Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please do in order, thank you so much! Events for Year 2 1. Paid $6,000 cash for the salaries accrued at the end of the

Please do in order, thank you so much! image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Events for Year 2 1. Paid $6,000 cash for the salaries accrued at the end of the prior accounting period. 2. Performed services for cash of $57,000. 3. Purchased $4,600 of supplies on account. 4. Paid $15,900 cash in advance for rent. The payment was for one year beginning April 1, Year 2. 5. Performed services for customers on account for $124,000. 6. Incurred operating expenses on account of $59,500. 7. Collected $107.000 cash from accounts receivable. 8. Paid $57,000 cash as a partial payment on accounts payable. 9. Paid $33,300 cash for salary expense. 10. Paid a $15,000 cash dividend to stockholders. Adjusting Entries 11. Made the adjusting entry for the expired rent. (Hint. Part of the rent was paid in Year 1.) 12. Recorded supplies expense. A physical count showed that $800 of supplies were still on hand. Cich About Bas Bal Bed B End B E B Pension Bad Bel Bell Ens al E B Accounts Begle End ENa Gede Endur Lege End in COLTON ENTERPRISES Trial Balance December 31, Year 2 Account Titles Debit Credit Totals ! Required information COLTON ENTERPRISES Income Statement For the Year Ended December 31, Year 2 Expenses Total expenses COLTON ENTERPRISES Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 2 Total stockholders' equity COLTON ENTERPRISES Balance Sheet As of December 31, Year 2 Assets Total assets Liabilities Total liabilities Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity COLTON ENTERPRISES Statement of Cash Flows For the Year Ended December 31, Year 2 Cash flows from operating activities: Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities: Net cash flow from financing activities Net change in cash Ending cash balance OVCU Required information View transaction list Journal entry worksheet 1 2 3 Record the closure of service revenue. Note: Enter debits before credits. Date General Journal Debit Credit Dec. 31 Record entry Clear entry View general journal View transaction list Journal entry worksheet

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Accounting Tools for Business Decision Making

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

6th edition

1118096894, 978-1-11921511, 978-1118096895

Students also viewed these Accounting questions