Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Roland Company began operations on December 1 and needs assistance in preparing December 31 financial statements, including its year-end adjustments. The Tableau dashboard is provided

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Roland Company began operations on December 1 and needs assistance in preparing December 31 financial statements, including its year-end adjustments. The Tableau dashboard is provided to assist in the work. Selected December-January Transactions Purchased Insurance Started Work for Telo Dec. 31 Year-End Finished Work for Telo Jan 12 Dec 7 Dec 13 Dec 24 Jan 5 December 1 Prepaid a 24 month insurance policy (coverage starting immediately) for $2,400 cash. Purchased Supplies Received Cash in Advance Wages Paid Roland Company began operations on December 1 and needs assistance in preparing December 31 financial statements, including its year-end adjustments. The Tableau dashboard is provided to assist in the work. Selected December-January Transactions Dec. 31 Year-End Purchased insurance Started work for Telo Finished Work for Telo Dec 1 Jan 5 Jan 12 Dec 13 Dec 24) December 7 Purchased supplies for $2,000 cash. Purchased Supplies Received Cash in Advance Wages Paid Roland Company began operations on December 1 and needs assistance in preparing December 31 financial statements, including its year-end adjustments. The Tableau dashboard is provided to assist in the work. Selected December-January Transactions Dec. 31 Year-End Purchased insurance Started work for Telo Finished Work for Tole Dec 1 Dec 7 Dec 13 Dec 24 Jan 5 Jan 12 December 13 Agreed to do $10,000 worth of work for Telo over the next 30 days. Payment is to be received when the work is completed on Jan. 12 Purchased Supplies Received Cash in Advance Wages Paid Roland Company began operations on December 1 and needs assistance in preparing December 31 financial statements, including its year-end adjustments. The Tableau dashboard is provided to assist in the work Selected December-January Transactions Started work for Telo Dec. 31 Year-End Purchased Insurance Finished Work for Talo Dec 1 Dec 7 Jan 5 Dec 13 Dec Jan 12 December 24 Received $4,000 cash in advance to perform work for ABX over the next four weeks. Purchased Supplies Received Cash in Advance Wages Paid Roland Company began operations on December 1 and needs assistance in preparing December 31 financial statements, including its year-end adjustments. The Tableau dashboard is provided to assist in the work Selected December-January Transactions Dec. 31 Year-End Purchased insurance Started work for Telo Finished Work for Tolo Dec 1 Dec 7 Dec 13 Dec 24 Jan 50 Jan 12 January 5 Paid wages of $800 cash to workers. Purchased Supplies Received Cash in Advance Wages Paid Roland Company began operations on December 1 and needs assistance in preparing December 31 financial statements, including its year-end adjustments. The Tableau dashboard is provided to assist in the work. Selected December-January Transactions Dec. 31 Year-End Purchased insurance Started work for Telo Finished Work for Toto Dec 1 Dec 7 Dec 13 Dec 24 Jan 5 Jan 12 January 12 Received $10,000 cash from Telo for work performed over the last 30 days. Purchased Supplies Received Cash in Advance Wages Paid Additional Information as of December 31 Telo Job Completion at Year-End ABX Job Completion at Year-End Telo 60% Complete ABX 25% Complete Supplies Remaining at Year-End Wages Earned By Workers but not yet Paid at Year-End Supplies Remaining at Year-End: $700 AUUniona mornalon as or December Telo Job Completion at Year-End ABX Job Completion at Year-End Telo 60% Complete ABX 25% Complete Supplies Remaining at Year-End Wages Earned By Workers but not yet Paid at Year-End Wages Earned By Workers but not yet Paid at Year-End: $500 1. Record the journal entries required for December, excluding the December 31 year-end adjusting entries. 2. Record the December 31 year-end adjusting entries for (a) prepaid insurance, (b) supplies, (c) accrued wages. (c) accrued revenue, and (e) unearned revenue. 3. Record the journal entries required for January Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required) Record the journal entries required for December, excluding the December 31 year-end adjusting entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account hela.) View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 Dec 01 No Transaction Recorded 2 2 Dec 07 No Transaction Recorded 3 Dec 13 No Transaction Recorded 4 Dec 24 No Transaction Recorded Required Required 2 > 1. Record the journal entries required for December, excluding the December 31 year end adjusting entries. 2. Record the December 31 year-end adjusting entries for (a) prepaid insurance, (b) supplies, (c) accrued wages, (d) accrued revenue and (e) unearned revenue. 3. Record the journal entries required for January Complete this question by entering your answers in the tabs below. Required Required 2 Required 3 Record the December 31 year-end adjusting entries for (a) prepaid insurance, (b) supplies, (c) accrued wages, (d) accrued revenue, and (e) uneared revenue. View transaction list View journal entry worksheet No Date General Journal Debit Credit 1. Record the journal entries required for December, excluding the December 31 year-end adjusting entries. 2. Record the December 31 year-end adjusting entries for (a) prepaid Insurance, (b) supplies, (c) accrued wages, (d) accrued revenue, and (e) uneared revenue. 3. Record the journal entries required for January Complete this question by entering your answers in the tabs below. Required Required 2 Required 3 Record the journal entries required for January View transaction list View journal entry worksheet Date No Debit General Journal Credit

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

Accounting And Auditing Practices In Africa

Authors: Mariaan Roos, Lesley Stainbank

1st Edition

1928357431, 978-1928357438

More Books

Students also viewed these Accounting questions

Question

11. Are your speaking notes helpful and effective?

Answered: 1 week ago

Question

The Goals of Informative Speaking Topics for Informative

Answered: 1 week ago