the woods are for the season 20.00 ding the 14,1 4 Sosete OH Swo Wate unds 23,10 140 110 . 1.170 . 56.000 3,130 Backya Bwana She W I III Print Item Beachside Realty rents condominiums and furnishings. Below is the adjusted trial balance at December 31 Beachside Realty Adjusted Trial Balance December 31 Debit Credit Cash 1,500 Accounts Receivable 2,000 Interest Receivable 100 1,600 2.800 15,000 3.000 2,400 3.920 2.700 500 Prepaid Insurance Notes Receivable (long-term) Equipment Accumulated Depreciation Accounts Payable Accrued Expenses Payable Income Taxes Payable Unearned Rent Fees Common Stock Retained Earnings Dividends Rent Fees Earned Furniture Rental Revenue Interest Revenue Wages Expense Depreciation Expense Utilities Expense Insurance Expense Maintenance Expense Income Tax Expense 5,000 2,700 2,000 2.000 37,000 1,200 100 19,000 1,800 320 700 9.000 2,700 58.520 58,520 Dronaret 2.700 500 5,000 2.700 2,000 Income Taxes payable Uneared Rent Fees Common Stock Retained Earnings Dividends Rent Fees Eamed Furniture Rental Revenue Interest Revenue Wages Expense Depreciation Expense Utilities Expense Insurance Expense Maintenance Expense Income Tax Expense 37.000 1.200 100 19,000 1.800 320 700 9.000 2,700 58.520 58.520 Prepare the entry required to dose the revenue and expense accounts at the end of the period. If an amount box does not require an entry leave it blank Dec 31 Print Item The following is the adjusted trial balance for Miller Company Miller Company Adjusted Trial Balance December 31 8,130 3,300 2,750 10,400 Cash Accounts Receivable Prepaid Expenses Equipment Accumulated Depreciation Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Fees Earned 2,200 2,700 1,000 9,200 2,000 4,870 36,600 12,450 4,900 3,475 Wages Expense Rent Expense Utilities Expense Depreciation Expense Miscellaneous Expense Totals 2,150 1,275 53,700 53,700 Miscellaneous Expense 1,275 Totals 53,700 53,700 Prepare closing entries. If an amount box does not require an entry, leave it blank. Prepare the post closing trial balance. If an amount box does not require an entry leave it blank, Miller Company Post-Closing Trial Balance December 31 Total Pont Item For each of the following: Journalize the necessary adjusting entry a. A business pays veekly salaries of $22.000 on Friday for a five-day week ending on that day. Journalize the nec blank. (1) Tuesday (2) Wednesday b. The balance in the prepaid insurance account before adjustment at the end of the year is $18.000. Journalize the (1) The amount of insurance expired during the year is $5,300. (2) Assume the same facts except that the amount of unexpired insurance applicable to a future period is $2.700 c. On July 1 of the current year, a business pays $54,000 to the city for license taxes for the coming fiscal year. The si 14,000 (1) Joumalize the two adjusting entries required to bring the accounts affected by the taxes up to date as of July 31. License Property Tax (2) What is the amount of tax expense for July d. The estimated depreciation on equipment for the year is 192.000 Print item Set up T accounts for Cash; Accounts Receivable Supplies Accounts Payable: Common Stock Dividends a. In the T accounts, record the following transactions of Potter Pool Services for June, Identifying each ent 1. Stockholders invested $12,500 cash in the business by purchasing common stock. 2. Purchased supplies on account. $6,250. 3. Paid operating expenses. $5,500. 4. Billed clients for fees, $7,440. 5. Received cash from cash dients, 4.700. 6. Paid creditors on account. $1,400 7. Received $3,100 from clients on account B. Paid $1,500 cash dividends. Cash Bali Accounts Receivable Bal. Supplies Accounts Payable al Common Stock Dividends Professional Fees Bal Operating Expenses b. Prepare unustad til balance of June 30 for Potter Dool Services. If an amount box does not require a Potter Pool Services Accounts Payable Bal Common Stock Dividends Professional Fees Bal Operating Expenses b. Prepare a unadjusted trial balance as of June 30 for Potter Pool Services. If an amount box does not require an entry. I Potter Pool Services Unadjusted Tal Balance June 30 Debit Balances Credit Balances 6. Assuming that supplier expense (which has not been recorded) amounts to $1.500 for Juna determine the following: 1. Net income for the month 2. Stockholders' equity as of June 30 Print Item T Accounts Instructions Unadjusted General Journal Chart of Accounts Instructions Wickets Restoration Services had the following transactions on May. 1 Received $43,000 from sale of common stock 2 3 4 6 B. Paid rent on office for the month, $880. Purchased supplies on account, $1.750 Earned fees, receiving cash. $12.600. Paid creditor on account. $1,000 Paid automobile expenses for month, $375, and miscellaneous expenses. $250. Paid office salaries for the month $3,900 Eamed tees which the customer will pay next month. $2.400 Determined that the cost of supplies used was $280. Paid dividends. $2,400 7 8. 9 10 Chart of Account General Journal ACCOURS Journal o the joumal entries for the transactions on May 31 Refer to the Chart of Accounts for exact wording of accountitles ACCOUNTING EQUAT JOURNAL CREDIT TABLIC DATE DESCRIPTION 10ST CF DEET 40,000.00 ASSETS 1 Hayth 4000000 83000 Comman Stock My Best Experie al 800.00 750.00 1 May Solis cort Pile 1.750.00 T 12500.00 Hay ai Tees and Mays Act Pile 12600,00 1000 DO Bil 1 000.00 M16 Auto expose 57500 25000 625.00 Neces Expose Oish My Womens ON 5900,00 5.900.00 240000 916 Acte Tees tance 240000 20000 Why Site Simi May 10 Diese 280.00 2.100.00 1 2.40000 JOURNAL POST REF CREDIT DEBIT DESCRIPTION DATE 40,000.00 May 1 Cash 40,000.00 Common Stock 880.00 May2 Rent Expense 880.00 Cash 1,750.00 May Supplies Accounts Payable 1,750.00 May4 Cash 12 600.00 Fees Earned 12600.00 May 5 Accounts Payable 1,000.00 1,000.00 Cash Mayb Automobile Expense Miscellaneous Expense 575.00 250.00 Cash 625.00 May? Wages Expense 5,900.00 Cash 5,900.00 May Accounts Receivable 2,400.00 Fees Earned 2,400.00 May Supplies Expense Supplies 280.00 1 280.00 20 May 10 Dividends 2,400.00 21 Cash 2,400.00 1. Prepare 7 accounts for each ac alu the left side of the Taccount even when the ending balance is a credit. The unused cell on Cash pare 880.00 40,000.00 2 4 12,600.003 6 > 7 16 9 14 16 Ball 52,600.00 Accounts Receivable NE Supplies 26 Bal. 3 32 Accounts Payable 33 6 1,750.003 1,000.00 Dal Common Stock Dividends Fees Earned > Bal. Common Stock Dividends Fees Earned 27 28 Bal. Rent Expense 31 32 38 Automobile Expense Wages Expense Supplies Expense Miscellaneous Expense Unadjusted Trial Balance c. Prepare an unadjusted trial balance as of May 31. Wickers Restoration Services UNADJUSTED TRIAL BALANCE May 31, 2012 DEBIT CREDIT ACCOUNT TITLE 1 Cash 2 Accounts Receivable 5 Supplies Accounts Payable 5 Common Stock 6 Dividends 7 Fees Earned a Rent Expense 9 Automobile Expense 10 Wages Expense 11 Supplies Expense 12 Micellaneous Expense 15 Totals Final Questions d. Detemine the net income for May $ isht e. Determine the retained eamings at the end of May, assuming this was the rest month of business
