Prepare adjusting entries using the following information in the General Journal below. Show your calculations! a)...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Prepare adjusting entries using the following information in the General Journal below. Show your calculations! a) One month's insurance has expired. b) The remaining inventory of repair supplies is $200. c) The estimated depreciation on repair equipment is $150. d) The estimated income taxes are $100. Requirement #5: Post the adjusting entries on March 31 below to the General Ledger T-accounts and compute adjusted balances. Just add to the balances that are already listed. Account Number from Chart of General Journal Date Accounts tab Account Title from Chart of Accounts tab Debit Credit 1 2 REQUIREMENT #6: Prepare an Adjusted Trial Balance in the space below. 3 Account 4 Number Howard's Flight Radio Management Corporation Adjusted Trial Balance March 31 Account Title Balance Debit Credit 5. 6 7. 8 9 0 1 2 3 4 5 6 7 8 9 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 A B C D F G H E Requirement #7: Prepare the financial statements for Howard's Flight Radio Management Corporation as of March 31 in the space below. You will only be preparing the Income Statement, Statement of Retained Earning, and the Balance Sheet. The Statement of Cash Flows is a required Financial Statement, but is not required for this project. 4 toward's Flight Radio Management Corporatio Income Statement For the Month Ending March 31 Revenues: 9 FMS Repair Revenue 10 11 Total Revenue 12 Expenses: 13 Store Rent Expense 14 Telephone Expense 15 Insurance Expense 16 Repair Supplies Exp. 17 Depreciation Exp. 18 Income Taxes Expense 1 27 28 29 30 31 32 33 34 -234567BROWSEXERT@@8288 5888588 19 Electric Expense 20 Total Expenses 21 22 Net Income vard's Flight Radio Management Corpora Statement of Retained Earnings For the Month Ending March 31 Retained Earnings, March 1 Add: Net Income Subtotal Less: Dividends Retained Earnings, March 31 'oward's Flight Radio Management Corpor Balance Sheet Assets: Cash Prepaid Insurance Repair Supplies Repair Equipment Less Accum. Depr. Total Assets March 31 Liabilities and Stockholders' Equity Liabilities: Accounts Payable Income Taxes Payable Total Liabilities Stockholders' Equity: Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities & Stockholders' Equity Date March 1 March 1 March 1 March 3 March 8 March 10 March 11 March 18 March 20 March 31 March 31 March 31 Transaction Description Began business by making a deposit in a company bank account of $22500, in exchange for 2,250 shares of $10 par value common stock. Paid the premium on a 1-year insurance policy, $2,160. Paid the current month's rent expense, $1,800. Purchased repair equipment from Fred Company, $5,800. Paid $2200 down and the balance was placed on account. The rest will be paid in equal payments over the next 12 months. The first payment is due 4/1. Note: Use Accounts Payable for the Balance Due. Purchased repair supplies from Gary Company on credit, $650. Paid telephone bill for March, $400. Cash flight management system (FMS) repair revenue for the first third of March, $2000. Made payment to Gary Company, $400. Cash FMS repair revenue for the second third of March, $2,450. Cash FMS repair revenue for the last third of March, $1,500. Paid the current month's electic bill, $300. Declared and paid cash dividend of $1,000. Prepare adjusting entries using the following information in the General Journal below. Show your calculations! a) One month's insurance has expired. b) The remaining inventory of repair supplies is $200. c) The estimated depreciation on repair equipment is $150. d) The estimated income taxes are $100. Requirement #5: Post the adjusting entries on March 31 below to the General Ledger T-accounts and compute adjusted balances. Just add to the balances that are already listed. Account Number from Chart of General Journal Date Accounts tab Account Title from Chart of Accounts tab Debit Credit 1 2 REQUIREMENT #6: Prepare an Adjusted Trial Balance in the space below. 3 Account 4 Number Howard's Flight Radio Management Corporation Adjusted Trial Balance March 31 Account Title Balance Debit Credit 5. 6 7. 8 9 0 1 2 3 4 5 6 7 8 9 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 A B C D F G H E Requirement #7: Prepare the financial statements for Howard's Flight Radio Management Corporation as of March 31 in the space below. You will only be preparing the Income Statement, Statement of Retained Earning, and the Balance Sheet. The Statement of Cash Flows is a required Financial Statement, but is not required for this project. 4 toward's Flight Radio Management Corporatio Income Statement For the Month Ending March 31 Revenues: 9 FMS Repair Revenue 10 11 Total Revenue 12 Expenses: 13 Store Rent Expense 14 Telephone Expense 15 Insurance Expense 16 Repair Supplies Exp. 17 Depreciation Exp. 18 Income Taxes Expense 1 27 28 29 30 31 32 33 34 -234567BROWSEXERT@@8288 5888588 19 Electric Expense 20 Total Expenses 21 22 Net Income vard's Flight Radio Management Corpora Statement of Retained Earnings For the Month Ending March 31 Retained Earnings, March 1 Add: Net Income Subtotal Less: Dividends Retained Earnings, March 31 'oward's Flight Radio Management Corpor Balance Sheet Assets: Cash Prepaid Insurance Repair Supplies Repair Equipment Less Accum. Depr. Total Assets March 31 Liabilities and Stockholders' Equity Liabilities: Accounts Payable Income Taxes Payable Total Liabilities Stockholders' Equity: Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities & Stockholders' Equity Date March 1 March 1 March 1 March 3 March 8 March 10 March 11 March 18 March 20 March 31 March 31 March 31 Transaction Description Began business by making a deposit in a company bank account of $22500, in exchange for 2,250 shares of $10 par value common stock. Paid the premium on a 1-year insurance policy, $2,160. Paid the current month's rent expense, $1,800. Purchased repair equipment from Fred Company, $5,800. Paid $2200 down and the balance was placed on account. The rest will be paid in equal payments over the next 12 months. The first payment is due 4/1. Note: Use Accounts Payable for the Balance Due. Purchased repair supplies from Gary Company on credit, $650. Paid telephone bill for March, $400. Cash flight management system (FMS) repair revenue for the first third of March, $2000. Made payment to Gary Company, $400. Cash FMS repair revenue for the second third of March, $2,450. Cash FMS repair revenue for the last third of March, $1,500. Paid the current month's electic bill, $300. Declared and paid cash dividend of $1,000.
Expert Answer:
Posted Date:
Students also viewed these finance questions
-
5. Describe in words how to translate the graph of y=x to obtain the graph of the function shown. Write the equation of the transformed graph in the form y=x-h+k. 6. The ordered pair (3,5) is on the...
-
The differential equation of motion of a particle which executes forced oscillation with damping is d'y -64y +10=0. with y (0) = 0 and y(1) =0. dr Compute the values of y at x 0.25, 0.5, 0.75 Using...
-
TranscribedText: MGMT210: Course Project Prepare the Journal Entries in the General Journal 1 7 Journal Entries Post Journal Entries to the General Ledger 2 - General Ledger Prepare a Trial Balance 3...
-
Discuss the various ways project change can be managed. In your discussion, be sure to include real world examples if you have experienced them those experiences may help your project
-
A particular cell phone case is available in a choice of four different colors. A store sells all four colors. To test the hypothesis that sales are equally divided among the four colors, a random...
-
For each linear transformation T: Rn Rm given in Problems a to c. compute the image under T of . and find the vector(s) if any, that are mapped to . a. T(x, y) = (y, -x). b. T(x, y) = (x + y, x). c....
-
IFRS Framework 2018 includes the following definition: A present economic resource controlled by the entity as a result of past events. An economic resource is a right that has the potential to...
-
Collins Corporation issued 10,000 shares of no-par common stock for $20 per share. Collins also issued 2,000 shares of $50 par, 5 percent noncumulative preferred stock at $55 per share. Required...
-
Find the range of possible values for the following measurements, which were rounded to the nearest mm, tenth of m, and hundredth of kg respectively: a 24 mm b 3.2 m c 1.75 kg
-
A load of 2 , 0 0 0 ???? ???? East supported by one end of an aluminum beam 5 ???? . He section area transverse n of the beam is 2 6 ???? ???? 2 . a . With l is the shear stress? b . With he is the...
-
The insurance system has benefits and drawbacks for patients, providers (physicians), and insurance companies. Identify at least one benefit and one drawback for each of these stakeholders. Explain...
-
Charity planned a trip and decided to sign up for her first credit card. After she received it in the mail, she started to use it. She purchased an airplane ticket to New Orleans, booked a hotel and...
-
Saalfrank Corporation is considering two alternatives that are code-named M and N. Costs associated with the alternatives are listed below: Supplies costs Assembly costs Power costs Inspection costs...
-
Designer Curtains Sdn. Bhd. makes custom draperies for homes and businesses. The company uses an activity-based costing system for its overhead costs. The company has provided the following data...
-
Should we have more or less regulation on public companies? Pick a specific area that you would like to see expanded or weakened. CEO salaries? Employee concerns? Business activities? Disclosure?
-
Explain what constitutes a policy leadership role within the field of social work. Explain what can happen if social workers fail to exert policy leadership, allowing others with less commitment to...
-
The words without recourse on an indorsement means the indorser is: a. not liable for any problems associated with the instrument. b. not liable if the instrument is dishonored. c. liable personally...
-
October 20X1, Little Raven plc issued 50,000 debentures, with a par value of 100 each, to investors at 80 each.The debentures are redeemable at par on 30 September 20X6 and have a coupon rate of 6%,...
-
On 1 October year 1, RPS plc issued one million 1 5% redeemable preference shares. The shares were issued at a discount of 50,000 and are due to be redeemed on 30 September Year 5. Dividends are paid...
-
(a) Who are considered to be the potential users of financial reports? (b) What do you consider to be their information needs? (c) How would you expect a consideration of user needs to influence...
Study smarter with the SolutionInn App