Wrap Tea Paste il " Merge & BIU GA x fx P) Depreciation for the year on the equipment was 10% of the year-end Equi A31 onu w 7 8 15 3 Requirements: 4 1) Record events a) through l) below in the accounting equation ("Grid" worksheet, rows 7-15) 2) Record events a) through 1) below as journal entries ("l-Es worksheet, rows 1-46) 6 Note: See the instruction in row 1 of the "J-Es" sheet about Account Names and Basic Acct Eq. Impacts, Although there was only one column for expenses on the grid, in your joumal entries you must use the appropriate expense account names from the chart of accounts, 3) Prepare an Unadjusted Trial Balance ("UnAdj TB" worksheet) 9 4) Record events i) through p) in the accounting equation ("Grid" worksheet, rows 17-24) 10 5) Record events i) through p) below as journal entries ("1-B" worksheet, rows 48-87) 11 6) Prepare an Adjusted Trial Balance ("Adjusted TB" worksheet) 12 7) Prepare all four financial statements ("Fin Stmts" worksheet) 14 Events: 15 a) Purchased $14,800 of equipment for use in the business, paid $1,480 in cash and the rest was on account 16 b) Purchased $1,200 supplies on account for future use. 17 c) Customers paid $7,500 in advance for future services. 18 d) Earned $127,500 in service revenues for 2021, including $93,800 on credit and $33,700 collected in cash. 19 e) Collected accounts receivable, $17,900, f) Sold an old vehicle (that was fully depreciated) for $2,500 cash. 21 B) On Oct. 31, paid $9,600 to rent a building for 12 months, starting on Nov. 1. 22 h) Paid accounts payable, $12,400. 23 ) Dedared and paid a $24,000 cash dividendi 24 Information for Adjustments: 25 Koala recorded $3,500 in service provided that had been collected in event (c), but had not yet been recorded. 26 k) During December, Koala accrued $4,740 in service that had been provided to customers on account 270) Wages of $10,600 earned by employees since the December 24 payroll were not yet paid. 28 m) Determined after a year-end count that $3,200 of supplies remained on hand at the year. n) Accrued annual interest at 9.0% on the outstanding balance of the loan (promissory note). 30 o) Building rental expenses for the year, paid in transaction (6), had not yet been recorded. 31 p) Depreciation for the year on the equipment was 10% of the year-end Equipment account balance a) Income tax for the year was $23,800. It will be paid in 2022 33 34 20 29 32 35 36 37 38 39 Grid J-Es UnAdj TB Adjusted TB Fin Stmts + Ready A B C D 1 2 Koala Industries Inc. Adjusted Trial Balance As of December 31, 2021 3 4 5 Debit Credit 6 Cash 7 Accounts Receivable 8 Supplies (on hand) 9 Prepaid Services 10 Equipment 11 Accum. Deprec. (Equip.) 12 Accounts Payable 13 Unearned Revenue 14 Notes Payable 15 Common Stock 16 Retained Earnings 17 Dividends Declared 18 Service Revenue 19 Depreciation Expense 20 Interest Expense 21 Rent Expense 22 Supplies Expense 23 Wages Expense 24 Income Tax Expense Total 26 27 28 29 Wrap Tea Paste il " Merge & BIU GA x fx P) Depreciation for the year on the equipment was 10% of the year-end Equi A31 onu w 7 8 15 3 Requirements: 4 1) Record events a) through l) below in the accounting equation ("Grid" worksheet, rows 7-15) 2) Record events a) through 1) below as journal entries ("l-Es worksheet, rows 1-46) 6 Note: See the instruction in row 1 of the "J-Es" sheet about Account Names and Basic Acct Eq. Impacts, Although there was only one column for expenses on the grid, in your joumal entries you must use the appropriate expense account names from the chart of accounts, 3) Prepare an Unadjusted Trial Balance ("UnAdj TB" worksheet) 9 4) Record events i) through p) in the accounting equation ("Grid" worksheet, rows 17-24) 10 5) Record events i) through p) below as journal entries ("1-B" worksheet, rows 48-87) 11 6) Prepare an Adjusted Trial Balance ("Adjusted TB" worksheet) 12 7) Prepare all four financial statements ("Fin Stmts" worksheet) 14 Events: 15 a) Purchased $14,800 of equipment for use in the business, paid $1,480 in cash and the rest was on account 16 b) Purchased $1,200 supplies on account for future use. 17 c) Customers paid $7,500 in advance for future services. 18 d) Earned $127,500 in service revenues for 2021, including $93,800 on credit and $33,700 collected in cash. 19 e) Collected accounts receivable, $17,900, f) Sold an old vehicle (that was fully depreciated) for $2,500 cash. 21 B) On Oct. 31, paid $9,600 to rent a building for 12 months, starting on Nov. 1. 22 h) Paid accounts payable, $12,400. 23 ) Dedared and paid a $24,000 cash dividendi 24 Information for Adjustments: 25 Koala recorded $3,500 in service provided that had been collected in event (c), but had not yet been recorded. 26 k) During December, Koala accrued $4,740 in service that had been provided to customers on account 270) Wages of $10,600 earned by employees since the December 24 payroll were not yet paid. 28 m) Determined after a year-end count that $3,200 of supplies remained on hand at the year. n) Accrued annual interest at 9.0% on the outstanding balance of the loan (promissory note). 30 o) Building rental expenses for the year, paid in transaction (6), had not yet been recorded. 31 p) Depreciation for the year on the equipment was 10% of the year-end Equipment account balance a) Income tax for the year was $23,800. It will be paid in 2022 33 34 20 29 32 35 36 37 38 39 Grid J-Es UnAdj TB Adjusted TB Fin Stmts + Ready A B C D 1 2 Koala Industries Inc. Adjusted Trial Balance As of December 31, 2021 3 4 5 Debit Credit 6 Cash 7 Accounts Receivable 8 Supplies (on hand) 9 Prepaid Services 10 Equipment 11 Accum. Deprec. (Equip.) 12 Accounts Payable 13 Unearned Revenue 14 Notes Payable 15 Common Stock 16 Retained Earnings 17 Dividends Declared 18 Service Revenue 19 Depreciation Expense 20 Interest Expense 21 Rent Expense 22 Supplies Expense 23 Wages Expense 24 Income Tax Expense Total 26 27 28 29