Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Scenario: In August 1, 2022, the following were the account Balances of Beam's Repair Services. Transactions: 1. A count shows supplies on hand of $960.
Scenario: In August 1, 2022, the following were the account Balances of Beam's Repair Services. Transactions: 1. A count shows supplies on hand of $960. 2. Accrued but unpaid employees' salaries are $1,540. 3. Depreciation on equipment for the month is $320. 4. Services were performed to satisfy $800 of unearned service revenue. 5. One month's worth of advertising services has been received. 6. One month of interest revenue related to the $4,000 note receivable has accrued. The 4-month note has a 6% annual interest rate. To-Do: A. Enter the August 1 balances in the ledger accounts. (Use T-accounts.) ** Recommended turn-in point \#1 B. Journalize the August transactions. C. Post to the ledger accounts. The chart of accounts includes Prepaid Advertising, Interest Receivable, Service Revenue, Interest Revenue, Advertising Expense, Depreciation Expense, Supplies Expense, Salaries and Wages Expense, and Rent Expense. D. Prepare a trial balance as of August 31. Recommended turn-in point \#2** E. Journalize and post adjusting entries. F. Prepare an adjusted trial balance. Recommended turn-in point \#3** G. Prepare an income statement and a retained earnings statement for August and a classified balance sheet on August 31. ** Recommended turnin point \#4 4 H. Journalize and post-closing entries and complete the closing process. I. Prepare a post-closing trial balance as of August 31. Recommended turn-in point \#5**
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started