34,000
3)August 31, pay salaries to employees for work in 2021 $27,000
4)October 1, paid for one year's in advance $16,000
5)November 17 purchase supplies on account $26,000
6)December 30 pay dividends $2,400
The following information is available on December 31, 2021
1)Employees are owed and additional $4,400
2)Three months the rental space has expired
3)Supplies of $5,400 remain on hand
4)All of the services associated with the beginning deferred revenue have been performed.
Required
General Journal General ledger Trial balance Income statement Statement of cash flow Balance Sheet
1). Record each of the transactions listed above in the 'General Journal' tab. Review the 'General ledger 'and the 'Trial Balance' tabs to see the effect of the transaction on the account balances
2). Record the adjusting entries in the 'General journal' tab.
3). Review the adjusted 'Trail Balance' as of December 31, 2021
4). Make an income statement for the year ended December 31, 2021, in the 'Income statement' tab.
5). Make the stockholder's equity for the year ended December 31, 2021, in the 'income statement' tab.
6). Make a classified balance sheet as of December 31, 2021, in the 'balance sheet' tab
7). Record the closing entries in the 'General Journal' tab.
Required General Journal General ledger Trial balance Income statement Statement of cash flow balance sheet
***Make the journal entries for transactions (if no entry is needed for a particular transaction/event, select "select No journal entry required" in the first account field.)
Journal entry worksheet
1 2 3 4 5 6 7 8 9 10 11 12 13
Record the issuance of additional shares of common stock, $24,000
Date Account title Debit Credit
____________________________________________________________________________________________
Feb 15
_____________________________________________________________________________________________________
Required
General Journal
General ledger
Trial balance
Income statement
Statement of cash flow
Balance
Sheet
Each journal entry is posted automatically to the general ledger; the adjusted entry, unadjusted, or post-closing balance will appear for each account, based on your choice.
Unadjusted VDate Jan 01to Dec. 30
General Ledger Account
CashSupplies
No
Date
Dr
CR
Balance
No
Date
DR
CR
Balance
Jan 01
16,000
Jan 01
8,400
LandDeferred Revenue
No
Date
Dr
CR
Balance
No
Date
DR
CR
Balance
Jan 01
64,000
Jan 01
5,400
Common StockRetained earning.
No
Date
Dr
CR
Balance
No
Date
DR
CR
Balance
Jan 01
154,000
Jan 01
29,000
Required
General Journal
General ledger
Trial balance
Income statement
Statement of cash flow
Balance
Sheet
Notice the dropdown below that gives the options to select the unadjusted, adjusted, or post-closing trial balance. The option you choose will be the values used to populate the income statement and balance sheet tabs.
UnadjustedV
Floral Resort
Trail Balance
December 30, 2021
Account Title
Debit
Credit
Cash
16,000
Supplies
8,400
Land
64,00,
Deferred Revenue
5,400
Common Stock
54,00
Retained Earnings
29,00,
Total
88,400
88,400
Required
General Journal
General ledger
Trial balance
Income statement
Statement of cash flow
Balance
Sheet
Choose the appropriate account to be reported on the income statement. The unadjusted, adjusted, or post-closing balance will appear for each account, based on your selection
Unadjusted V
Floral Resort
Income Statement
For the year ended December 31, 2021
Revenue
Total Revenue
Expenses
Total Expenses
Required
General Journal
General ledger
Trial balance
Income statement
Statement of cash flow
Balance
Sheet
Using the dropdown buttons, selects the item that accurately describes the values that either increase or decrease the balance indicated. The unadjusted, adjusted, or post-closing balance will appear for each account, balance on your selection.
Unadjusted VDate Jan 01toDec 30
Floral Resort
Statement of Stockholders' Equity
For the period ending December 312021
Common Stock
Retained earnings
Total stockholders' Equity
Required
General Journal
General ledger
Trial balance
Income statement
Statement of cash flow
Balance
Sheet
Choose the proper account to complete the company's balance sheet. The unadjusted, adjusted, or post-closing balance will appear for each account, based on your selection.
UnadjustedVDate Jan 1to Dec 30
Floral Resort
Balance Sheet
As of December 31, 2021
AssetsLiabilities
Current Assets
Current Liabilities
Total Current liabilities
Total Current Assets
Total liabilities
Stockholder's Equity
Total of Stockholder's equity
Total Asset
Total Liabilities &Stockholders' Equity
PR ******8******OP*****1*****A
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Business And Professional Ethics
Authors: Leonard J Brooks, Paul Dunn
8th Edition
1337514462, 9781337514460
