Please read Chapters 1 through 4 in the textbook and complete the following Problems Chapter 1 PR 1 2A, and Chapter 3 PR 3 5A Submit all files in one submission Please use the attached templates to do the problems WRD 26e PR 01 2A xlsx(27 551 KB) WRD 26e PR 03 5A xlsx(24 245 KB) PR 1 2 Financial Statements The amount of the assets and liabilities of Nordic Travel Agency at December 31, 2016, the end of the year, and its revenue and expenses for the year follow The capital of Ian Eisele, Owner, Was $67 0000 on January1, , the beginning of the year During the Year, Ian withdrew $42 000 Accounts payable $69500 Rent expenses$36000 Accounts receivable $285000Supplies$5500 Cash $190500Supplies Expense $4100 Fees earned$912500Utilities expense $28500 Land $544000Wages expense $51000 MiscExpenses$6400 Instructions 1 Prepare an income statement for the year ended December 31, 2016 2 Prepare a statement of owner's equity for the year ended 31, 2016 3 Prepare a balance sheet as of December 31, 2016 4 What item appears on both the statement of owner's equity and the balance sheet PR 3 5 Adjusting entries and adjusted trial balances RowlandCompany is a small editorial services company owned and operated by Marlene Rowland On August 31, 2016, the end of the current year, Rowland Company's accounting clerk prepared the following unadjusted trial balance ACCOUNT TITLE DEBIT CREDIT 1 Cash 7,500 00 2 Accounts Receivable 38,400 00 3 Prepaid Insurance 7,200 00 4 Supplies 1,980 00 5 Land 112,500 00 6 Building 150,250 00 7 Accumulated Depreciation Building 87,550 00 8 Equipment 135,300 00 9 Accumulated Depreciation Equipment 97,950 00 10 Accounts Payable 12,150 00 11 Unearned Rent 6,750 00 12 Marlene Rowland, Capital 221,000 00 13 Marlene Rowland, Drawing 15,000 00 14 Fees Earned 324,600 00 15 Salaries and Wages Expense 193,370 00 16 Utilities Expense 42,375 00 17 Advertising Expense 22,800 00 18 Repairs Expense 17,250 00 19 Miscellaneous Expense 6,075 00 20 Totals 750,000 00 750,000 00 The data needed to determine year end adjustments are as follows a Unexpired insurance at August 31, $6,000 b Supplies on hand at August 31, $480 c Depreciation of building for the year, $7,500 d Depreciation of equipment for the year, $4,150 e Rent unearned at August 31, $1,550 f Accrued salaries and wages at August 31, $3,200 g Fees earned but unbilled on August 31, $11,330 Required 1 Journalize the adjusting entries using the following additional accounts Salaries and Wages Payable Rent Revenue Insurance Expense Depreciation ExpenseBuilding Depreciation ExpenseEquipment and Supplies Expense Refer to the Chart of Accounts for exact wording of account titles 2 Determine the balances of the accounts affected by the adjusting entries, and prepare an adjusted trial balance

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Please read Chapters 1 through 4 in the textbook and complete the following Problems:Chapter 1:PR 1-2A, and Chapter 3: PR 3-5A.Submit all files in one

Please read Chapters 1 through 4 in the textbook and complete the following Problems:Chapter 1:PR 1-2A, and Chapter 3: PR 3-5A.Submit all files in one submission.

Please use the attached templates to do the problems

WRD 26e_PR 01-2A.xlsx(27.551 KB)
WRD 26e_PR 03-5A.xlsx(24.245 KB)

PR 1-2 Financial Statements

The amount of the assets and liabilities of Nordic Travel Agency at December 31, 2016, the end of the year, and its revenue and expenses for the year follow. The capital of Ian Eisele, Owner, Was $67 0000 on January1, , the beginning of the year. During the Year, Ian withdrew $42 000.

Accounts payable $69500 Rent expenses$36000

Accounts receivable $285000Supplies$5500

Cash $190500Supplies Expense $4100

Fees earned$912500Utilities expense $28500

Land $544000Wages expense $51000

MiscExpenses$6400

Instructions

1 Prepare an income statement for the year ended December 31, 2016.

2 Prepare a statement of owner's equity for the year ended 31, 2016

3 Prepare a balance sheet as of December 31, 2016

4 What item appears on both the statement of owner's equity and the balance sheet?

PR 3-5 Adjusting entries and adjusted trial balances

RowlandCompany is a small editorial services company owned and operated by Marlene Rowland. On August 31, 2016, the end of the current year, Rowland Company's accounting clerk prepared the following unadjusted trial balance:

ACCOUNT TITLE

DEBIT

CREDIT

Cash

7,500.00

Accounts Receivable

38,400.00

Prepaid Insurance

7,200.00

Supplies

1,980.00

Land

112,500.00

Building

150,250.00

Accumulated Depreciation-Building

87,550.00

Equipment

135,300.00

Accumulated Depreciation-Equipment

97,950.00

Accounts Payable

12,150.00

Unearned Rent

6,750.00

Marlene Rowland, Capital

221,000.00

Marlene Rowland, Drawing

15,000.00

Fees Earned

324,600.00

Salaries and Wages Expense

193,370.00

Utilities Expense

42,375.00

Advertising Expense

22,800.00

Repairs Expense

17,250.00

Miscellaneous Expense

6,075.00

Totals

750,000.00

The data needed to determine year-end adjustments are as follows:

Unexpired insurance at August 31, $6,000.

Supplies on hand at August 31, $480.

Depreciation of building for the year, $7,500.

Depreciation of equipment for the year, $4,150.

Rent unearned at August 31, $1,550.

Accrued salaries and wages at August 31, $3,200.

Fees earned but unbilled on August 31, $11,330.

Required:

Journalize the adjusting entries using the following additional accounts: Salaries and Wages Payable; Rent Revenue; Insurance Expense; Depreciation ExpenseBuilding; Depreciation ExpenseEquipment; and Supplies Expense. Refer to the Chart of Accounts for exact wording of account titles.

Determine the balances of the accounts affected by the adjusting entries, and prepare an adjusted trial balance.