please see attached photos for full instructions:
all chatr 1:06 AM @ 84% Done 10 of 10 Assignment 2 End of Chapter Assignment Reed Geophysical Company adjusts and closes its accounts at the end of the calendar year. At December 31, 20-1 Reed Geophysical Company Trial Balance December 31, 20-1 Cash $ 12.540 Prepaid rent 3,300 Prepaid dues and subscription 960 Supplies 1,300 Equipment 20,000 Accumulate Depreciation:Equipment $ 1,200 Bank Loan (1 year loan) 5,000 Unearned consulting fees 35,650 Glen Reed, Capital 17,040 Glen Reed, Drawing 27,000 Consulting fee earned 90,860 Salaries Expense 66,900 Telephone Expense 2,550 Rent Expense 11,000 Miscellaneous expense 4,200 $ 149,750 $ 149,750 Other data: a) For the first 11 months of the year, office rent had been charged to the Rent Expense account at a rate of $1000 per month. On December 1, the company signed a new rental agreement and paid 3 months in advance at a rate of $1, 100 per month. The advance payment was debited to the Prepaid rent account. (Hint: December rent went up) b) Dues and subscription expense for the year is $710 c) The unused supplies on December 31 is $450 d) Interest on bank loan amounted to $100 at the end of the year. NOT yet pay. (Hint: interest payable account) e) The useful life of the equipment has been estimated at 10 years from date of purchase (straight line depreciation) f) Consulting service valued at $32,550 were rendered (service was done) during the year for clients who had made payment in advance. (Hint: The advance payment was debit to Unearned revenue account.) g) At December 31, engineering services $3000 was completed in December but was not bill. h) Salaries earned by employees but not yet paid amounted to $2,200 at December 31 (Hint: Salaries Payable) Instructions The following is done one Spreadsheet file with 4 sheets. (1mark C) Sheet 1 Prepare a worksheet for the year ended December 31, 20-1 (adjustment /8 T) (Income Statement & Balance Sheets columns /9A) Chant 2 . Insama statement !all chatr 1:06 AM @ 84% Done 10 of 10 Prepaid rent 3,300 Prepaid dues and subscription 960 Supplies 1,300 Equipment 20,000 Accumulate Depreciation:Equipment $ 1,200 Bank Loan (1 year loan) 5,000 Unearned consulting fees 35,650 Glen Reed, Capital 17,040 Glen Reed, Drawing 27,000 Consulting fee earned 90,860 Salaries Expense 66,900 Telephone Expense 2,550 Rent Expense 11,000 Miscellaneous expense 4,200 $ 149,750 $ 149,750 Other data: a) For the first 11 months of the year, office rent had been charged to the Rent Expense account at a rate of $1000 per month. On December 1, the company signed a new rental agreement and paid 3 months in advance at a rate of $1, 100 per month. The advance payment was debited to the Prepaid rent account. (Hint: December rent went up) b) Dues and subscription expense for the year is $710 c) The unused supplies on December 31 is $450 d) Interest on bank loan amounted to $100 at the end of the year. NOT yet pay. (Hint: interest payable account) e) The useful life of the equipment has been estimated at 10 years from date of purchase (straight line depreciation) f) Consulting service valued at $32,550 were rendered (service was done) during the year for clients who had made payment in advance. (Hint: The advance payment was debit to Unearned revenue account.) g) At December 31, engineering services $3000 was completed in December but was not bill. h) Salaries earned by employees but not yet paid amounted to $2,200 at December 31 (Hint: Salaries Payable) Instructions The following is done one Spreadsheet file with 4 sheets. (1mark C) Sheet 1 Prepare a worksheet for the year ended December 31, 20-1 (adjustment /8 T) (Income Statement & Balance Sheets columns /9A) Sheet 2: Income statement ( /1 C) Sheet 3: Balance Sheet ( /4C) Sheet 4: Closing Entries ( /4T) (See page 293=295) Marks 130 :E
