The following information is available at year end on Dec 31, 2019.
A. Unexpired insurance at Dec 31 $2,200
B. Fees earned but unbilled on Dec 31 - Nike $3,470
C. Supplies on hand at Dec 31 $1,150
D. Revenue Unearned at Dec 31 $4,650
E. Accrued salaries and wages at Dec 31 $3,405
F. Prepaid Advertising $800
G. Inventory $13,600
H. Depreciation of truck for the year _________ /1
I. Depreciation of machine for the year _________ /1
J. Depreciation of equipment for the year _________ /1
K. Interest Owed to Under Amor _________ /1
Info to determine Depreciation & Interest:
Truck: Bought for $36,000 with a salvage value of $2,000 and a useful life of 6 years.
Machine: Bought for $48,000 with a salvage value of $4,000 and a useful life of 11 years.
Equipment: Bought for $57,777 with a salvage value of $5,631 and a useful life of 6 years.
Interest: Borrowed $18,000 from Under Amor with an 17% interest rate compounded monthly.
Champs
Unadjusted Trial Balance
April1, 2019
Cash
$18,700
A/R - Adidas
$18,950
Prepaid Insurance
$6,300
Prepaid Advertising
$2,400
Inventory
$21,000
Supplies
$2,750
Land
$58,025
Building
$71,000
Car
$19,503
Machine
$48,000
Truck
$36,000
Equipment
$57,777
Accumulated Dep Truck
$8,630
Accumulated Dep Machine
$13,502
Accumulated Dep Equip
$26,492
A/P
$23,044
Note Payable Under Amor
$18,000
Unearned Revenue
$10,000
Capital Stock
$14,300
Drawings
$10,500
Fees Earned
$202,725
Champs, Capital
$125,857
Salaries & Wages Expense
$55,103
Utilities Expense
$4,201
Advertising Expense
$12,341
Totals
$442,550
$442,550
Journalize the adjusting entries from above and include explanations for each. (11 transactions x 2 each) /22
Please see above for proper date and ensure you skip a line between transactions.
$800 The following information is available at year end on Dec 31, 2019. A. Unexpired insurance at Dec 31 S2.200 B. Fecs earned but unbilled on Dec 31 - Nike $3.470 C. Supplies on hand at Dec 31 $1,150 D. Revenue Uneamed at Dec 31 54 650 E. Accrued salaries and wages at Dec 31 $3,405 F. Prepaid Advertising G. Inventory $13,600 H. Depreciation of truck for the year 1. Depreciation of machine for the year 11 J. Depreciation of equipment for the year K. Interest Owed to Under Amor 11 Info to determine Depreciation & Interest: Truck: Bought for $36,000 with a salvage value of $2,000 and a useful life of 6 years. Machine: Bought for $48,000 with a salvage value of 54.000 and a useful life of 11 years Equipment: Bought for $57.777 with a salvage value of 55,631 and a useful life of 6 years Interest: Borrowed 518,000 from Under Amor with an 17% interest rate compounded monthly Clumps tudjusted Trial Balance Aprill 2019 S18,700 ARA SIRS Prepaid 56. Prepaid Advertising Inventory SLO Supplies Land 55 Building ST1000 C 319.30 Machine SAO $16.00 Equipment Acad Dep. Truck $30 Acceder Machine $13.502 Ad Lepp AP None Payable - Under Amat SIK.000 Uncated Reve $10.000 Capital Stock 514300 Drawing S10.500 Fes med $22.735 Champs, Capital 51237 Salaries & Wipes Expense 555.105 5401 Advertising Expo 512.341 500.542.500 Journalize the adjusting entries from above and include explanations for each. (11 transactions x 2 cach) Please see above for proper date and ensure you skip a line between 22 transactions Date Account Title & Decrie Ref. Dahit Prepare and complete an Adjusted Trial Balance based on the adjusted balances. /24 Deb/Cred Totals: /2 for totals /22 for changes Champs Unadjusted Trial Balance Aprill 2019 Cash $18,700 A/R - Adidas $18,950 Prepaid Insurance $6,300 Prepaid Advertising $2,400 Inventory $21,000 Supplies $2,750 Land $58,025 Building $71.000 Car $19,503 Machine $48.000 Truck $36,000 Equipment $57,777 Accumulated Dep - Truck $8.630 Accumulated Dep - Machine $13,502 Accumulated Dep - Equip $26,492 A/P $23,044 Note Payable - Under Amor $18,000 Unearned Revenue $10,000 Capital Stock $14,300 Drawings $10,500 Fees Eamed $202,725 Champs, Capital $125,857 Salaries & Wages Expense $55,103 Utilities Expense $4,201 Advertising Expense S12,341 Totals $442,550 $442,550 Journalize the adjusting entries from above and include explanations for each. (11 transactions x 2 each) /22 Please see above for proper date and ensure you skip a line between transactions The following information is available at year end on Dec 31, 2019. A. Unexpired insurance at Dec 31 $2,200 B. Fees earned but unbilled on Dec 31 - Nike $3,470 C. Supplies on hand at Dec 31 $1,150 D. Revenue Unearned at Dec 31 $4,650 E. Accrued salaries and wages at Dec 31 $3,405 F. Prepaid Advertising $800 G. Inventory $13,600 H. Depreciation of truck for the year /1 I. Depreciation of machine for the year /1 J. Depreciation of equipment for the year /1 K. Interest Owed to Under Amor 11 Info to determine Depreciation & Interest: Truck: Bought for $36,000 with a salvage value of $2,000 and a useful life of 6 years. Machine: Bought for $48,000 with a salvage value of $4,000 and a useful life of 11 years. Equipment: Bought for $57,777 with a salvage value of $5,631 and a useful life of 6 years. Interest: Borrowed $18,000 from Under Amor with an 17% interest rate compounded monthly. Prepare and complete an Adjusted Trial Balance based on the adjusted balances. /24 Deb/Cred Totals: 12 for totals 122 for changes In class Test - Adjusting Entries 1. April 1s I spent $5,200 on advertising services for the next year. Perform the adjustment for Dec 31. 2. May 1st you purchased $9,500 in supplies. Dec 31 shows that there are $2,200 in supplies on hand. Perform the adjustment. 3. June 1"' you received $5,000 for landscaping services. Dec 31 shows that you only owe $1,200 left on your services. 4. You purchased a machine for $18,300 that has no salvage value and an estimated useful life of 1 dog year. (aka 7 years) 5. Oct 1st you borrowed $9,400 from a friend who gave you an 8% interest rate and 4 months to pay you back. Calculate interest owing. Perform adjustment for Dec 31. 6. You have not billed Goodlife Fitness for the 13 classes of Hot Yoga you taught where you charge $65/hour. Perform the adjustment. 7. Bought a new Tesla for $88,000 with a residual value of $4,900 and a estimated useful life of 11 years. 8. Records show that you owe your part time employees 213 hours at $13.75/hour. 9. Jan 1 2020 you prepaid your insurance for 24 months for $11,360. Perform the adjustment for Dec 31, 2020. Bonus: Dec 1 records show an inventory balance of $17,000. Dec 31 records show an inventory balance of $18,000. Perform the adjustment Prepare and complete an Adjusted Trial Balance based on the adjusted balances. /24 Deb/Cred Totals: 12 for totals 122 for changes
