Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Pharoah Co. was organized on July 1, 2022. Quarterly financial statements are prepared. The unadjusted and adjusted trial balances as of September 30 are shown

Pharoah Co. was organized on July 1, 2022. Quarterly financial statements are prepared. The unadjusted and adjusted trial balances as of September 30 are shown below. PHAROAH CO. Trial Balance September 30, 2022 Unadjusted Adjusted Dr. G. Dr. Cr. Cash $8,700 $8,700 Accounts Receivable 10,400 11,600 Supplies 1,450 700 Prepaid Rent 2,250 1,200 Equipment 18,700 18,700 Accumulated Depreciation-Equipment $0 $ 700 Notes Payable 9,400 9.400 Accounts Payable 2,550 2,550 Salaries and Wages Payable 0 740 Interest Payable 94 Unearned Rent Revenue 1.900 1,100 Owner's Capital 21,900 21,900 Owner's Drawings 1,650 1.650 Service Revenue 17,050 18,250 Rent Revenue 1,360 2,160 Salaries and Wages Expense 7,600 8,340 Rent Expense 1.950 3,000 Depreciation Expense 700 Supplies Expense 750 Utilities Expense 1,460 1,460 Interest Expense 94 $54,160 $54,160 $56,894 $56,894 Journalize the adjusting entries that were made. (List all debit entries before credit entries Credit account titles are automatically Indented when the amount is entered. Do not indent manually) Date Account Titles and Explanation Sept. 30 Debit Credit Sept. 30 (To record revenue for services performed) Sept. 30 (To record prepaid rent) Sept. 30 (To record supplies used) Sept. 30 (To record monthly depreciation) Sept 30 (To record interest on notes payable) Sept. 30 (To record rent earned) (To record accrued salaries and wages) Prepare an income statement for the 3 months ending September 30, 2022. PHAROAH CO. Income Statement Prepare a statement of owner's equity for the 3 months ending September 30, 2022. (List items that increase owner's equity first.) PHAROAH CO. Owner's Equity Sement eTextbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer Prepare a balance sheet at September 30. (List Assets in order of liquidity) PHAROAH CO. Balance Sheet N Assets Liabilities and Owner's Equity If the note bears interest at 12%, how many months has it been outstanding? (The note and interest will be paid in 2 years.) Note has been outstanding for month(s)

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

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

Recommended Textbook for

Acca Financial Reporting

Authors: BPP Learning Media

1st Edition

1509784888, 978-1509784882

More Books

Students also viewed these Accounting questions

Question

4. Who would lead the group?

Answered: 1 week ago

Question

2. What type of team would you recommend?

Answered: 1 week ago