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Please answer all of the questions. Accounting Fun, Inc provides consulting services. The 2020 post closing trial balance was correctly prepared and the beginning balances
Please answer all of the questions.
Accounting Fun, Inc provides consulting services. The 2020 post closing trial balance was correctly prepared and the beginning balances already posted into the T-Accounts. Complete the accounting process and as your final step in this comprehensive problem, prepare a post closing trial balance for 2021 PART 8 Accounting Fun, Inc POST CLOSING TRIAL BALANCE DECEMBER 31, 2020 Accounting Fun, Inc POST CLOSING TRIAL BALANCE DECEMBER 31, 2021 Account Dr Cr Account Dr Cr Cash 15,000 Accounts Rec. 21,000 ADA Equipment Accum Depr. 1,000 40,000 30,000 Accounts Payable 15,000 Common Stock 20,000 Retained Earnings 10.000 76,000 76,000 REQUIRED: POST THE FOLLOWING TRANSACTIONS THAT OCURRED DUING THE YEAR TO T-ACCOUNTS AND RECORD THE JOURNAL ENTRIES. 1) During 2021 customers paid on their Account Receivable of $9,000 2) During the year The Company paid off vendors owed in Accounts Payable 3) During the year revenue was completed paid with cash by customers totaling $120,000. 4) On April 1, Accounting Fun purchased equipment worth $60,000. The equipment was purchased by issuing a par value bond. The interest and repayment details of the bond should be considered as part of the AJES. 5) Customers are billed $80,000 for revenue completed during the year. 6) During the year the Company pays $48,000 in rent. 7) During the year the Company pays $92,000 in payroll expenses. 8) Customers paid $40,000 towards amounts billed in #5. 9) During the year $17,000 in utilties expenses were paid. 10) Owners took a cash dividend of 6,000 during the year Step by Step Solution
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