Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Ultimate Frisbee, Inc. had the following post - closing trial balance as of December 3 1 , 2 0 2 2 . Ultimate Frisbee, Inc
Ultimate Frisbee, Inc. had the following postclosing trial balance as of December
Ultimate Frisbee, Inc had the following transactions during :
Jan One of the partners invested $ into the company.
Feb Purchased supplies on account for $
Feb Paid the invoice for Supplies that were purchased on Feb th
Apr Purchased merchandise Inventory of Frisbees at $ per Frisbee on
account
Apr Paid a Design Company cash to screen print your own logo and design on the frisbee
for per Frisbee needs to be added to the cost of inventory
May Paid the invoice of April
May Sold of the Frisbees on account to Sports Fanatics, Inc., for $ per Frisbee.
May Received cash from the sale on May
Jun Issued a month, note receivable for $ to Phil Dumphy, one of our
managers, who stumbled upon some legal trouble.
Jun Sold Frisbees on account to Win or Go Home, Inc., for $ per Frisbee.
Debit Credit
Cash
Accounts Receivable
Inventory
Prepaid Insurance
Supplies
Building
Accumulated Deprec Bldg
Office Equipment
Accumulated Deprec Office Equip
Accounts Payable
LT Note Payable Bank
Partner, Capital
Ultimate Frisbee, LLC
Post Closing Trial Balance
Financial Accounting Bus
Winter
Page
Jun Paid sales salaries of $ and office salaries of $these should be
combined utilities of $ insurance expense of $ and travel expenses of $
July Purchased a ScreenPrinting Machine by paying $ in cash and signing a
month, note for $
July Received payment from Win or Go Home, Inc
Aug Received amount owed on June note, plus interest at the maturity date.
Sept Sold Frisbees to Players R Us Inc, for $ per Frisbee on Account.
Sep Purchased land by issuing a $month note to Ace Development Co
Oct Received payment in full from Players R Us Inc.
Oct Paid off the Note for Equipment.
Nov Paid sales salaries of $ and office salaries of $ utilities of $ rent
expense of $ and travel expenses of $
Dec Paid in full the September note at maturity.
Instructions:
In Canvas, click on the file Financial Excel Project BlankWinter xlsx
Download and save the file on your computer. Make sure you change the name of
the file per the instructions.
Enter in your beginning balances Top of this Document from December
into your Financial Excel Project.
Journalize the above transactions complete your journal entries
Post beginning balances to the Ledgers Taccounts
Post your Journal Entries to the ledgers Taccounts
Based on the following data, prepare a bank reconciliation for December of the
current year:
a Balance according to the bank statement at December $
b Balance according to the ledger before your Bank Reconciliation at December
Hard code this amount in your bank reconciliation.
c The following checks were still outstanding as of Dec :
Check # $
Check # $
Check # $
d Interest earned, $
e Deposit in transit, not recorded by bank, $
f Bank debit memorandum for service charges, $
g A check for $ in payment of an invoice was incorrectly recorded in the ledger
as $
Financial Accounting Bus
Winter
Page
Based on the bank reconciliation prepared in above, journalize the entry or
entries to be made by Ultimate Frisbee, Inc and post to the ledger Taccounts
Based on the above transactions, prepare an Unadjusted Trial balance.
Based on the following information, journalize the adjusting entries in your
Unadjusted Trial balance and prepare an Adjusted Trial Balance as of December
of the current year:
a Accrued Sales Revenue, $
b Prepaid insurance expired during the year, $
c Accrued Salaries for a day period ending Dec st Salaries of $ are
typically paid weekly for a day work week.
d Accrued Interest expense for the yr Long Term Note Payable from the
Bank.
e A physical count of supplies showed $ left on hand.
f Depreciation is computed as follows:
Asset Cost Residual
Value
Acquisition Date Useful
Life in
Years
Depreciation
Method Used
B
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started