ADMS 2500 Study Guide - Final Guide: Deferral, General Journal, Interest Expense

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champagnebuffalo945

18 Apr 2014

School

York University

Department

Administrative Studies

Course

ADMS 2500

Professor

all

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ADMS 2500 Full Course Notes

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Need help with closing entries.

						ADJUSTED		INCOME		BALANCE
ACCT	ACCOUNT	YEAR-END ADJUSTMENTS				TRIAL BALANCE		STATEMENT		SHEET
NO.	TITLE
		ID #	DEBIT	ID #	CREDIT	DEBIT	CREDIT	DEBIT	CREDIT	DEBIT	CREDIT

	ASSETS
10100	Cash					93,304.29				93,304.29
10200	Accounts receivable					48,149.00				48,149.00
10300	Allowance for doubtful accounts				3,028.74		1,879.55				1,879.55
10400	Inventory		90,286.00			191,967.00				191,967.00
10600	Marketable securities					24,000.00				24,000.00
10800	Fixed assets					331,731.40				331,731.40
10900	Accumulated depreciation				35,023.64		116,583.14				116,583.14

	LIABILITIES
20100	Accounts payable						7,952.01				7,952.01
20300	Federal income taxes withheld						1,450.00				1,450.00
20400	State unemployment taxes payable						110.44				110.44
20500	Federal unemployment taxes payable						18.67				18.67
20600	F.I.C.A. taxes payable						2,229.32				2,229.32
20700	Federal incomes taxes payable				54,837.12		54,837.12				54,837.12
20900	Interest payable				156.16		156.16				156.16
21000	Notes payable						60,000.00				60,000.00

	STOCKHOLDERS' EQUITY
26000	Common stock						225,000.00				225,000.00
29000	Retained earnings						90,264.99				90,264.99

	REVENUE AND GROSS PROFIT
30100	Sales						1,590,883.00		1,590,883.00
30200	Sales returns and allowances					61,106.00		61,106.00
30300	Sales discounts taken					15,405.82		15,405.82
30400	Cost of goods sold		1,026,379.96			1,026,379.96		1,026,379.96
30500	Purchases				1,128,159.00	0.00		0.00
30600	Purchases returns and allowances		19,445.00				0.00		0.00
30700	Purchases discounts taken		16,554.48				0.00		0.00
30800	Freight-in				24,506.44	0.00		0.00
31200	Miscellaneous revenue						825.00		825.00

	EXPENSES
40100	Rent expense					57,600.00		57,600.00
40200	Advertising expense					22,275.00		22,275.00
40300	Office supplies expense					5,664.91		5,664.91
40400	Depreciation expense		35,023.64			35,023.64		35,023.64
40500	Wages and salaries expense					140,663.35		140,663.35
40600	Payroll tax expense					11,611.26		11,611.26
40700	Federal income tax expense		54,837.12			54,837.12		54,837.12
40800	Interest expense		156.16			156.16		156.16
40900	Bad debt expense		3,028.74			3,028.74		3,028.74
41000	Other operating expense		0.00			29,285.75		29,285.75

	Sub-totals							1,463,037.71	1,591,708.00	689,151.69	560,481.40
	Net Income (Loss)	--------	-----------------	--------	-----------------	-----------------	-----------------	128,670.29			128,670.29
	TOTALS		1,245,711.10		1,245,711.10	2,152,189.40	2,152,189.40	1,591,708.00	1,591,708.00	689,151.69	689,151.69

sangriareindeer860

On December 31 adjusting entries for the following transactions.1. Fees accrued but not billed, $6,300. 2. The Supplies accountbalance on December 31, $4,750; Supplies on hand, $960. 3. Wagesaccrued but not paid, $2,700. 4. Depreciation of office equipment,$1,650. 5. Rent expired during year, $10,800.

CHARTOF ACCOUNTS

General Ledger

	ASSETS
11	Cash
12	Accounts Receivable
13	Supplies
14	Prepaid Rent
16	Office Equipment
17	Accumulated Depreciation

	LIABILITIES
21	Accounts Payable
22	Notes Payable
23	Unearned Revenues
24	Wages Payable
25	Interest Payable

	EQUITY
31	Common Stock
32	Retained Earnings
33	Dividends

	REVENUE
41	Fees Earned

	EXPENSES
51	Advertising Expense
52	Insurance Expense
53	Interest Expense
54	Wages Expense
55	Supplies Expense
56	Utilities Expense
57	Depreciation Expense
58	Rent Expense
59	Miscellaneous Expense

CHARTOF ACCOUNTS

General Ledger

	ASSETS
11	Cash
12	Accounts Receivable
13	Supplies
14	Prepaid Rent
16	Office Equipment
17	Accumulated Depreciation

	LIABILITIES
21	Accounts Payable
22	Notes Payable
23	Unearned Revenues
24	Wages Payable
25	Interest Payable

	EQUITY
31	Common Stock
32	Retained Earnings
33	Dividends

	REVENUE
41	Fees Earned

	EXPENSES
51	Advertising Expense
52	Insurance Expense
53	Interest Expense
54	Wages Expense
55	Supplies Expense
56	Utilities Expense
57	Depreciation Expense
58	Rent Expense
59	Miscellaneous Expense

General Journal

Prepare the December 31 adjusting entries for each transactions.Refer to the Chart of Accounts for exact wording of accounttitles.

PAGE 1

JOURNAL

	DATE	DESCRIPTION	POST.REF.	DEBIT	CREDIT
1
2
3
4
5
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7
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10					need help with a general journal

magentaweasel639

The balance in the supplies account, before adjustment at theend of the year, is $5,330. The year end is December 31.

Journalize the December 31 adjusting entry required if theamount of supplies on hand at the end of the year is $1,875. Referto the Chart of Accounts for exact wording of account titles.

Chart of Accounts

CHARTOF ACCOUNTS

General Ledger

	ASSETS
11	Cash
12	Accounts Receivable
13	Supplies
14	Prepaid Insurance
15	Land
16	Equipment
17	AccumulatedDepreciation-Equipment
19	AccumulatedDepreciation-Automobiles

	LIABILITIES
21	Accounts Payable
22	Unearned Fees
23	Salaries Payable
24	Taxes Payable

	EQUITY
31	John Doe, Capital
32	John Doe, Drawing

	REVENUE
41	Fees Earned

	EXPENSES
51	Advertising Expense
52	Insurance Expense
53	Rent Expense
54	Salary Expense
55	Supplies Expense
56	Utilities Expense
57	Depreciation Expense
59	Miscellaneous Expense

ADMS 2500 Study Guide - Final Guide: Deferral, General Journal, Interest Expense

ADMS 2500 Full Course Notes

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