to make general journal, general ledger and adjusted trail balance
U B THE ACCOUNTING CYCLE - ADJUSTING - ACTIVITY 5 nie musi be submitted as a single fleecel document into the course designated hand in box. No email usions recepted This activity builds on the practice activities and is of the counting de Below are a list of transactions for Company R, that need to be completed as the adjusting entries for the fiscal period, ending on June 30 20X9. Transactions Date June - 30 - 20X9 June - 30 - 20x9 June - 30 - 2009 June - 30 - 20X9 June - 30 - 2009 June - 30 - 20x9 June - 30 - 20X9 June - 30 - 20X9 June - 30 - 2009 June - 30 - 20X9 June - 30 - 2009 June - 30 - 20x9 Description Accounting error realized: $50,000 in a cash payment towards salaries expense was recorded as $5,000. a Close the inventory expense accounts for the fiscal period, ending inventory counted at $460,100. 5% of accounts receivable are declared uncollectable. Land previously valued at $1,000,000 sold for a profit of $400,000 Utilities due for the month, in the total of $4,550. All of the office supplies were used up during the fiscal year. Building depreciated by 10% of current net book value. Rent revenue of $125,000 is collected in advance, but is not due until the next fiscal period. Interest on long-term investments collected at 4.2%. Interest revenue on accounts receivable is owed at the end of this fiscal period, for $2,370. Average income tax rate calculated at 42% on $2,665,620. Dividends of $350,000 declared and to be paid out in the next fiscal year. 1 1 2 Company R Unadjusted Trial Balance 2 3 June 30 20X9 Debit Credit 4 Account $ $ $ 2,450,000.00 1,087,500.00 3,500,000.00 496,000.00 2,035,600.00 870,000.00 $ $ $ $ 165,300.00 $ $ 40,000.00 2,100.00 $ 171,000.00 431,000.00 $ 5 Cash 6 Accounts Receivable 7 Long-Term Investment 8 Inventory (July 1 20x8 balance) 9 Land 10 Building 11 Accumulated Amortization on Building 12 Equipment 13 Office Supplies 14 Accounts Payable 15 Bank Loan Payable 16 Rent Payable 17 Company Capital 18. Company Shares 19 Dividends 20 Retained Earnings (July 1 20X8 balance) 21 Revenues 22 Rent Revenues 23. Interest Revenues 24 Purchases 25 Freight Expense Adjusting Entry Transactions $ $ $ 657.700.00 3,010,000.00 $ $ $ 4,503,000.00 1,665,000.00 860,000.00 4,680.00 S $ $ 130,000.00 $ 2,500.00 Unadjusted Trial Balance Sheet 3 Sheet 4 Sheet 5 9 Land $ $ 2,035,600.00 870,000.00 $ 165,300.00 $ $ 40,000.00 2,100.00 171,000.00 431,000.00 10 Building 11 Accumulated Amortization on Building 12 Equipment 13 Office Supplies 14 Accounts Payable 15 Bank Loan Payable 16 Rent Payable 17 Company Capital 18 Company Shares 19 Dividends 20 Retained Earnings (July 1 20x8 balance) 21 Revenues S $ $ $ 657,700.00 3,010,000.00 $ $ $ $ 4,503,000.00 1,665,000.00 860,000.00 4,680.00 $ 22 Rent Revenues 23 Interest Revenues 24 Purchases $ $ 25 Freight Expense 26 Selling Expense 27 Salaries Expense 28 Utilities Expense 29 Totals IS $ S 130,000.00 2,500.00 45,600.00 745,800.00 62,580.00 11,467,680.00 IS $ $ 11,467,680.00 30
