Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following additional facts are collected for use in making adjusting entries prior to preparing financial statements for the year ended 12/31/2018. a. The December

image text in transcribed
The following additional facts are collected for use in making adjusting entries prior to preparing financial statements for the year ended 12/31/2018. a. The December 31 inventory count of supplies shows $875 still available b. Six months have expired since the 24-month insurance premium of $5,400 was paid in advance. c. As of December 31, an employee has not been paid for 3 days of work at S200 per day d. The company's computers are expected to have a three-year life with no salvage value. e. The office furniture is expected to have a seven-year life with no salvage value f. The company earned $2,400 of the uncanned revenue during the year LE HAR SHARE PUA . EL... CAR SA HO SER More Prepare adjusting entries to reflect accrual based account balances for December 31, 2018 Post the adjusting entries to the accounts in the general ledger 1. Prepare an adjusted trial balance as of December 31. 2018 2. Prepare a worksheet for December 31, 2018 3. Prepare an income statement for the year ended December 31, 2018 4. Prepare a statement of changes in owner's cquity as of December 31, 2018 5. Prepare a balance sheet as of December 31, 2018 6. Record and post the necessary closing entries for Accounting Solutions Co. a. Prepare the closing entries for the company. b. Post the closing entries to the accounts in the general ledger 7. Prepare a post-closing trial balance as of December 31, 2018 The following additional facts are collected for use in making adjusting entries prior to preparing financial statements for the year ended 12/31/2018. a. The December 31 inventory count of supplies shows $875 still available b. Six months have expired since the 24-month insurance premium of $5,400 was paid in advance. c. As of December 31, an employee has not been paid for 3 days of work at S200 per day d. The company's computers are expected to have a three-year life with no salvage value. e. The office furniture is expected to have a seven-year life with no salvage value f. The company earned $2,400 of the uncanned revenue during the year LE HAR SHARE PUA . EL... CAR SA HO SER More Prepare adjusting entries to reflect accrual based account balances for December 31, 2018 Post the adjusting entries to the accounts in the general ledger 1. Prepare an adjusted trial balance as of December 31. 2018 2. Prepare a worksheet for December 31, 2018 3. Prepare an income statement for the year ended December 31, 2018 4. Prepare a statement of changes in owner's cquity as of December 31, 2018 5. Prepare a balance sheet as of December 31, 2018 6. Record and post the necessary closing entries for Accounting Solutions Co. a. Prepare the closing entries for the company. b. Post the closing entries to the accounts in the general ledger 7. Prepare a post-closing trial balance as of December 31, 2018

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

Management Accounting

Authors: Charles T Horngren, Gary L Sundem, William O Stratton, Howard D Teall, George Gekas

5th Canadian Edition

0131922688, 978-0131922686

More Books

Students also viewed these Accounting questions

Question

What is the purpose of an Objective-C category?

Answered: 1 week ago