Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please explain answers and put in the format that is asked in the pictures. Jaguar Auto Company provides general car maintenance to customers. The companys

Please explain answers and put in the format that is asked in the pictures.

Jaguar Auto Company provides general car maintenance to customers. The companys fiscal year-end is December 31. The December 31, 2018, trial balance (before any adjusting entries) appears below.

image text in transcribedimage text in transcribedimage text in transcribed

The following information applies to the questions displayed below Jaguar Auto Company provides general car maintenance to customers. The company's fiscal year-end is December 31. The December 31, 2018, trial balance (before any adjusting entries) appears below Debits Credits 12,500 17,500 76,000 Accounts Receivable Supples Prepaid Insurance Equipment Accumulated Depreclation Accounts Payable Salaries Payable Utilities Payable Interest Payable Notes Payable Common Stock Retained Earnings 22,500 0 25,500 6,000 8,100 209,200 Service Revenue Salaries Expense Depreciation Expense Insurance Expense Supplies Expense Utilities Expense Interest Expense 148,500 $291400 $291,400 Information necessary to prepare the year-end adjusting entries appears below a. Depreciation on the machines for the year is $8,100 b. Employee salaries are paid every two weeks. The last pay period ended on December 23. Salaries earned from December 24 through December 31, 2018, are $2,100. c On September 1, 2018 Jaguar borrows $25,500 from a local bank and signs a note. The note requires interest to be paid annually on August 31 at 12% The principal is due in five years. d. On March 1, 2018, the company purchases insurance for $12,600 for a one-year policy to cover possible injury to mechanics. The entire $12,600 was debited to Prepaid Insurance at the time of the purchase e. $3100 of supplies remains on hand at December 31, 2018. f On December 30, Jaguar receives a utility bill of $1,250 for the month. The bill will not be paid until early January 2019, and no entry was recorded when the bill was received. Required 1., 2. &6. Enter the unadjusted balances from the trial balance and post the adjusting entries to the T-accounts, and post the closing entries to the T-accounts Answer is not complete. Cash Accounts Receivable Beg. Bal 12,500 Beg. Bal 13,100 0 0 0 End. Bal 12,500 End. Bal 13,100 Supplies 1,750 Prepaid Insurance 12.600 Beg. Bal Beg. Bal 12,500 x ADJ.e 20,000 x ADJ. a. End. Bal 10,750 End. Bal 7,400 Equipment Accumulated Depreciation 22,500 10,000 x ADJ. a Beg. Bal 7,600 Beg. Bal End. Bal 7,600 End. Bal 32,500 Accounts Pavable Salaries Pavable Beg. Bal 010,100 Beg. Bal 04,000ADJ. b. 0 End. Bal 10,100 End. Bal 4,000 Utilities Pavable Interest Payable Beg. Bal Beg. Bal 02,200ADJ. f. ,050 ADJ. c End. Bal 2,200 End. Bal 1,050 Notes Payable Common Stock Beg. Bal 025,500 Beg. Bal 016,000 0 End. Bal 25,500 End. Bal 16,000 Retained Earnings Dividends Beg. Bal 8.100 Beg. Bal 1,100 0 ,100CI. entry End. Bal 8,100 End. Bal 0 Service Revenue Salaries Expense 209,200 Beg. Bal ADJ. b Beg. Bal 148,500 4.000 Cl entry | 209,200 End. Bal 0 152,500 x CI. entry 0 End. Bal 0 Depreciation Expense Insurance Expense Beg. Bal ADJ. a Beg. Bal ADJ. d 8,100 20,000 8,10CI. entry 20,000CI. entry End. Bal 0 End. Bal 0 Supplies Expense Beg. Bal ADJ. C Beg. Bal ADJ. f Utilities Expense 0,100 2,200 3,100 3,100 x CI. entry 12,300 x Cl. entry End. Bal 0 End. Bal 0 Interest Expense Beg. Bal ADJ. c. 1,050 End. Bal 1,050

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

The Audit Value Factor Making Managements Head Turn Internal Audit And IT Audit Series

Authors: Daniel Samson

1st Edition

1138198129, 978-1138198128

More Books

Students also viewed these Accounting questions

Question

Explain why saving early is usually better than saving later.

Answered: 1 week ago