Jacki Lopez started JVL Consulting on January 1, 2014. Thefollowing are the account balances at the end of the first month ofbusiness, before adjusting entries were recorded:
Accounts Payable
$300
Accounts Receivable
800
Cash
6,500
Consulting Revenue
6,000
Equipment
7,000
Jacki Lopez, Capital
15,000
Jacki Lopez, Drawing
2,000
Prepaid Rent
4,000
Supplies
1,000
Adjustment data:
Supplies on hand at the end of the month: $300
Unbilled Consulting Revenue: $850
Rent expense for the month: $2,000
Depreciation on equipment: $150
1. Prepare the adjusting entries in general journal form. Youwill need to add accounts that do not appear on the trial balancebefore adjustments. 2. Prepare the adjusted trial balance
Jacki Lopez started JVL Consulting on January 1, 2014. Thefollowing are the account balances at the end of the first month ofbusiness, before adjusting entries were recorded:
Accounts Payable | $300 |
Accounts Receivable | 800 |
Cash | 6,500 |
Consulting Revenue | 6,000 |
Equipment | 7,000 |
Jacki Lopez, Capital | 15,000 |
Jacki Lopez, Drawing | 2,000 |
Prepaid Rent | 4,000 |
Supplies | 1,000 |
Adjustment data:
Supplies on hand at the end of the month: $300
Unbilled Consulting Revenue: $850
Rent expense for the month: $2,000
Depreciation on equipment: $150
1. Prepare the adjusting entries in general journal form. Youwill need to add accounts that do not appear on the trial balancebefore adjustments. 2. Prepare the adjusted trial balance
Related questions
| REM Consulting iscompleting its accounting processing at the end of the fiscal year,December 31. The following trial balances are available. | ||||||||
| âAccounts | Unadjusted | Adjustments | Adjusted | |||||
| Trial Balance | Trial Balance | |||||||
| Debit | Credit | Debit | Credit | Debit | Credit | |||
| Cash | 13,000 | 13,000 | ||||||
| Accounts Receivable | 1,500 | 1,800 | ||||||
| Prepaid Insurance | 600 | 200 | ||||||
| Supplies | 3,800 | 3,000 | ||||||
| Land | 25,000 | 25,000 | ||||||
| Machines | 30,000 | 30,000 | ||||||
| Accumulated Depreciation | 12,000 | 17,500 | ||||||
| Trademarks | 50,000 | 50,000 | ||||||
| Wages Payable | 900 | |||||||
| Unearned Revenue | 6,700 | 6,500 | ||||||
| Common Stock | 24,000 | 24,000 | ||||||
| Paid-in Capital | 60,000 | 60,000 | ||||||
| Retained Earnings | 15,000 | 15,000 | ||||||
| Dividends | 4,800 | 4,800 | ||||||
| Service Revenue | 25,000 | 25,500 | ||||||
| Wages Expense | 14,000 | 14,900 | ||||||
| Insurance Expense | 400 | |||||||
| Supplies Expense | 800 | |||||||
| Depreciation Expense | 5,500 | |||||||
| 142,700 | 142,700 | - | - | 149,400 | 149,400 | |||
| â | ||||||||
| â (a) Reconstruct the adjusting entries and givea brief explanation of each. | ||||||||
| Prepare an IncomeStatement for REM Consulting based on this information | ||||||||
| Prepare a BalanceSheet for REM Consulting based on this information | ||||||||
Death Valley Resort opened for business on August 1, 2014. Itstrial balance before adjustment on August 31 is presentedbelow.
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Adjusting entries information:
Insurance expires for $500 a month
A count of supplies on August 31 shows $900 of supplies left onhand on August 31.
Depreciation expense for the month is $550 on Buildings and $300on Equipment.
Unearned rent of $2,000 was earned
Salaries of $600 were unpaid at August 31
Rental revenue of $1,600 were due from tenants at August 31, butnot yet recorded
Instructions
(a) | Journalize the adjusting entries for the month of August 31(6 points) |
(b) | Prepare an adjusted trial balance on August 31. (add newaccounts to the Trial Balance as necessary) (6points)
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(d) | Prepare an Income Statement (6 points),Retained Earnings Statement (4 points) aClassified Balance Sheet as of August 31.(8points)
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