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Transaction Analysis and Trial Balance BC BackCountry Airlines, Inc., operates leased amphibious aircraft and docking facilities, equipping the firm to transport campers and hunters from British Columbia, Canada, to outpost camps owned by various resorts. On August 1, the firm's trial balance was as follows: BC BACK-COUNTRY AIRLINES, INC. Unadjusted Trial Balance August 1, 2016 Debit Cash Credit $88,600 Accounts Receivable Accounts Payable 23,200 $1,700 Notes Payable 6,000 Common Stock 83,000 Retained Earnings 21,100 $111,800 $111,800 Totals During August, the following transactions occurred: Au g 1 Paid August rental cost for aircraft, dockage, and dockside office, $7,500. 2 Paid the insurance premium for August, $2,800. 3 Paid for August advertising in various sports magazines, $1,500. 4 Rendered fly-in services for various groups for cash, $16,750. 5 Billed the Canadian Ministry of Natural Resources for services in transporting mapping personnel, $5,100. 6 Received $20,400 on account from clients. 7 Paid $1,700 on accounts payable. 8 Billed various clients for services, $19,400. 9 Paid interest on an outstanding note payable for August, $95. 1 Paid August wages, $14,800. 0 11 Received invoice for the cost of fuel used during August, $5,600. 1 Paid a cash dividend, $2,500 (debit Retained Earnings). 2 Required a. Set up accounts for each item in the August 1 trial balance and enter the beginning balances. Also provide similar accounts for the following items: Service Fees Earned, Wage Expense, Advertising General Journal Date (1) Decription Answer Debit Answer Answer Answer Credit Answer Answer To record payment of rent expense. (2) Answer Answer Answer Expense, Rent Expense, Fuel Expense, Insurance Expense and Interest Expense. Create journal entries and record the transactions for August in the appropriate Taccounts, using the dates given. Notes Payable Beg Answer Answer Bal (3) Beg Answer Answer To record payment of insurance premium. Answer Answer Accounts Payable Answer Answer Answer Answer Answer Answer Answer (7) Answer Answer Answer Answer To record payment of advertising expense. (11) Answer Answer Bal (4) Answer Answer Answer Answer Common Stock Beg Bal (5) Answer Answer Answer Answer Answer To record service fees earned. Answer Answer Answer Answer Answer Retained Earnings Answer Beg Answer Answer Answer Answer Answer To record service fees earned. (12) Answer Answer Bal (6) Answer Answer Answer Answer Interest Expense Answer Answer Answer Answer To record collections from customers. Answer Answer Answer Retained Earnings Beg (9) Bal Answer Answer Answer Answer Answer Answer Service Fees Earned (4) (5) (8) Bal Answer Answer Answer Answer Answer Answer Answer Answer Rent Expense (1) Bal Answer Answer Answer Answer Wage Expense (10) Bal Answer Answer Answer Answer Insurance Expense (2) Bal Answer Answer Answer Answer Advertising Expense (3) Bal Answer Answer Answer Answer Fuel Expense (11) Bal Answer Answer Answer Answer b. Prepare a trial balance as of August 31, 2016. BC BACK-COUNTRY AIRLINES, INC. Trial Balance August 31,2016 Debit Cash Accounts Receivable Accounts Payable Notes Payable Common Stock Retained Earnings Service Fees Earned Wage Expense Advertising Expense Rent Expense Credit $Answer $Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer BC BACK-COUNTRY AIRLINES, INC. Trial Balance August 31,2016 Debit Fuel Expense Insurance Expense Credit Answer Answer Answer Answer Answer Answer Interest Expense $Answer Totals $Answer Adjusting Entries The following information relates to the December 31 adjustments for Water Barrier, a firm providing waterproofing services for commercial and residential customers. The firm's fiscal year ends December 31; no adjusting entries have been made during the year. 1. The firm paid a $3,000 premium for a threeyear insurance policy, coverage to begin October 1. The premium payment was debited to Prepaid Insurance. 2. Weekly wages for a fiveday work week total $1,250 payable on Fridays. December 31 is a Thursday. 3. Water Barrier received $4,800 in November for services to be performed during December through February of the following year. When received, this amount was credited to Unearned Service Fees. By December 31, onethird of this amount was earned. 4. Water Barrier receives a 5% commission from the manufacturer on sales of a waterproofing agent to Water Barrier's customers. By December 31, Water Barrier had sales of $10,000 (during November and December) for which no commissions had been received or recorded. 5. During December, fuel oil costs of $650 were incurred to heat the firm's buildings. Because the monthly bill from the oil company has not yet arrived, no entry has been made for this amount (fuel oil costs are charged to Utilities Expense). 6. The Supplies account has a balance of $17,500 on December 31. A count of supplies on December 31 indicates that $3,500 worth of supplies are still on hand. 7. On December 1, Water Barrier borrowed $10,000 from the bank, giving a note payable. Interest is not payable until the note is due near the end of the following January. However, the interest for December is $95. 8. Water Barrier rents parking spaces in its lot to firms in the office building next door. On December 1, Water Barrier received $8,000 as advance payments to cover parking privileges in the lot for December through March of the following year. When received, the $8,000 was credited to Unearned Parking Fees. 9. Required Prepare the required December 31 adjusting entries in the general journal form. 10. 11. General Journal Date De c 31 Description Answer Ref. (1) Answer Debit $Answer Answer Credit $Answer Answer To record insurance expense for October thru December. 31 Answer (2) Answer Answer Answer Answer Answer To record accrued wages at December 31. 31 Answer (3) Answer Answer Answer Answer Answer To record fees received in advance that are earned by December 31. 31 Answer (4) Answer Answer Answer Answer Answer To record commissions earned. 31 Answer Answer To record December fuel oil expense. (5) Answer Answer Answer Answer General Journal Date 31 Description Answer Ref. (6) Answer Debit Answer Answer Credit Answer Answer To record cost of supplies used. 31 Answer (7) Answer Answer Answer Answer Answer To record interest expense incurred but not paid during December. 31 Answer Answer To record parking fees earned in December. (8) Answer Answer Answer Answer Closing Entries The adjusted trial balance for Okay Moving Service as of December 31 is as follows: OKAY MOVING SERVICE Adjusted Trial Balance December 31 Debit Cash Credit $4,800 Accounts Receivable 5,250 Supplies 5,300 Prepaid Advertising 3,000 Trucks 30,300 Accum. Depreciation. - Trucks Equipment $10,000 7,600 Accum. Depreciation. - Equipment 2,100 Accounts Payable 1,200 Unearned Service Fees 6,700 Common Stock 10,000 Retained Earnings 16,050 Dividends 7,500 Service Fees Earned 80,500 Wages Expense 29,800 Rent Expense 10,200 Insurance Expense 4,900 Supplies Expense 5,100 Advertising Expense 8,000 Depreciation Expense - Trucks 4,000 Depreciation Expense - Equipment Totals 800 $126,550 $126,550 Required a. Prepare the closing entries at December 31 directly to Retained Earnings in general journal form. b. After the closing entries are posted, calculate the ending balance in the Retained Earnings account. c. Prepare a postclosing trial balance. a. General Journal Date De c 31 Description Answer Answer Debit $Answer Answer Credit $Answer Answer To close the revenue account. 31 Answer Answer Rent Expense Insurance Expense Supplies Expense Advertising Expense Depreciation Expense - Trucks Depreciation Expense - Equipment Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer To close the expense accounts. 31 Answer Answer To close the Dividends account. Answer Answer Answer Answer b. Balance in Retained Earnings at December 31 $Answer c. OKAY MOVING SERVICE Post-Closing Trial Balance December 31 Debit Cash Accounts Receivable Supplies Prepaid Advertising Trucks Accum. Depreciation. - Trucks Equipment Accum. Depreciation. - Equipment Accounts Payable Unearned Service Fees Common Stock Credit $Answer $Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Retained Earnings $Answer Totals $