ACCT-311 Chapter 3: Chapter 3 Summary
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I Just need the financial statements part! | GLOBAL DESIGNERS INC | |||||||
TRIAL BALANCE | ||||||||
AS AT 1/31/2016 | ||||||||
UNADJUSTED | ||||||||
BAL (DR) | BAL (CR) | |||||||
CASH | $ 375,000 | |||||||
ACCOUNTS RECEIVABLE | $ 75,000 | |||||||
ACCRUED REVENUES | $ - | |||||||
MACHINERY | $ 120,000 | |||||||
ACCUMULATED DEPRECIATION | $ - | |||||||
PREPAID RENT | $ 12,000 | |||||||
ACCOUNTS PAYABLE | $ 60,000 | |||||||
ACCRUED EXPENSES | $ - | |||||||
UNEARNED REVENUES | $ 30,000 | |||||||
BANK LOAN | $ 200,000 | |||||||
CAPITAL | $ 208,000 | |||||||
REVENUES | $ 390,000 | |||||||
PURCHASES | $ 300,000 | |||||||
TELEPHONE | $ 6,000 | |||||||
SALARIES EXPENSE | $ - | |||||||
DEPRECIATION EXPENSE | $ - | |||||||
RENT EXPENSE | $ - | $ - | ||||||
TOTAL | $ 888,000 | $ 888,000 | ||||||
ADJUSTMENTS NEEDED: | ||||||||
1 | PREPAID RENT INCLUDES JAN RENT OF $6,000 AND FEBRENT OF $6000 | |||||||
2 | THE COMPANY EARNED $15,000 OF THE UNEARNED REVENUESIN JANUARY 2016 | |||||||
3 | THE MACHINERY HAS USEFUL LIFE OF 60 MONTHS | |||||||
4 | THE COMPANY OWED $25,000 IN SALARIES AS AT1/31/2016 | |||||||
5 | THE COMPANY SUPPLIED $30,000 OF GOODS TO MACYS BUTDID NOT BILL AS AT 1/31/2016 | |||||||
PLEASE PREPARE ADJUSTING JOURNAL ENTRIES, ADJUSTEDTRIAL BALANCE AND FINANCIAL STATEMENTS |
GLOBAL DESIGNERS INC | ||||||||
TRIAL BALANCE | ||||||||
AS AT 1/31/2016 | ||||||||
UNADJUSTED | ||||||||
BAL (DR) | BAL (CR) | |||||||
CASH | $ 375,000 | |||||||
ACCOUNTS RECEIVABLE | $ 75,000 | |||||||
ACCRUED REVENUES | $ - | |||||||
MACHINERY | $ 120,000 | |||||||
ACCUMULATED DEPRECIATION | $ - | |||||||
PREPAID RENT | $ 12,000 | |||||||
ACCOUNTS PAYABLE | $ 60,000 | |||||||
ACCRUED EXPENSES | $ - | |||||||
UNEARNED REVENUES | $ 30,000 | |||||||
BANK LOAN | $ 200,000 | |||||||
CAPITAL | $ 208,000 | |||||||
REVENUES | $ 390,000 | |||||||
PURCHASES | $ 300,000 | |||||||
TELEPHONE | $ 6,000 | |||||||
SALARIES EXPENSE | $ - | |||||||
DEPRECIATION EXPENSE | $ - | |||||||
RENT EXPENSE | $ - | $ - | ||||||
TOTAL | $ 888,000 | $ 888,000 | ||||||
ADJUSTMENTS NEEDED: | ||||||||
1 | PREPAID RENT INCLUDES JAN RENT OF $6,000 AND FEBRENT OF $6000 | |||||||
2 | THE COMPANY EARNED $15,000 OF THE UNEARNED REVENUESIN JANUARY 2016 | |||||||
3 | THE MACHINERY HAS USEFUL LIFE OF 60 MONTHS | |||||||
4 | THE COMPANY OWED $25,000 IN SALARIES AS AT1/31/2016 | |||||||
5 | THE COMPANY SUPPLIED $30,000 OF GOODS TO MACYS BUTDID NOT BILL AS AT 1/31/2016 | |||||||
PLEASE PREPARE ADJUSTING JOURNAL ENTRIES, ADJUSTEDTRIAL BALANCE AND FINANCIAL STATEMENTS |
FINAL EXAM | GLOBAL DESIGNERS INC | |||||||
TRIAL BALANCE | ||||||||
AS AT 1/31/2016 | ||||||||
UNADJUSTED | ||||||||
BAL (DR) | BAL (CR) | |||||||
CASH | $ 375,000 | |||||||
ACCOUNTS RECEIVABLE | $ 75,000 | |||||||
ACCRUED REVENUES | $ - | |||||||
MACHINERY | $ 120,000 | |||||||
ACCUMULATED DEPRECIATION | $ - | |||||||
PREPAID RENT | $ 12,000 | |||||||
ACCOUNTS PAYABLE | $ 60,000 | |||||||
ACCRUED EXPENSES | $ - | |||||||
UNEARNED REVENUES | $ 30,000 | |||||||
BANK LOAN | $ 200,000 | |||||||
CAPITAL | $ 208,000 | |||||||
REVENUES | $ 390,000 | |||||||
PURCHASES | $ 300,000 | |||||||
TELEPHONE | $ 6,000 | |||||||
SALARIES EXPENSE | $ - | |||||||
DEPRECIATION EXPENSE | $ - | |||||||
RENT EXPENSE | $ - | $ - | ||||||
TOTAL | $ 888,000 | $ 888,000 | ||||||
ADJUSTMENTS NEEDED: | ||||||||
1 | PREPAID RENT INCLUDES JAN RENT OF $6,000 AND FEBRENT OF $6000 | |||||||
2 | THE COMPANY EARNED $15,000 OF THE UNEARNED REVENUESIN JANUARY 2016 | |||||||
3 | THE MACHINERY HAS USEFUL LIFE OF 60 MONTHS | |||||||
4 | THE COMPANY OWED $25,000 IN SALARIES AS AT1/31/2016 | |||||||
5 | THE COMPANY SUPPLIED $30,000 OF GOODS TO MACYS BUTDID NOT BILL AS AT 1/31/2016 | |||||||
PLEASE PREPARE ADJUSTING JOURNAL ENTRIES, ADJUSTEDTRIAL BALANCE AND FINANCIAL STATEMENTS |