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1. Adjusting entries always include 

a. the cash account

b. only balance sheet accounts

c. at least one income statement account and one balance sheet account

d. only income statement accounts

 

2. What is the purpose of the adjusted trial balance?

a. to verify that no adjusting journal has been omitted.

b. to verify that the net income (loss) is correctly reported.

c. to verify that the debits and credits balance.

d. to verify that all of the adjusting entries have been posted.

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Romarie Khazandra Marijuan
Romarie Khazandra MarijuanLv10
19 Jan 2021
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The general ledger of the Karlin Company, aconsulting company, at January 1, 2013, contained the following account balances:

Account Title

Debits

Credits

Cash

30,000

Accounts receivable

15,000

Equipment

20,000

Accumulated depreciation

6,000

Salaries payable

9,000

Common stock

40,500

Retained earnings

9,500

Total

65,000

65,000


The following is a summary of the transactions for theyear:

a.

Sales of services, $100,000, of which $30,000was on credit.

b.

Collected on accounts receivable, $27,300.

c.

Issued shares of common stock in exchange for$10,000 in cash.

d.

Paid salaries, $50,000 (of which $9,000 wasfor salaries payable).

e.

Paid miscellaneous expenses, $24,000.

f.

Purchased equipment for $15,000 in cash.

g.

Paid $2,500 in cash dividends to shareholders.

1.

Accrued salaries at year-end amounted to$1,000.

2.

Depreciation for the year on the equipment is$2,000.

Required:

1.

Prepare a general journal entry for each ofthe summary transactions listed above.

2.

Prepare the adjusting journal entries.


3.

Prepare the closing entries.




4.

Post the opening balances, transactions,adjusting and closing entries into the appropriatet-accounts.

5.

Prepare an unadjusted trial balance.


6.

Prepare an adjusted trial balance.

7.

Prepare an income statement for 2013.


8.

Prepare a balance sheet as of December 31,2013.


9.

Prepare a post-closing trial balance.

Please include the answer for the depreciation expense and accumulated depreciation. i noticed other posts with this similar questions didnt have the answer to those

Required: #1. Prepare journal entries to record the December transactions in the General Journal Tab in the excel template file "Accounting Cycle Excel Template.xlsx". Use the following accounts as appropriate: Cash, Accounts Receivable, Supplies, Prepaid Insurance, Equipment, Accumulated Depreciation, Accounts Payable, Wages Payable, Common Stock, Retained Earnings, Dividends, Service Revenue, Depreciation Expense, Wages Expense, Supplies Expense, Rent Expense, and Insurance Expense.
1-Dec Began business by depositing $10500 in a bank account in the name of the company in exchange for
1050 shares of $10 per share common stock.
1-Dec Paid the rent for the current month, $1450 .
1-Dec Paid the premium on a one-year insurance policy, $1320 .
1-Dec Purchased Equipment for $4200 cash.
5-Dec Purchased office supplies from XYZ Company on account, $300 .
15-Dec Provided services to customers for $9200 cash.
16-Dec Provided service to customers ABC Inc. on account, $8200 .
21-Dec Received $3400 cash from ABC Inc., customer on account.
23-Dec Paid $170 to XYZ company for supplies purchased on account on December 5 .
28-Dec Paid wages for the period December 1 through December 28, $5040 .
30-Dec Declared and paid dividend to stockholders $200 .
#2. Post all of the December transactions from the “General Journal” tab to the T-accounts under the “T-Accounts” tab in the excel template file "Accounting Cycle Excel Template.xlsx". Assume there are no beginning balances in any of the accounts.
#3. Compute the balance for each T-account after all of the entries have been posted. These are the unadjusted balance as of December 31.
#4. Prepare the unadjusted trial balance under the “Unadjusted Trial Balance” tab in the excel template file "Accounting Cycle Excel Template.xlsx" .
Provide the total of the credit column from the Unadjusted Trial Balance
#5. Record the following four transactions as adjusting entries under the “General Journal” tab.
31-Dec One month’s insurance has been used by the company $110.
31-Dec The remaining inventory of unused office supplies is $90.
31-Dec The estimated depreciation on equipment is $70.
31-Dec Wages incurred from December 29 to December 31 but not yet paid or recorded total $540.
#6. Post all of the adjusting entries to the T-accounts under the “T-Accounts” tab. Compute the balance for each T-account after all of the adjusting entries have been posted. These are the adjusted balance as of December 31.
#7. Prepare the adjusted trial balance under the “Adjusted Trial Balance” tab as of December 31 in the excel template file "Accounting Cycle Excel Template.xlsx" .
Provide the following accounts balances from the Adjusted Trial Balance:
Cash
Accounts Receivable
Supplies
Prepaid Insurance
Equipment
Accumulated Depreciation
Accounts Payable
Wages Payable
Common Stock
Retained Earnings
#8. Prepare Income Statement, Statement of Stockholder’s Equity, and Classified Balance Sheet under the “Financial Statements” tab for the month ended December 31, 20XX in the excel template file "Accounting Cycle Excel Template.xlsx".
Provide the following amount from the Income Statement:
Service Revenue
Depreciation Expense
Wages Expense
Supplies Expense
Rent Expense
Insurance Expense
Net Income
Provide the following account balance from the Statement of Stockholders' Equity:
Dividends
Provide the following account balances from the Balance Sheet:
Current Assets
Long-Term Assets
Total Liabilities
Total Stockholder’s Equity
Cash
#9. Record the closing entries under the “General Journal” tab.
#10. Post all of the closing entries to the T-accounts under the “T-Accounts” tab. Compute the balance for each T-account after all of the closing entries have been posted.
Provide the ending balance of Cash at December 31 from the T-account
Provide the balance of the Retained Earnings T-account after closing entries have been posted.
Does the ending balance of the Retained Earnings T-account agree with the balance of Retained Earnings on the Balance Sheet?
Check Point: Total Assets $ 20,950.00

On a trial balance, if the debit and credit column totals are equal, then:

a. All transactions have been recorded correctly.

b. All entries from the journal have been posted to the ledger correctly.

c. All ledger account balances are correct.

d. The total debit entries and total credit entries are equal.

e. The balance sheet would be correct

 

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