Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

This is a 3 part question please help 1. The balances in the ledger of Landscape Services as of December 31, 2021 before adjustments are

This is a 3 part question please help image text in transcribed
image text in transcribed
image text in transcribed
1. The balances in the ledger of Landscape Services as of December 31, 2021 before adjustments are as follows: Cash $4,500 Owner's Capital $36,050 Supplies $4,150 Prepaid Insurance $8,600 Owner's Withdrawals $4,000 Equipment $42,000 Fee Earned $52,500 Accumulated Depreciation $10,200 Salary Expense $28,600 - Equip Rent Expense $5,000 $1,900 Miscellaneous Expense Adjustment data are as follows: (1) Supplies on hand, December 31, S1,150; (2) Insurance expired for December, $1,600; (3) Depreciation on equipment for December, $2,200; (4) Salaries accrued, December 31, $1,400. (a) Prepare a ten-column worksheet for Landscape Services for December, 2021. 40 pts (b) Journalize and post the adjusting entries. 30 pts (c) On the basis of the worksheet in, journalize the closing entries as of December 31, 2021.30 pts ACCT 201 Problem 1(a). Exam 2 Ten-Column Worksheet Adjustments Adjusted Trial Balance Dr Cr Dr Cr Account Name Trial Balance Dr Cr Income Statement Dr Cr Balance Sheet Dr Cr Cash Supplies Prepaid Insurance Equipment Accumulated Depreciation Equip $4,500 $4, 150 $8,600 $42,000 $10.200 $0 $36,050 $4,000 $52,500 Owner's Capital Owner's Withdrawals Fee Earned Salary Expense Rent Expense Miscellaneous Expense $28,600 $5,000 $1,900 598,750 $98.750 Ans. To ACCT 201 Two Column Journal Problem 1 (b) & (C)- Exam 2 Entry Description Entry Letter Amount in $ Debit Credit Problem 1 (b) Adjusting Entry (1) (2) (3) (4) (C) Closing Entry ( 1) (2) (3) 4)

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 Theory

Authors: Ahmed Raihi-Belkaoui

5th Edition

1844800296, 978-1844800292

More Books

Students also viewed these Accounting questions

Question

differentiate the function ( x + 1 ) / ( x ^ 3 + x - 6 )

Answered: 1 week ago

Question

What processes are involved in perceiving?

Answered: 1 week ago