Question
So here's the problem: *** can you check my journal entries down below from 1 to 16. ** Can you help me prepare an unadjusted
So here's the problem:
*** can you check my journal entries down below from 1 to 16.
** Can you help me prepare an unadjusted and an adjusted trial balance for me. I've filled out the unadjusted trial balance below, but I'm pretty sure it's incorrect because it doesn't equal.
**Can you guys help me prepare an income statement, prepare a statement of retained earnings, and a balance sheet. **Then prepare the closing journal entry. (record the entry to close revenue and expense accounts to retained earnings.)
**Post the closing closing trial balance from the closing journal entry.
**How much did Net Income did Lazy Sofa Furniture generate during 2015?
Okay so I'll post the formats of how it's suppose to look like below.
Alright so altogether i'll sum it up: I need the journal entries 1 to 16 to be checked, prepare income statement, prepare statement of retained earnings, prepare a balance sheet, prepare closing journal entry, prepare post closing trial balance from closed journal entries, then how much net income, and is it a liability or stockholder's equity.
******* Please help me do all of this, instead of only part of it. This all just parts of one whole problem. Please, please help me with all of it. I will truly be thankful for you. Thanks sooo much in advance, take your time too. Thanks again.
IThe folowing information applies to the questions displayed below.U Alison and Chuck Renny began operations of their furniture repair shop (Lazy Sofa Furniture, Inc.) on January 1. 2014. The annual reporting period ends December 31. The trial balance on January 1, 2015, appears below (amounts are rounded to thousands of dollars to simplify). Credit Account Titles Debit 6 Cash Accounts Receivable Supplies Equipment 0 Accumulated Depreciation Software 10 Accumulated Amortization Accounts Payable Notes Payable (ong-term) Salaries and Wages Payable Interest Payable Income Tax Payable Unearned Revenue Common Stock 14. Retained Earnings Service Revenue Supplies Expense Depreciation Expense Salaries and Wages Expense Amortization Expense Interest Expense Income Tax Expense $27 $27 Totals Transactions during 2015 (summarized in thousands of dollars) follow: 1. Borrowed $25 cash on July 1, 2015, signing a six-month note payable. 2. Purchased equipment for $22 cash on July 1, 2015. 3. Issued additional shares of common stock for $4. 4. Earned revenues for 2015 in the amount of $68, including $8 on credit and$60 received in cash. 5. Recognized salaries and wages expenses for 2015 of $39. paid in cash. 6. Purchased additional equipment, $4 cash. Collected accounts receivable, $7 8. Paid accounts payable, $10. 9. Purchased on account supplies for future use, $9. 10. Received a $4 cash deposit on work to start January 15, 2016. Data for adjusting journal entries: 11. Amortization for 2015. $4. 12. Supplies of $5 were counted on December 31, 2015. 13. Depreciation for 2015, $1. 14. Accrued interest on notes payable of$1. 15 Wages earned since the December 24 payroll not yet paid, $2. 16. Income tax for 2015 was $3 and will be paid in 2016Step 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