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Please answer completely and accurately. Thank You The July 31, 20xx, post-closing trial balance and the chart of accounts for the Joan Miller Advertising Agency
Please answer completely and accurately. Thank You
The July 31, 20xx, post-closing trial balance and the chart of accounts for the Joan Miller Advertising Agency are attached. During August the agency engaged in these transactions. Received an additional investment of cash for common stock from Joan Miller, $6,300. Purchased additional office equipment with cash, $1,200. Received art equipment transferred to the business from Joan Miller, $1,400 and issued common stock. Purchased additional office supplies with cash, 590. Purchased additional art supplies on credit from Taylor Supply Company, $450 Completed a series of advertisements for Marsh Tire Company and billed Marsh Tire Co. for $800. Paid the secretary for two weeks' wages, $1,200. Paid the amount due to Morgan Equipment for the office equipment purchased last month, $1,500 Accepted an advance in cash for artwork to be done for another agency, $1,600. Purchased a copier (office equipment) from Morgan Equipment for $2,100, paying $350 in cash and agreeing to pay the rest in equal payments over the next five months. Performed advertising services and received a cash fee, $1,450. Received payment on account from Ward Department Stores for services performed last month, $2,800. Paid amount due for the telephone bill that was received and recorded at the end of July, $140. Performed advertising services for Ward Department Stores and agreed to accept payment next month, $3,200. Performed art services for cash, $580. Received and paid the utility bill for Augues, $220. Paid the secretary for two weeks' wages, $1,200. Paid the rent for September in advance, $800. Received the telephone bill for August which is to be paid next month, $160. Paid a cash dividend, $1,400. Enter the account names and numbers in the general ledger. Enter the balances from the post-closing trial balance for July into the general ledger. Record the transactions for August in the journal. Begin the general journal on page 5. Post the August transactions to the ledger accounts. Prepare a trial balance for August. Prepare the adjusting entries based on the following data, and indicate if they are deferrals or accruals: One month's prepaid rent has expired, $800. One month's prepaid insurance has expired, $80. An inventory of art supplies reveals $600 still on hand on August 31. An inventory of office supplies reveals $410 still on hand on August 31. Depreciation on art equipment for August is calculated to be $100. Depreciation on office equipment for August is calculated to be $100. Art services performed for which payment had been received in advance totaled $1,300. Advertising services performed that ill not be billed until September total $290. Three days' wages had accrued by the end of August (assume a five-day work week). Post the adjusting entries, and prepare an adjusted trial balance. Prepare the income statement, statement of retained earnings, and classified balance sheet in GOOD form, in GOOD form. Record the closing entries, and post them to the journal. Prepare a post-closing trial balance for August. The July 31, 20xx, post-closing trial balance and the chart of accounts for the Joan Miller Advertising Agency are attached. During August the agency engaged in these transactions. Received an additional investment of cash for common stock from Joan Miller, $6,300. Purchased additional office equipment with cash, $1,200. Received art equipment transferred to the business from Joan Miller, $1,400 and issued common stock. Purchased additional office supplies with cash, 590. Purchased additional art supplies on credit from Taylor Supply Company, $450 Completed a series of advertisements for Marsh Tire Company and billed Marsh Tire Co. for $800. Paid the secretary for two weeks' wages, $1,200. Paid the amount due to Morgan Equipment for the office equipment purchased last month, $1,500 Accepted an advance in cash for artwork to be done for another agency, $1,600. Purchased a copier (office equipment) from Morgan Equipment for $2,100, paying $350 in cash and agreeing to pay the rest in equal payments over the next five months. Performed advertising services and received a cash fee, $1,450. Received payment on account from Ward Department Stores for services performed last month, $2,800. Paid amount due for the telephone bill that was received and recorded at the end of July, $140. Performed advertising services for Ward Department Stores and agreed to accept payment next month, $3,200. Performed art services for cash, $580. Received and paid the utility bill for Augues, $220. Paid the secretary for two weeks' wages, $1,200. Paid the rent for September in advance, $800. Received the telephone bill for August which is to be paid next month, $160. Paid a cash dividend, $1,400. Enter the account names and numbers in the general ledger. Enter the balances from the post-closing trial balance for July into the general ledger. Record the transactions for August in the journal. Begin the general journal on page 5. Post the August transactions to the ledger accounts. Prepare a trial balance for August. Prepare the adjusting entries based on the following data, and indicate if they are deferrals or accruals: One month's prepaid rent has expired, $800. One month's prepaid insurance has expired, $80. An inventory of art supplies reveals $600 still on hand on August 31. An inventory of office supplies reveals $410 still on hand on August 31. Depreciation on art equipment for August is calculated to be $100. Depreciation on office equipment for August is calculated to be $100. Art services performed for which payment had been received in advance totaled $1,300. Advertising services performed that ill not be billed until September total $290. Three days' wages had accrued by the end of August (assume a five-day work week). Post the adjusting entries, and prepare an adjusted trial balance. Prepare the income statement, statement of retained earnings, and classified balance sheet in GOOD form, in GOOD form. Record the closing entries, and post them to the journal. Prepare a post-closing trial balance for AugustStep by Step Solution
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