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Complete an income statement, statement of retained earnings and a balance sheet when account balance are given: Service revenue:8,500 Dividends: 5,000 Cash:9,000 Account payable:200 Account receivable:1,000 Common stock:30,000 Land:20,000 Office supplies: 500 Rent expense: 2,000 Salaries expense:1,200 Retained earnings, Jan 1,2016
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Mitchell Enterprises Adjusted Trial Balance December 31, 2015 | |||||
Cash | $ 26,200 | ||||
Accounts Receivable | 10,600 | ||||
Supplies | 400 | ||||
Prepaid Insurance Land | 2,000 25,000 | ||||
Building | 54,000 | ||||
Accumulated Depreciation - Building | $2,500 | ||||
Accounts Payable | 5,300 | ||||
Unearned Revenue | 6,000 | ||||
Notes Payable | 17,000 | ||||
Common Stock | 20,000 | ||||
Retained Earnings (as of Jan. 1, 2015) | 54,400 | ||||
Dividends | 1,000 | ||||
Service Revenue | 29,000 | ||||
Salaries Expense | 8,400 | ||||
Rent Expense | 3,600 | ||||
Insurance Expense | 3,000 | ||||
$134,200 | $134,200 | ||||
Mitchell Enterprises
Income Statement
Barnes Realtors, Inc. prepared the following random list ofassets, liabilities, revenues, and expenses from its December 31,2014 year end accounting records. Prepare the Income statement,Statement of retained earnings and the CLASSIFIED balance sheet forBarnes Realtors, Inc., as of December 31, 2014. Each of yourstatements should have the 3-line heading, and your balance sheetshould be a CLASSIFIED Balance Sheet.
Account | Debit | Credit |
Cash | 800 | |
Common Stock | 11,640 | |
Unearned Revenue | 4,100 | |
Inventory | 2,000 | |
Supplies Expense | 1,200 | |
Supplies | 1,900 | |
Prepaid Rent | 500 | |
Goodwill | 6,000 | |
Building | 40,000 | |
Depreciation Expense | 1,400 | |
Notes Payable, due 2020 | 2,300 | |
Accounts Receiveable | 1,000 | |
Paid in Excess of Par | 3,000 | |
Retained Earnings | 5,100 | |
Income Tax Expense | 8,040 | |
Service Revenue | 33,000 | |
Rent Expense | 2,300 | |
Accounts Payable | 7,500 | |
Salaries Expense | 6,400 | |
Accumulated Depreciation | 8,500 | |
Dividends | 2,000 | |
Cost of Goods Sold | 1,600 | |
Totals | 75,140 | 75,140 |
Below is the journal I completed. Based on this, please help meout to complete following worksheet and income statement, statementof retained earning, and balance sheet. (also, how do I close allthe accounts?)
Date | Accounts and Explanation | Debit | Credit |
12/2/14 | Inventory | 1,300 | |
Account Payable | 1,300 | ||
Purchased 10 Units of Software on Account for $1300 | |||
12/2/14 | Salaries Payable | 2,500 | |
Cash | 2,500 | ||
Paid Employees Salaries Owed | |||
12/2/14 | Account Receivable | 3,200 | |
Service Revenue | 3,200 | ||
Provided Accounting Service on Account, $3200 | |||
12/5/14 | Office Equipment | 4,800 | |
Account Payable | 4,800 | ||
Purchased Office Equipment on Account, $4800 | |||
12/8/14 | Supplies | 950 | |
Cash | 950 | ||
Purchased Supplies for $950 Cash | |||
12/10/14 | Cash | 3,000 | |
Account Receivable | 3,000 | ||
Received $3000 Payment on Account | |||
12/11/14 | Account Receivable | 4,500 | |
Sales Revenue | 4,500 | ||
Sold 15 Units of Inventory on Account, $4500 | |||
12/11/14 | Cost of goods sold | 2,000 | |
Inventory | 2,000 | ||
12/11/14 | Account Payable | 1,200 | |
Cash | 1,200 | ||
Made Payment on Account | |||
12/12/14 | Inventory | 2,400 | |
Account Payable | 2,400 | ||
Purchased Inventory on Account | |||
12/14/14 | Advertising Expense | 375 | |
Cash | 375 | ||
Paid for Advertising | |||
12/15/14 | Cash | 8,000 | |
Service Revenue | 8,000 | ||
Provided Accounting Service for Cash | |||
12/16/14 | Salaries Expense | 2,500 | |
Cash | 2,500 | ||
Paid Salaries for December 1st-15th | |||
12/17/14 | Account Receivable | 6,000 | |
Service Revenue | 6,000 | ||
Provided Accounting Service on Account | |||
12/19/14 | Account Receivable | 3,000 | |
Sales Revenue | 3,000 | ||
12/19/14 | Cost of goods sold | 1,200 | |
Inventory | 1,200 | ||
12/22/14 | Cash | 2,500 | |
Accounts Receivable | 2,500 | ||
12/23/14 | Accounts Payable | 2,800 | |
Cash | 2,800 | ||
Made Payment on Account | |||
12/24/14 | Utility Expense | 850 | |
Cash | 850 | ||
Paid Monthly Utility Bills | |||
12/27/14 | Cash | 2,000 | |
Unearned Service Revenue | 2,000 | ||
(Advance Received against Services) | |||
12/29/14 | Cash | 5,000 | |
Service Revenue | 5,000 | ||
Provided Accounting Service for Cash | |||
12/30/14 | Cash | 15,000 | |
Common Stock | 1,000 | ||
Additional Paid in Capital | 14,000 | ||
Issued 1000 shares of Common Stock | |||
12/31/14 | Dividend Payable | 31,500 | |
Cash | 31,500 | ||
(Dividend paid) | |||
12/31/14 | Salary Expense | 2,500 | |
Adj | Salary Payable | 2,500 | |
To accrue salary expense | |||
12/31/14 | Depreciation Expense - Building | 7,500 | |
Adj | Accumulated Depreciation- Building | 7,500 | |
12/31/14 | Depreciation Expense - Furniture | 12,000 | |
Adj | Accumulated Depreciation - Furniture | 12,000 | |
12/31/14 | Depreciation Expense - Equiptment | 200 | |
Adj | Accumulated Depreciation - Equiptment | 200 | |
12/31/14 | Supplies Expense | 1,625 | |
Adj | Supplies | 1,625 | |
12/31/14 | Cost of Inventories Sold | 280 | |
Adj | Inventory | 280 | |
12/31/14 | Unearned Revenue | 500 | |
Adj | Revenue | 500 | |
12/31/14 | Uncollectible Account Expense | 167 | |
Adj | Allowance for Uncollectible Accounts | 167 | |
Service Revenue | |||
Clo | Retained Earnings | ||
Retained Earnings | |||
Clo | Salary Expense | ||
Supplies Expense | |||
Depreciation Expense | |||
Utilities Expense | |||
Retained Earnings | |||
Clo | Dividends | ||
Worksheet (I worked onit, but debit and credit balances are not correct. Please help meout to find errors and complete it correctly.) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Please help me! Thanks