Please prepare an adjusting entry for this problem (all info is part of 1 problem)
Page 142 COMPREHENSIVE PROBLEM 1 PART A (CHAPTERS 1, 3, 4) GENERAL JOURNAL DATE Post ref DEBIT CREDIT ACCOUNT TITLES 2019 ADJUSTING ENTRIES: COMPREHENSIVE PROBLEM 1 PART A (CHAPTERS 1, 3, 4) Poge 137 COMPREHENSIVE PROBLEM REQUIREMENTS PART A 1) Prepare journal entries to record the January 2019 transactions listed on the following page (refer to the chart of accounts for the appropriate account titles to use). Prepare a separate journal entry for each transaction and leave a space after each entryl Check figure: Total debits $684.920. OPTIONAL: Post the journal entries to the T-accounts and calculate the account balances. Prepare an unadjusted trial balance. Check figures: Cash balance $62,380: Trial balance total debits $378,50o. dated January 31) (a) In January, entered into a contract with Nordstrom & AssociatesCPAs to provide massages for the (2) Prepare odjusting jounal entries in the general journal bosed on the following information all AJEs are firm's professionals. Peak View Spa will bill Nordstrom & Associates in the following month for spa Services provided. Spa services totaling $800 were performed in January and will be billed in February 2019. (b) Accrue interest for January on the High Country Bank promissory note that was signed on January 2. (e) The building has an estimated useful life of 20 years. Record depreciation for one month. (d) The equipment has an estimated useful life of 5 years. Record depreciation for one month. (e) Record insurance expired for one month (f) Spa supplies on hand at the end of January have a cost of $250 (g) As of the end of January, 20% of the spa services have been performed for customers redeeming Peak View Spa Gift Certificates for which payment had been received in advance. (h) Accrue employee salaries and wages for the 5 days from January 27-31 (payrollis $3,150 per week for a 7-day workweek). 0) Accrue estimated income taxes for January of $4,920 Check figure: Total debits $13,695. OPTIONAL: Post the adjusting entries to the T-accounts and calculate the account balances. Prepare an adjusted trial balance.Check figure: Total debits $389,095 t homework qu Page 138 COMPREHENSIVE PROBLEM 1 PART A (CHAPTERS 1, 3, 4) Peak View Spa, Inc. borrowed $180,000 from High Country Bank Peak View Spa signed a Peak View Spa sold 50,000 shares of $3 par value common stock for $150,000. 2 Paid the $4,500 premium for a 6-month insurance policy 3 Found the perfect building in which to locate the spa. Negotiated a price and completed the purchase for $270,000 cash. 3 Paid $800 for advertising in the Canyon Press Newspaper to runt 4 Purchased equipment for t anuary 5 10 12 14 Provided spa services for $3,400 to customers on account. 15 Paid $8,000 on account to Wholesale Equipment Compary in partial payment for the Company. Purchased $1,600 of spa supplies on account. Received $9,000 cash for spa services provided to customers. Paid employee salaries and wages for January 2-12 of $4,950. equipment purchased on January 4 20 Received $5,000 cash in advance for Peak View Spa Gift Certificates for spa services to be performed in the future. Received $700 from customers for payments on their accounts. 23 26 Paid employee salaries and wages for January 13-26 of $6,300. 27 Paid utility bills (water, electric, telephone) for the month totaling $670 28 Received $15,400 cash for spa services provided to customers 30 Provided spa services for $4,100 to customers on account. 31 Declared and paid cash dividends to the stockholders, $2,500
