The trial balance of S&S Tree Service as of January 1, 2016had the following normal balances: Cash $ 20,000 AccountsReceivable 2,800 Supplies 425 Prepaid Insurance 3,000 EquipmentAccumulated Depreciation Accounts Payable 900 Salaries Payable 500Interest Payable Unearned Revenue 225 Note payable Common Stock22,000 Retained Earnings 2,600 Dividends Service Revenue FuelExpense Depreciation Expense Insurance Expense Interest ExpenseRent Expense Salary Expense Supplies Expense S&S Tree Servicecompleted the following transactions during 2016. 1. Paid thesalaries owed from the prior period. 2. The company purchasedequipment for $25,000 making a down payment of $1,000 and taking aloan on the remainder at a 4% annual interest rate. 3. Issued stock$3,000. 4. Paid $900 cash for supplies. 5. Prepaid insurance of$900 for a three month period. 6. Performed tree trimming servicesfor a customer and received $2,800 cash. 7. Completed a largecommercial job and billed the customer $36,500. 8. Paid the amountdue on account. 9. Purchased supplies on account $2,500. 10.Collected $675 in advance for lawn service to be performed later.11. Collected $15,800 cash from customer on account. 12. Purchasedfuel for the truck, paying $1,200 on account. 13. Paid employees,$700. 14. Paid office rent for the period, $3,600. 15. Paid $500 individends to the stockholders. Adjustments: 16. There was $500supplies on hand at year end. 17. Prepaid insurance used during theyear was $300 âper monthâ. 18. Unearned services earned during theyear $400. 19. Accrue interest on the note payable for one fullyear. 20. Accrue salaries for year end, $300. 21. Depreciation forthe year was $5,000. Required: a. Record the above transactions(#1-15) and the adjustments (#16-21) in the general journal. (Youare to create a general journal page in Excel and number eachtransaction you record; ie 1,2,3 etc.) b. Post the entries toT-Accounts. i. Use a new TAB in EXCEL to create the T-Accounts.(Hint: the CASH will have the most postings) ii. Line up theT-Accounts in organized columns, under each of the followingcategories; (Assets, Liabilities, Equity, Revenues, Expenses) iii.After posting, subtotal each T-Account to show the balance in theaccount. c. Prepare a Trial balance. Please use a separate tab inExcel for this step. d. Prepare the financial statements for 2016and include complete and proper headings on each. (IncomeStatement, Statement of Changes in Stockholders Equity, BalanceSheet. Can i please get someone to just answer question D for meplease?
The trial balance of S&S Tree Service as of January 1, 2016had the following normal balances: Cash $ 20,000 AccountsReceivable 2,800 Supplies 425 Prepaid Insurance 3,000 EquipmentAccumulated Depreciation Accounts Payable 900 Salaries Payable 500Interest Payable Unearned Revenue 225 Note payable Common Stock22,000 Retained Earnings 2,600 Dividends Service Revenue FuelExpense Depreciation Expense Insurance Expense Interest ExpenseRent Expense Salary Expense Supplies Expense S&S Tree Servicecompleted the following transactions during 2016. 1. Paid thesalaries owed from the prior period. 2. The company purchasedequipment for $25,000 making a down payment of $1,000 and taking aloan on the remainder at a 4% annual interest rate. 3. Issued stock$3,000. 4. Paid $900 cash for supplies. 5. Prepaid insurance of$900 for a three month period. 6. Performed tree trimming servicesfor a customer and received $2,800 cash. 7. Completed a largecommercial job and billed the customer $36,500. 8. Paid the amountdue on account. 9. Purchased supplies on account $2,500. 10.Collected $675 in advance for lawn service to be performed later.11. Collected $15,800 cash from customer on account. 12. Purchasedfuel for the truck, paying $1,200 on account. 13. Paid employees,$700. 14. Paid office rent for the period, $3,600. 15. Paid $500 individends to the stockholders. Adjustments: 16. There was $500supplies on hand at year end. 17. Prepaid insurance used during theyear was $300 âper monthâ. 18. Unearned services earned during theyear $400. 19. Accrue interest on the note payable for one fullyear. 20. Accrue salaries for year end, $300. 21. Depreciation forthe year was $5,000. Required: a. Record the above transactions(#1-15) and the adjustments (#16-21) in the general journal. (Youare to create a general journal page in Excel and number eachtransaction you record; ie 1,2,3 etc.) b. Post the entries toT-Accounts. i. Use a new TAB in EXCEL to create the T-Accounts.(Hint: the CASH will have the most postings) ii. Line up theT-Accounts in organized columns, under each of the followingcategories; (Assets, Liabilities, Equity, Revenues, Expenses) iii.After posting, subtotal each T-Account to show the balance in theaccount. c. Prepare a Trial balance. Please use a separate tab inExcel for this step. d. Prepare the financial statements for 2016and include complete and proper headings on each. (IncomeStatement, Statement of Changes in Stockholders Equity, BalanceSheet. Can i please get someone to just answer question D for meplease?
Related questions
Estrada Real Estate Appraisal
Adjusted Trial Balance
June 30, 2018
Balance
Account Title
Debit Credit
Cash $4,400
Accounts Receivable 4,500
Office Supplies 2,700
Prepaid Insurance 1,900
Land 13,200
Building 77,000
Accumulated DepreciationâBuilding $25,500
Accounts Payable 19,400
Interest Payable 8,000
Salaries Payable 2,200
Unearned Revenue 7,100
Notes Payable (long-term) 37,000
Estrada, Capital 40,000
Estrada, Withdrawals 27,500
Service Revenue 48,300
Insurance Expense 5,000
Salaries Expense 32,900
Supplies Expense 900
Interest Expense 8,000
Utilities Expense 1,800
Depreciation ExpenseâBuilding 7,700
Total $187,500 $187,500
QUESTION 6.) Prepare theâ company's classified balance sheet in report form at June 30, 2018. (If a box is not used in the balanceâ sheet, leave the boxâ empty; do not select a label or enter aâ zero.)
Estrada Real Estate Appraisal
Balance Sheet
June 30, 2018
| ASSETS |
| ? | |||
| ? | |||
| _____?___ | |||
| ? | ? | ||
| ? | |||
| ? | ? | ||
| ? | ? | ||
| LESS: | _______? | ________? | |
| ? | __?______ | ||
| ? | ? |
| LIABILITIES |
| ? | |||
| ? | ? | ||
| ? | ? | ||
| ? | ? | ||
| ? | ? | ||
| ? | ______? | ||
| ? | ? | ||
| ? | |||
| ? | ______? | ||
| ? | ? |
| OWNERâS EQUITY |
| ? | _?___________ |
| ? | ? |
Indicate the journal entries for the items below based on thechart of accounts.
9/3 You ordered business cards and stationary from MarketingMedia on account. The order totaled $250 and will be shipped FOBDestination. (Record all purchases of supplies in the Supplies onHand account).
9/5 You went to the KEM Supply to purchase supplies for yourbusiness at a cost of $600. KEM opened a customer charge accountfor you. The payment terms on your account will be 2/10, net 30.The time period for determining the payment amount begins on thepurchase date.
9/14 You paid KEM Supply by issuing check #102
9/16 Marketing Media delivered your businesscards and stationary. Check #103 was issued to pay for thesupplies.
Cash | 105 |
Petty Cash | 107 |
Accounts Receivable | 110 |
Supplies on Hand | 130 |
Prepaid Insurance | 140 |
Computer Equipment | 220 |
Accumulated Depreciation â ComputerEquipment | 221 |
Cell Phone | 230 |
Accumulated Depreciation â CellPhone | 231 |
Vehicles | 240 |
Accumulated Depreciation - Vehicles | 241 |
Accounts Payable | 310 |
Customer Deposits (Unearned Revenue) | 320 |
SUTA Payable | 330 |
FICA Payable | 332 |
FUTA Payable | 334 |
Federal Income Tax Payable | 336 |
State Income Tax Payable | 338 |
Current Maturities of Long-Term Debt | 375 |
Notes Payable (long-term) | 410 |
Interest Payable | 420 |
Salaries Payable | 425 |
Common Stock ($2 par value) | 520 |
Additional Paid-in Capital on Common Stock | 521 |
Retained Earnings | 550 |
Dividends | 560 |
Engagement fees | 605 |
Monthly Accounting Services Revenue | 610 |
Hourly Accounting Services Revenue | 620 |
Tax Services Revenues | 612 |
Sales Discounts | 614 |
Advertising & Promotion Expense | 725 |
Depreciation Expense | 727 |
Rent Expense | 730 |
Insurance Expense | 735 |
Supplies Expense | 740 |
Meals & Entertainment | 745 |
Taxes and Licenses | 767 |
Telephone Expense | 770 |
Utilities Expense | 775 |
Fuel Expense | 780 |
Interest Expense | 820 |
Payroll Tax Expense | 825 |
Salaries Expense | 830 |
