ASSIGNED PROBLEM INFORMATION: TRIAL BALANCE : CASH 4500 AR 550 SUPPLIES 1647 PRE
ID: 2714440 • Letter: A
Question
ASSIGNED PROBLEM INFORMATION: TRIAL BALANCE : CASH 4500 AR 550 SUPPLIES 1647 PRE INS 790 LAND 20000 BUILDING 55,500 ACCU DEP 23,400 EQUIPMENT 28,000 ACCU DEP EQUIPMENT 17200 A/P 5,141 UNEARNED RENT 200 PAT LANIGAN CAPITAL 61,815 PAT LANIGAN DRAWING 2,000 SERVICE REV 11,984 WAGES EXP 4,799 RENT EXP 910 UTILITIES EXP 728 MISC EXP 307 ADJUSTMENT A/R 750 SUPPLIES 1,147 PREPAID INS 90 ACCU DEPR BUILDNG 125 ACCU DEP EQUIPMENT 95 UNEARNED RENT 100 SERVICE REV 750WAGES EXP 600 SUPPLIES EXP 1,147 INS EXP 90 DEP EXP BUILDING 125 DEPR EXP EQUIPMENT 95 RENT REV 100 WAGES PAYABLE 600 . ADJUSTMENT TRIAL BAL: CASH 4,509 AR 1,300 SUPPLIES 600 PRE INS 700 LAND 20,000 BUILDING 55,500 ACCU DEP BUILDING 23,525 EQUIPMENT 20,000 ACCU DEP EQUIPMENT 17,295 AP 5,141 UNEARNED RENT 100 PAT LANIGAN CAPITAL 61,815 PAT LANIGAN DRAWING 2,000 SERVICE REV 12,734 WAGES EXP 5,399 RENT EXP 910 UTILITIES EXP 728 MISC EXP 307 SUPPLIES EXP 1,147 INS EXP 90 DEP EXP BUILDING 125 DEP EXP EQUIPMENT 95 RENT EXP 100 WAGES PAYABLE 600 INCOME STAEMENT SERVICE REV 12,734 WAGES EXP 6,399 RENT EXP 910 UTILITIES EXP 728 MISC EXP 307 SUPPLIES EXP 1,147 INS EXP 90 DEP EXP BUILDING 125 DEP EXP EQUIPMENT 95 RENT EXP 100 BALANCE SHEET CASH 4,509 AR 1,300 SUPPLIES 500 PRE INS 700 LAND 20,000 BUILDING 55,500 ACCU DEP BUILDING 23,525 EQUIPMENT 28,000 ACCU DEP EQUIP 17,296 AP 5,141 UNEARNED RENT 100 PAT LANAGIN CAPITAL 61,815 PAT LANIGAN DRAWING 2,000 WAGES PAYABLE 600 QUESTION; ON THE BASIS OF THE FOLLOWING DATA PRESENTED IN THE COMPLETED WORKSHEET , WHAT ARE THE ADJUSTING JOURNAL ENTRIES. WAT IS THE AMOUNT OF NET INCOME OR LOSS AS SHOWN ON THE INFORMATION GIVEN. QUESTION WHAT ARE THE ADJUSTING ENTRIES REQUIRED BASED ON THE FINAL INFORMATION OF : THE SUPPLIES ACCOUNT BALANCE ON HAND IS 315., THE UNEARNDED RENT BALANCE IS 3,000 RECEIPTS OF AN ADVANCE PAYMENT ON DECEMBER 1 OF THREE MONTHS RENT FROM TENANTS. WAGES ACCRUED BUT UNBILLED AT DECEMBER 31 NO 11,500. DEPRECIATION OF OFFICE EQUIPMENT FOR THE YEAR IS 600
Explanation / Answer
Given unadjusted trail balance:
Given Adjusted trail balance is as follows:
Income statement:
Balance sheet:
Adjustment entries are as follows:
Answer for subpoint b:
From the income statement provided above, net profit for the period =$4,033.
Answer for futher adjustments:
Particulars Debit Creidt Cash $4,509.00 Accounts receivable $550.00 Supplies $1,647.00 Prepaid insurance $790.00 Land $20,000.00 Building $55,500.00 Accumulated depreciation on building $23,400.00 Equipment $28,000.00 Accumulated depreciation on equipment $17,200.00 Accounts Payable $5,141.00 Unearned rent $200.00 PATLanigan Capital $61,815.00 PAT Lanigan Drawings $2,000.00 Service revenue $11,984.00 Wages expense $4,799.00 Rent expense $910.00 Utilities expense $728.00 Misc Expense $307.00 Supplies expense Insurance expense Deprciation expense -Building Depreciation expense-Equipment Rent Rev Wages payable 119740 119740