Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please open the attachment and use the given information to fill in the blank General Journal Entry after the question..... it's at the bottom of

  1. Please open the attachment and use the given information to fill in the blank General Journal Entry after the question..... it's at the bottom of the document . Please provide an explanation.
image text in transcribed 1. Alpha Dog formed a corporation on January 2, 2017 to provide construction services in the town of Elven, Rivendell, ME. The following is the December 31th Unadjusted Trial Balance. Alpha Dog Corporation Unadjusted Trial Balance 12/31/16 Accounts Debit Cash $532,000 Accounts Receivable 172,000 Supplies 85,000 Prepaid Insurance 36,000 Equipment 2,400,000 Credit Accounts Payable $32,000 Unearned Revenue 100,000 Note Payable (Long Term) 1,420,000 Capital Stock 1,075,000 Revenue 1,397,000 Wages Expense 497,000 Fuel Expense 62,000 Rent Expense 180,000 Interest Expense 60,000 _________ $4,024,000 $4,024,000 Total The following information is provided regarding end of the FY required adjusting entries. 1. Equipment was purchased on June 1, it has an estimated life or 5 years with an estimated salvage value of $400,000.Alpha Dog used the double declining balance method for depreciation. 2. Supplies on hand at year end are $30,000. 3. On 1/1/2017 interest on $58,000 and a principle payment of $20,000 must be made to the bank. 4. The insurance policy is for 12 months and was purchased on March 1. 5. Unbilled services that have been provided customers at year end is $35,000. Billings will be processed the first week of January. Use this information to compute the adjustments and then prepare the end of the fiscal year general journal closing entries (without explanation). Note: students are to only present the closing entries. This will require that the student work on the side to determine the adjustments that were made to the unadjusted trial balance before they will be able to prepare the closing entries. Do not present any calculations or other information in the answer sheet except for the required closing entries. General Journal: Date 12/31/1 6 12/31/1 6 12/31/1 6 Accounts Debit Credit

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

Core Concepts Of Accounting

Authors: Leslie Breitner, Robert Anthony

11th Edition

0133125947, 9780133125948

More Books

Students also viewed these Accounting questions

Question

What are the degrees of freedom associated with ????e.

Answered: 1 week ago