Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please solve all, thank you Adams Company Unadjusted Trial Balance December 31, 2018 126,000 23,000 9,500 24,000 110,000 15,000 75,000 Cash Accounts Receivable Supplies Prepaid

please solve all, thank you
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Adams Company Unadjusted Trial Balance December 31, 2018 126,000 23,000 9,500 24,000 110,000 15,000 75,000 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2018) Dividends Service Revenue Repair Expense Delivery Expense Depreciation Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Expense Income Tax Expense Total 40,000 8,000 17,900 12,500 45,000 46,000 67,600 5,000 474,500 10,000 47,000 5,000 54,000 10,000 145,000 13,000 4,000 36,000 711,500 711,500 Part 1: Prepare adjusting journal entries using the unadjusted trial balance provided to you in Question 1 of the Financial Statement Homework quiz on D2L and the information provided below. The Unadjusted Trial Balance can be downloaded from the D2L quiz by right clicking on the image and saving it to your computer. When preparing the adjusting journal entries, use only the account names provided in the Unadjusted Trial Balance (do not create any new account names and do not abbreviate account names). 1. The prepaid insurance balance reflects a 12-month insurance policy which started on Sept. 1. 2018, and no adjustments were made from Sept. 1 - Dec. 31. 2018. Write the adjusting journal entry for Dec 31, 2018 2. Additional depreciation expense of $15,000 needs to be recorded for the year ended 2018 3. Wages due to employees of $8,000 need to be recorded at year end. These wages will be paid to employees on January 9.2019. (next month) 4. The company has completed $12,900 of the amount in unearned revenue as of Dec. 31 5. In Dec. the company provided services worth $8,000 to clients that were not yet billed or recorded by Dec. 31. Record the additional revenue. 6. On Dec 31" the company completed a physical count of their supplies and determined that only $4,000 of supplies are still on hand. Page 2 of 8 Part 2: Post the adjusting journal entries to t-accounts: (Hints on getting started: Above each T-account, write the account name of each account affected by an adjusting journal entry (you may not need to use all of the T. accounts). Write in the unadjusted balance for each of these accounts from the Unadjusted Trial Balance provided in question 1 of your D2L quiz (the unadjusted balance might be a debit, a credit, or zero balance). Now you are ready to post your adjusting journal entries from Part 1 to the corresponding T-accounts and calculate adjusted balances - HEL TTT Page 3 of 8 Part 3: Prepare the Adjusted Trial Balance (i.e. after the previous 6 journal entries are posted) (Company Name) (Date) Adjusted Trial Balance Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2018) Dividends Service Revenue Repair Expense Delivery Expense Depreciation Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Expense Income Tax Expense Total Part 4: Based on the Adjusted Trial Balance provided in Question 2 of the Financial Statement Homework quiz on D2L, prepare in proper format the Income Statement, the Retained Earnings Statement, and a Classified Balance Sheet (in this order). Include all appropriate headings, dates, titles, subtotals and totals. You may not use all the lines provided in the statement formats below). The Adjusted Trial Balance can be downloaded from the D2L quiz by right clicking on the image and saving it to your computer. DO NOT USE THE ADJUSTED TRIAL BALANCE CREATED IN PART 3 Insert Adjusted Trial Balance Image HERE: (Be sure to include all the necessary subtotals and foals as outlined in Chapter 2 for a Classified Balance Sheet. You may not need to use all the lines provided. Note: The two columns below do not represent debit and credit balances like they do on a trial balance. On the Balance Sheet, use the right column for subtotals and totals.) (Company Name) Balance Sheet (Date) (Company Name) Income Statement (Date) (Company Name) Statement of Retained Earnings (Date) Part 5: Answer the following questions using the above completed financial statements: What is the dollar amount for Net Income or Net Loss? What is the dollar amount for Ending Retained Earning? What is the dollar amount for Total Current Assets? What is the dollar amount for Total Current Liabilities? What is the dollar amount for Total Stockholders Equity? What the dollar amount for Total Assets

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

Connect For Computer Accounting With Quickbooks 2021

Authors: Author

20th Edition

1264069200, 9781264069200

More Books

Students also viewed these Accounting questions

Question

Under what conditions are two qualitative variables independent?

Answered: 1 week ago