Question 5 Given below is the post-closing trial balance of Bridal Services, Inc. as of Feb...
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Question 5 Given below is the post-closing trial balance of Bridal Services, Inc. as of Feb 28, 2022: Debit Credit Cash $ 12,420 Accounts Receivable $ 11,500 Supplies Prepaid Insurance $ 5,000 Office Equipment Accumulated Depreciation Equipment Accounts Payable Notes Payable Interest Payable Unearned Service Revenue Common Stock Retained Earnings $ 20,000 $ 3,000 $ 9,700 $ 9,000 $ 120 $ 3,000 $ 16.000 $ 8,100 $ 48.920 $ 48,920 The March transactions were as follows.. Required: Mar 1 3 10 11 19 25 28 Rent of $2,100 was paid for two months in advance. Received $600 from customers in payment of their accounts Paid employee salaries $2,500. Performed cash services of $1,400 Paid $900 to creditors for accounts payable due. Bought supplies amounting to $1,100. Paid dividends in the amount of $500. Additional information: 1. Revenue camned but not yet billed is $1,800. 2. On January 1, 2022, Bridal Services received a $6,000 cash retainer for services to be provided rateably over the next 3 months. The full amount was credited to the Uneamed Revenue a/c. 3. At the end of March 31, the company had yet to pay the month's utility bill of $350 4. A physical count of supplies shows an amount of $800 on hand. 5. A one-year insurance policy was bought in January 2022 for $6,000. The insurance policy was effective from January 1, 2022. 6. The notes payable is dated January 1. It is a 24-month, 8% note. Answer question sections (a) to (e) (23 marks) (a) When was the reporting date that Bridal Services last prepare financial statements and why? State clearly the financial period end date. (b) Calculate the amount of Retained Earnings after the cloxing entries as of 31 March 2022. Question 5 Given below is the post-closing trial balance of Bridal Services, Inc. as of Feb 28, 2022: Debit Credit Cash $ 12,420 Accounts Receivable $ 11,500 Supplies Prepaid Insurance $ 5,000 Office Equipment Accumulated Depreciation Equipment Accounts Payable Notes Payable Interest Payable Unearned Service Revenue Common Stock Retained Earnings $ 20,000 $ 3,000 $ 9,700 $ 9,000 $ 120 $ 3,000 $ 16.000 $ 8,100 $ 48.920 $ 48,920 The March transactions were as follows.. Required: Mar 1 3 10 11 19 25 28 Rent of $2,100 was paid for two months in advance. Received $600 from customers in payment of their accounts Paid employee salaries $2,500. Performed cash services of $1,400 Paid $900 to creditors for accounts payable due. Bought supplies amounting to $1,100. Paid dividends in the amount of $500. Additional information: 1. Revenue camned but not yet billed is $1,800. 2. On January 1, 2022, Bridal Services received a $6,000 cash retainer for services to be provided rateably over the next 3 months. The full amount was credited to the Uneamed Revenue a/c. 3. At the end of March 31, the company had yet to pay the month's utility bill of $350 4. A physical count of supplies shows an amount of $800 on hand. 5. A one-year insurance policy was bought in January 2022 for $6,000. The insurance policy was effective from January 1, 2022. 6. The notes payable is dated January 1. It is a 24-month, 8% note. Answer question sections (a) to (e) (23 marks) (a) When was the reporting date that Bridal Services last prepare financial statements and why? State clearly the financial period end date. (b) Calculate the amount of Retained Earnings after the cloxing entries as of 31 March 2022.
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