Question
Problem 3-4A Interpreting unadjusted and adjusted trial balances, and preparing financial statements LO C3, A1, P1, P2, P3 [The following information applies to the questions
Problem 3-4A Interpreting unadjusted and adjusted trial balances, and preparing financial statements LO C3, A1, P1, P2, P3
[The following information applies to the questions displayed below.]
A six-column table for JKL Company follows. The first two columns contain the unadjusted trial balance for the company as of July 31, 2013. The last two columns contain the adjusted trial balance as of the same date. |
Unadjusted Trial Balance | Adjusted Trial Balance | ||||||||
Cash | $ | 114,720 | $ | 114,720 | |||||
Accounts receivable | 8,000 | 24,500 | |||||||
Office supplies | 18,400 | 3,000 | |||||||
Prepaid insurance | 6,340 | 3,360 | |||||||
Office equipment | 86,000 | 86,000 | |||||||
Accum. DepreciationOffice equip. | $ | 25,000 | $ | 32,000 | |||||
Accounts payable | 8,100 | 14,000 | |||||||
Interest payable | 0 | 2,500 | |||||||
Salaries payable | 0 | 15,000 | |||||||
Unearned consulting fees | 28,000 | 18,000 | |||||||
Long-term notes payable | 50,000 | 50,000 | |||||||
J. Logan, Capital | 56,000 | 56,000 | |||||||
J. Logan, Withdrawals | 5,000 | 5,000 | |||||||
Consulting fees earned | 167,000 | 193,500 | |||||||
Depreciation expenseOffice equip. | 0 | 7,000 | |||||||
Salaries expense | 67,240 | 82,240 | |||||||
Interest expense | 1,320 | 3,820 | |||||||
Insurance expense | 0 | 2,980 | |||||||
Rent expense | 14,580 | 14,580 | |||||||
Office supplies expense | 0 | 15,400 | |||||||
Advertising expense | 12,500 | 18,400 |
| ||||||
Totals | $ | 334,100 | $ | 334,100 | $ | 381,000 | $ | 381,000 | |
rev: 07_09_2014_QC_51223, 07_10_2014_QC_51223
References
Section BreakProblem 3-4A Interpreting unadjusted and adjusted trial balances, and preparing financial statements LO C3, A1, P1, P2, P3
6.
value: 1.42 points
Required information
Problem 3-4A Part 1
Required: | |
1. | Analyze the differences between the unadjusted and adjusted trial balances to determine the adjustments that likely were made. Show the results of your analysis by entering these adjustment amounts in the cells provided. |
rev: 07_09_2014_QC_51223, 07_10_2014_QC_51223
References
eBook & Resources
WorksheetLearning Objective: 03-A1 Explain how accounting adjustments link to financial statements.Learning Objective: 03-P2 Explain and prepare an adjusted trial balance.
Problem 3-4A Part 1Learning Objective: 03-C3 Identify the types of adjustments and their purpose.Learning Objective: 03-P3 Prepare financial statements from an adjusted trial balance.
Difficulty: HardLearning Objective: 03-P1 Prepare and explain adjusting entries.
Check my work
7.
value: 1.48 points
Required information
Problem 3-4A Part 2
2(a-1) | Prepare JKL Company's income statement and for the year ended July 31, 2013. |
2(a-2) | Prepare JKL Companys statement of owners equity for the year ended July 31, 2013. Note: J. Logan, Capital at July 31, 2012, was $56,000, and the current-year withdrawals were $5,000. |
2(b) | Prepare JKL Companys balance sheet as of July 31, 2013. |
References
eBook & Resources
WorksheetLearning Objective: 03-A1 Explain how accounting adjustments link to financial statements.Learning Objective: 03-P2 Explain and prepare an adjusted trial balance.
Problem 3-4A Part 2Learning Objective: 03-C3 Identify the types of adjustments and their purpose.Learning Objective: 03-P3 Prepare financial statements from an adjusted trial balance.
Difficulty: HardLearning Objective: 03-P1 Prepare and explain adjusting entries.
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