This is all one question divided into multiple sections.
Section 1 Journalize the following: Toni invested $80,000 to start NBC consulting services Toni performed $5,400 of services on account. Toni purchased equipment for $20,000 by paying $7,500 at the time and agreeing to pay the balance in 20 days. Toni collected $4,000 on account for services performed last month. Toni received but did not pay the monthly telephone bill, $375. Toni received an advance payment of $6,800 for services to be performed next month. Toni paid the balance due for the equipment purchased in transaction #3. Toni withdrew $3,500 from the business for personal use. Using the Journal page provided, prepare the journal entries for the above transactions. Section I - Transaction journal entries General Journal Account and Explanation Post Ref. J1 Credit Date Debit Section II Adjusting Entries: Toni began the year with supplies of $4,000. During the year, he purchased additional supplies for $5,000. As of December 31st, only $3,500 of supplies were on hand. What adjusting entry should Toni make on December 31? Toni paid $60,000 cash of June 1, 2019 to rent office space for the next 5 years. Toni debited prepaid rent for the full amount. What adjusting entry should Toni make on December 31, 2019? Toni purchased equipment for $50,000. Annual depreciation on the equipment is estimated to be $5,500. The adjusting entry to record depreciation in year 2 would be. Toni has a weekly payroll of $3750 which is paid on Fridays. Assuming a five-day work week and December 31 falls on a Thursday, what adjusting entry should Toni record? Toni received cash of $18,000 on September 1, 2019 for one year's services in advance and record the transaction with a credit to unearned revenue. What adjusting entry should Toni make at December 31, 2019? On January 31, 2019, Toni borrowed $135,000, 8% loan from JP Morgan Chase Bank. The loan matures in 5 years. Prepare the adjusting entry to accrue the interest on the loan as of December 31, 2019. Using the Journal page provided, prepare the adjusting entries for the above transactions. Section II- Adjusting journal entries General Journal Account and Explanation Post Ref. J1 Credit Date Debit Section III Closing Entries: Ticket Revenue 950 Popcorn Revenue 125 Rent Exp. 210 Supplies Exp. 140 Telephone Exp. 160 Toni's Capital 210 Toni's Withdrawal 60 Using the Journal page provided below, prepare the closing entries. Section III, Closing entries General Journal Account and Explanation Post Ref. J1 Credit Date Debit Section IV NBC Consulting Services Adjusted Trial Balance 12/31/2019 1.250 225 150 1,000 Cash AR Prepaid Insurance Equipment Acc. Depreciation - Eqp Accounts Payable Unearned Revenue Toni's Capital, 1/1/2019 Toni's Withdrawal Service Revenue Rent Revenue Wages Exp. Utility Exp. Depreciation Exp. 200 120 530 500 225 1950 150 290 110 200 Totals $3,450 $3,450 Given the information above, Prepare Toni's Income Statement, Statement of Owner's Equity, and Balance Sheet. Given the information above, Prepare Toni's Income Statement, Statement of Owner's Equity, and Balance Sheet. NBC Consulting Services Income Statement For the period ending December 31, 2019 XXX XXX XXX Revenues 1. 2. Total Revenue Operating Expenses: 1. 2. 3. Total Operating Expenses Net Income XXX XXX XXX (XXX) XXXX NBC Consulting Services Statement of Owner's Equity For the period ending December 31, 2019 XXX Beginning Balance Add: Less: Ending Capital Balance NBC Consulting Services Balance Sheet As of December 31, 2019 Assets: XXX XXX 1. 2. 3. 4. 5. Total Assets XXXXX Liabilities: 1. 2. Total Liabilities XXX XXX XXX Owner's Equity: 1. XXX Total Liabilities & Owner's Equity XXXXX
