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please answer all this time already wasted one question The November 30, 2018, unadjusted trial balance of Marshall Systems is found in the Trial balance
please answer all this time already wasted one question
The November 30, 2018, unadjusted trial balance of Marshall Systems is found in the Trial balance tab. Marshall Systems had the following transactions and events in December 2018. Dec. Dec. Dec. Dec. Dec. 2 Paid $1,240 cash to Galleria Mall for Marshall systems' share of mall advertising costs. 3 Paid $640 cash for minor repairs to the company's computer. 4 Received $6,500 cash from Hughes Engineering Co. for the receivable from November. 10 Paid cash to Caitlin Marshall for six days of work at the rate of $200 per day. 14 Notified by Hughes Engineering Co. that Marshall Systems' bid of $7,700 on a proposed project has been accepted. Hughes paid a $1,850 cash advance to Marshall Systems. Dec. 15 Purchased $2,000 of computer supplies on credit from Clark Office Products. 16 Sent a reminder to Green Co. to pay the fee for services recorded on November 8. 20 Completed a project for Walsh Corporation and received $7,400 cash. 22- Took the week off for the holidays. Dec. 28 Received $3,400 cash from Green Co. on its receivable. Dec. 29 Reimbursed M. Marshall for business automobile mileage (750 miles at $0.32 per mile). 31 The company paid $2,300 cash in dividends. The following additional facts are collected for use in making adjusting entries prior to preparing financial statements for the company's first three months: Dec. Dec. Dec. 26 Dec. a. The December 31 inventory count of computer supplies shows $1,300 still available. b. Three months have expired since the 12-month insurance premium was paid in advance. c. As of December 31, Caitlin Marshall has not been paid for four days of work at $200 per day. d. The computer system, acquired on October 1, is expected to have a four-year life with no salvage value. e. The office equipment, acquired on October 1, is expected to have a five-year life with no salvage value. f. Three of the four months' prepaid rent has expired. Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on Income Prepare journal entries for each of the December transactions. If no journal entry is required, select "No journal entry required" in the first account field. Then, using the 3-step adjusting entry process, and the information given for adjustments, prepare the adjusting entry necessary to correctly report the revenue earned or the expense incurred. After adjusting the accounts, review the general ledger and trial balance for accuracy. Show less View transaction list Journal entry worksheet Paid $1,240 cash to Galleria Mall for Marshall Systems' share of mall advertising costs. Note: Enter debits before credits. Date Account Title Debit Credit Dec 02 Record entry Clear entry View general journal Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet impact on Income Each journal entry is posted automatically to the general ledger. Use the drop-down button to view the unadjusted or adjusted balances. Unadjusted General Ledger Account Cash Debit Accounts receivable Debit Credit No. Credit No. Date Nov 30 Balance 40,788 Date Nov 30 Balance 18,200 Computer supplies Debit Credit Prepaid insurance Debit Credit No. No. Date Nov 30 Balance 3090 Date Nov 30 Balance 2.480 Prepaid rent Debit Office equipment Debit Credit No. Credit No. Date Nov 30 Balance 8.900 Date Nov 30 Balance 9,600 Computer equipment Debit Credit Common stock Debit Credit No. No. Date Date Nov 30 Balance 22,580 Balance 82.000 Dividends Debit Computer services revenue Debit Credit No. Date Credit No. Balance 6.900 Date Nov 30 Balance 34.800 Wages expense Debit Credit Advertising expense Debit Credit No. No. Date Date Nov 30 Balance 4.2001 Balance 1.728 Nov 30 Mileage expense Debit Credit Miscellanous expenses Debit Credit No. No. Date Nov 30 Balance 704 Date Nov 30 Balance 430 Repairs expense - Computer Debit Credit No. Date Balance 1,020 Nov 30 Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on Income You may view either the unadjusted or adjusted trial balance by choosing from the drop-down box below. Your choice will determine the reported values on the financial statement tabs. Unadjusted MARSHALL SYSTEMS Trial Balance December 31, 2019 Account Title Credit S Debit 40,788 18,200 3,090 2,480 8,900 9,600 22,560 82,000 Cash Accounts receivable Computer supplies * Prepaid insurance Prepaid rent Office equipment Computer equipment Common stock Dividends Computer services revenue Wages expense Advertising expense Mileage expense Miscellanous expenses Repairs expense - Computer Total 6,9001 34,600 + + 4,200 1.728 704 430 1,020 116,600 5 116,800 Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on Income Use the drop-downs to select the accounts properly included on the income statement. The unadjusted or adjusted balances will appear for each account, based on your selection. Unadjusted MARSHALL SYSTEMS Income Statement For Three Months Ended December 31, 2019 Revenues: Expenses: Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet impact on Income The unadjusted or adjusted balances will appear for each account, based on your selection. Unadjusted MARSHALL SYSTEMS Statement of Retained Earnings For Three Months Ended December 31, 2019 Retained earnings. October 1, 2019 S Add: Net income Less: Dividends Retained earnings, December 31, 2019 0 (8.900) General General Income Requirement St Retained Trial Balance Journal Impact on Ledger Balance Sheet Statement Earnings Income Use the drop-downs to select the accounts properly included on the balance sheet. The unadjusted or adjusted balances will appear for each account, based on your selection. Include all balance sheet accounts, even those with zero balances. Show less Unadjusted MARSHALL SYSTEMS Balance Sheet December 31, 2019 ASSETS Current assets: Plant assets LIABILITIES AND EQUITY Liabilities: Equity Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on Income For each adjustment indicate the income statement and balance sheet account affected, and the impact on net income. If an adjustment caused net income to decrease, enter the amount as a negative value. Net income before adjustments can be found on the income statement tab. (Hint: Select unadjusted on the drop-down.) Show less Unadjusted Account affecting the Income Statement Balance Sheet Impact on net income Adjusting entry related to: a) Computer supplies b) Prepaid insurance c) Accrued wages d) Depreciation - Computer equipment e) Depreciation - Office equipment f) Prepaid rentStep by Step Solution
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