Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Prepare an unadjusted trial balance, a preliminary income statement, statement of retained earnings, and classified balance sheet as of and for the year ended December

Prepare an unadjusted trial balance, a preliminary income statement, statement of retained earnings, and classified balance sheet as of and for the year ended December 31.

Thank you for the help!

Update: Included December transactions

image text in transcribed

image text in transcribed

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

3. Prepare journal entries for the following December transactions. (If no entry is required for a transaction/event, select Entry Required" in the first account field.) a. Provided rental services at a price of $780 and collected the full amount in cash. b. Paid $182 cash to a cleaning company for December work. c. Paid $156 cash to MyBnB's part-time employee for December wages. d. Paid $260 cash on account for amounts owed from a prior equipment purchase. e. Obtained repair services in December at a cost of $104, to be paid in January. View transaction list View journal entry worksheet No Transaction General Journal Debit Credit 1 a Cash 780 Service Revenue 780 2 b Cleaning Expense 182 Cash 182 3 156 Wages Expense Cash 156 4 d Accounts Payable 260 Cash 260 5 01 104 Repairs Expense Accounts Payable 104 MyBnB started a home rental company on January 1. As of November 30, MyBnB reported the following balances. The company does not yet have a balance in Retained Earnings because this is its first year of operations so no net income has been reported in prior years. $ 6,240 520 Accounts Payable Cash Cleaning Expense Common Stock $ 780 2,600 2,340 7,800 Equipment Repairs Expense Service Revenue Wages Expense 5,200 2,080 Unadj Trial Balance Income Statement Stmt of Retained Earnings Balance Sheet Prepare an unadjusted trial balance. MYBNB Unadjusted Trial Balance Debit Credit Total $ 0 $ 0 Stmt of Unadj Trial Income Balance Retained Statement Balance Sheet Earnings Prepare a preliminary income statement as of November 30. MYBNB Income Statement 0 0 Stmt of Unadj Trial Income Retained Balance Sheet Balance Statement Earnings Prepare a statement of retained earnings for December 31. If there are no dividends, include a line that reports Dividends of zero. MYBNB Statement of Retained Earnings Retained Earnings, January 1 Retained Earnings, December 31 Prepare a classified balance sheet as of December 31. MYBNB Balance Sheet 0 $ 0 0 $

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

Bond Credit Analysis Framework And Case Studies

Authors: Frank J. Fabozzi

1st Edition

9781883249915

More Books

Students also viewed these Accounting questions