The requirements are; Adjusted entries to general journal Adjusted trial balance
ID: 2331565 • Letter: T
Question
The requirements are; Adjusted entries to general journal Adjusted trial balance Closing entiries to general journal Post closing trial balance Financial statements; income statement , statement of owners equity, balance sheet Adjusted entries to general journal Adjusted trial balance Closing entiries to general journal Post closing trial balance Financial statements; income statement , statement of owners equity, balance sheet Continue with the Assignment from Unit 2, using the same Excel Template and complete the following steps: 1. Prepare/Journalize the Adjusting entries A-F a. Insurance expired during June is $150. b. Supplies on hand on June 30 are $1,020 c. Depreciation of office equipment for June is $500 d. Accrued receptionist salary on June 30 is $120. e. Rent expired during June is $1,500. f. Unearned fees on June 30 are $2,000. 2. Post the adjusting entries to the General Ledger. 3. Prepare an income statement, a statement of owner's equity, and a balance sheet. 4. Journalize and post the closing entries. (Income Summary is account #33 in the chart of accounts.) 5. Prepare a post-closing trial balance.Explanation / Answer
ADJUSTING JOURNAL ENTRY Ref Account Title Debit Credit a Insurance expense $150 Prepaid Insurance $150 b Supplies expense $980 (2000-1020) Supplies $980 c Depreciation expense $500 Accmulated depreciation $500 d Salaries expense $120 Salaries payable $120 e Rent expense $1,500 Prepaid rent $1,500 f Unearned fees $1,000 (3000-2000) Fees earned $1,000 INSURANCE EXPENSE Ref Description Debit Credit a Prepaid Inurance $150 Adjusted Balance $150 PREPAID INSURANCE Ref Description Debit Credit Unadjusted balance $1,800 a Insurance expense $150 Adjusted Balance $1,650 SUPPLIES EXPENSE Ref Description Debit Credit b Supplies $980 Adjusted Balance $980 SUPPLIES Ref Description Debit Credit Unadjusted balance $2,000 b Supplies expense $980 Adjusted Balance $1,020 DEPRECIATION EXPENSE Ref Description Debit Credit c Office Equipment $500 Adjusted Balance $500 OFFICE EQUIPMENT Ref Description Debit Credit Unadjusted balance $9,300 c Depreciation expense $500 Adjusted Balance $8,800 SALARIES EXPENSE Ref Description Debit Credit Unadjusted balance $800 d Salaries Payable $120 Adjusted Balance $920 SALARIES PAYABLE Ref Description Debit Credit d Salaries expense $120 Adjusted Balance $120 RENT EXPENSE Ref Description Debit Credit e Prepaid Rent $1,500 Adjusted Balance $1,500 PREPAID RENT Ref Description Debit Credit Unadjusted balance $4,500 e Rent expense $1,500 Adjusted Balance $3,000 UNEARNED FEES Ref Description Debit Credit Unadjusted balance $3,000 f Fees Earned $1,000 Adjusted Balance $2,000 FEES EARNED Ref Description Debit Credit Unadjusted balance $11,425 f Unearned fees $1,000 Adjusted Balance $12,425 INCOME STATEMENT June Fees Earned $12,425 Expenses: Insurance expense $150 Supplies expense $980 Depreciation $500 Salaries expense $920 Rent expense $1,500 Micelleneous expense $450 Total expenses $4,500 Profit $7,925 CLOSING ENTRY Account Title Debit Credit Income Summary $7,925 Retained Earning $7,925 STATEMENT OF OWNERS EQUITY Dustin Larking Capital $20,250 Dustin Larking Drawings ($4,500) Retained Earning $7,925 TotalOwners Equity $23,675 BALANCE SHEET As on 30thJune ASSETS: Cash $8,875 Accounts Receivable $3,450 Supplies $1,020 Prepaid Rent $3,000 Prepaid Insurance $1,650 Office Equipment $8,800 Total Assets $26,795 LIABILITIES: Accounts Payable $1,000 Unearned Fees $2,000 Salaries Payable $120 TotalLiabilities $3,120 OWNERS EQUITY Dustin Larking Capital $20,250 Dustin Larking Drawings ($4,500) Retained Earning $7,925 TotalOwners Equity $23,675 TotalLiabilities & Owners Equity $26,795