Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Prepare an end of the period worksheet: 1) Prepare an unadjusted trial balance on the worksheet 2) Prepare the adjusting entries on the worksheet 3)

Prepare an end of the period worksheet: 1) Prepare an unadjusted trial balance on the worksheet

2) Prepare the adjusting entries on the worksheet

3) Prepare the adjusted trial balance

4) Prepare the income statement and the balance sheet

5) Prepare the formal financial statements from the worksheet in order - income statement, statement of owner's equity, balance sheet.image text in transcribedimage text in transcribedimage text in transcribed

January, 20XX Transactions: Jan.1 The following assets were received from Oneida Reza: Cash $65,000; Accounts Receivables 14,700; Equipment, $24,000; Supplies $5,000. There were no liabilities. 1Paid three months' rent on a lease rental contract, $9,000. 2 Paid 12-month premiums on property and casualty insurance policies. $12,000. 4Received cash from a corporate client as an advance payment (unearned revenue) for fitness design, S9,400 5 Purchased fitness equipment on account from Doubletree Fitness Equipment, $8,000. 6 Received check from design clients on account, $11,700. 10 Paid cash for a newspaper advertisement, S350 11 Paid Doubletree Fitness Equipment for part of the debt incurred on Jan. 5, S6.400 12 Recorded design services provided on account for the period Jan. 1 -12, $21,900. 14 Paid fitness assistants for two weeks' salary. $1.650

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_2

Step: 3

blur-text-image_3

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

The Internal Auditing Pocket Guide Preparing Performing Reporting And Follow Up

Authors: J.P. Russell

2nd Edition

1636941303, 978-1636941301

More Books

Students also viewed these Accounting questions

Question

Determine miller indices of plane X z 2/3 90% a/3

Answered: 1 week ago