Question
Problem 3-8A Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) [The following information applies to the questions displayed below.] The general ledger of
Problem 3-8A Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7)
[The following information applies to the questions displayed below.] The general ledger of Red Storm Cleaners at January 1, 2018, includes the following account balances:
Accounts | Debits | Credits | ||||
Cash | $ | 20,000 | ||||
Accounts Receivable | 8,000 | |||||
Supplies | 4,000 | |||||
Equipment | 15,000 | |||||
Accumulated Depreciation | $ | 5,000 | ||||
Salaries Payable | 7,500 | |||||
Common Stock | 25,000 | |||||
Retained Earnings | 9,500 | |||||
Totals | $ | 47,000 | $ | 47,000 | ||
The following is a summary of the transactions for the year:
- March 12 Provide services to customers, $60,000, of which $21,000 is on account.
- May 2 Collect on accounts receivable, $18,000.
- June 30 Issue shares of common stock in exchange for $6,000 cash.
- August 1 Pay salaries, $26,000 (of which $7,500 is for salaries payable in 2017).
- September 25 Pay repairs and maintenance expenses, $13,000.
- October 19 Purchase equipment for $8,000 cash.
- December 30 Pay $1,100 cash dividends to stockholders.
- Accrued salaries at year-end amounted to $1,100. Depreciation for the year on the equipment is $5,000. Office supplies remaining on hand at the end of the year equal $1,200.
Problem 3-8A Parts 1, 3, 6 and 10
Required:
1., 3. 6. & 10.Enter the unadjusted balances from the trial balance and post the adjusting entries to the T-accounts, and post the closing entries to the T-accounts.
rev: 09_27_2016_QC_CS-63225
References eBook & Resources Financial StatementsLearning Objective: 03-03 Demonstrate the purposes and recording of adjusting entries.Learning Objective: 03-06 Demonstrate the purposes and recording of closing entries. Problem 3-8A Parts 1, 3, 6 and 10Learning Objective: 03-04 Post adjusting entries and prepare an adjusted trial balance.Learning Objective: 03-07 Post closing entries and prepare a post-closing trial balance. Difficulty: 3 HardLearning Objective: 03-05 Prepare financial statements using the adjusted trial balance.Check my work 9. value: 1.00 points Required informationProblem 3-8A Part 2
2.Record each of the summary transactions listed above.(If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.)
References eBook & Resources General JournalLearning Objective: 03-03 Demonstrate the purposes and recording of adjusting entries.Learning Objective: 03-06 Demonstrate the purposes and recording of closing entries. Problem 3-8A Part 2Learning Objective: 03-04 Post adjusting entries and prepare an adjusted trial balance.Learning Objective: 03-07 Post closing entries and prepare a post-closing trial balance. Difficulty: 3 HardLearning Objective: 03-05 Prepare financial statements using the adjusted trial balance.Check my work 10. value: 1.00 points Required information
Problem 3-8A Part 4
4.Prepare an unadjusted trial balance.
References eBook & Resources Financial StatementsLearning Objective: 03-03 Demonstrate the purposes and recording of adjusting entries.Learning Objective: 03-06 Demonstrate the purposes and recording of closing entries. Problem 3-8A Part 4Learning Objective: 03-04 Post adjusting entries and prepare an adjusted trial balance.Learning Objective: 03-07 Post closing entries and prepare a post-closing trial balance. Difficulty: 3 HardLearning Objective: 03-05 Prepare financial statements using the adjusted trial balance.Check my work 11. value: 1.00 points Required informationProblem 3-8A Part 5
5.Record adjusting entries.(If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.)
rev: 09_12_2016_QC_CS-60711
References eBook & Resources General JournalLearning Objective: 03-03 Demonstrate the purposes and recording of adjusting entries.Learning Objective: 03-06 Demonstrate the purposes and recording of closing entries. Problem 3-8A Part 5Learning Objective: 03-04 Post adjusting entries and prepare an adjusted trial balance.Learning Objective: 03-07 Post closing entries and prepare a post-closing trial balance. Difficulty: 3 HardLearning Objective: 03-05 Prepare financial statements using the adjusted trial balance.Check my work 12. value: 1.00 points Required informationProblem 3-8A Part 7
7.Prepare an adjusted trial balance.
References eBook & Resources Financial StatementsLearning Objective: 03-03 Demonstrate the purposes and recording of adjusting entries.Learning Objective: 03-06 Demonstrate the purposes and recording of closing entries. Problem 3-8A Part 7Learning Objective: 03-04 Post adjusting entries and prepare an adjusted trial balance.Learning Objective: 03-07 Post closing entries and prepare a post-closing trial balance. Difficulty: 3 HardLearning Objective: 03-05 Prepare financial statements using the adjusted trial balance.Check my work 13. value: 1.00 points Required informationProblem 3-8A Part 8
8-a.Prepare the income statement for the year ended December 31, 2018.
8-b.Prepare the classified balance sheet for the year ended December 31, 2018.(Amounts to be deducted should be indicated by a minus sign.)
References eBook & Resources Financial StatementsLearning Objective: 03-03 Demonstrate the purposes and recording of adjusting entries.Learning Objective: 03-06 Demonstrate the purposes and recording of closing entries. Problem 3-8A Part 8Learning Objective: 03-04 Post adjusting entries and prepare an adjusted trial balance.Learning Objective: 03-07 Post closing entries and prepare a post-closing trial balance. Difficulty: 3 HardLearning Objective: 03-05 Prepare financial statements using the adjusted trial balance.Check my work 14. value: 1.00 points Required informationProblem 3-8A Part 9
9.Record closing entries.(If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.)
References eBook & Resources General JournalLearning Objective: 03-03 Demonstrate the purposes and recording of adjusting entries.Learning Objective: 03-06 Demonstrate the purposes and recording of closing entries. Problem 3-8A Part 9Learning Objective: 03-04 Post adjusting entries and prepare an adjusted trial balance.Learning Objective: 03-07 Post closing entries and prepare a post-closing trial balance. Difficulty: 3 HardLearning Objective: 03-05 Prepare financial statements using the adjusted trial balance.Check my work 15. value: 1.00 points Required informationProblem 3-8A Part 11
11.Prepare a post-closing trial balance.
References eBook & Resources Financial StatementsLearning Objective: 03-03 Demonstrate the purposes and recording of adjusting entries.Learning Objective: 03-06 Demonstrate the purposes and recording of closing entries. Problem 3-8A Part 11Learning Objective: 03-04 Post adjusting entries and prepare an adjusted trial balance.Learning Objective: 03-07 Post closing entries and prepare a post-closing trial balance. Difficulty: 3 HardLearning Objective: 03-05 Prepare financial statements using the adjusted trial balance.Check my work2016 McGraw-Hill Education. All rights reserved.
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