MGAB01H3 Chapter Notes - Chapter 4: Papyrus 46
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The December 31, 2015, adjusted trial balance of BusinessSolutions (reflecting its transactions from October throughDecember of 2015) follows.
No. | Account Title | Debit | Credit |
101 | Cash | $ 48,372 | |
106 | Accounts receivable | 5,668 | |
126 | Accounts receivable | 580 | |
128 | Computer supplies | 1,665 | |
131 | Prepaid insurance | 825 | |
163 | Office equipment | 8,000 | |
164 | Accumulated depreciationâOffice equipment | $ 400 | |
167 | Computer equipment | 20,000 | |
168 | Accumulated depreciationâComputer equipment | 1,250 | |
201 | Accounts payable | 1,100 | |
210 | Wages payable | 500 | |
236 | Unearned computer services revenue | 1,500 | |
301 | S. Rey, Capital | 73,000 | |
302 | S. Rey, Withdrawals | 7,100 | |
403 | Computer services revenue | 31,284 | |
612 | Depreciation expenseâOffice equipment | 400 | |
613 | Depreciation expenseâComputer equipment | 1,250 | |
623 | Wages expense | 3,875 | |
637 | Insurance expense | 555 | |
640 | Rent expense | 2,475 | |
652 | Computer supplies expense | 3,065 | |
655 | Advertising expense | 2,753 | |
676 | Mileage expense | 896 | |
677 | Miscellaneous expenses | 250 | |
684 | Repairs expenseâComputer | 1,305 | |
901 | Income summary | 0 | |
Totals | $109,034 | $109,034 |
Please complete the following:
Record and post the necessary closing entries for BusinessSolutions.
Prepare a post-closing trial balance as of December 31,2015.
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.
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General Journal
Prepare the December 31 adjusting entries for each transactions.Refer to the Chart of Accounts for exact wording of accounttitles.
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JOURNAL
DATE | DESCRIPTION | POST.REF. | DEBIT | CREDIT | |
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10 | need help with a general journal |
Use the adjusted trial balance for the Stockton company below to answer the questions that follow.
Adjusted Trial Balance | ||
December-31 | ||
Cash | $6,530 | |
Accounts Receivable | $2,100 | |
Prepaid Expenses | $700 | |
Equipment | $13,700 | |
Accumulated Depreciation | $1,100 | |
Accounts Payable | $1,900 | |
Notes Payable | $4,300 | |
Bob Steely, Capital | $12,940 | |
Bob Steely, Withdrawals | $790 | |
Fees Earned | $9,250 | |
Wages Expense | $2,500 | |
Rent Expense | $1,960 | |
Utilities Expense | $775 | |
Depreciation Expense | $250 | |
Miscellaneous Expense | $185 | |
Totals | $29,490 | $29,490 |
Determine the net income (loss) for the period.
a. net income $9,250
b. net loss $790
c. net loss $5,670
d. net income $3,580