I need help with some accounting problem can someone help me?
Trial Balance October 31, 2004 Cash $ 1,460 Accounts receivable 14,750 Prepaid Rent 3,100 Supplies 780 Furniture 22,370 Accumulated Depreciation $11,640 Accounts Payable 1,940 Unearned Revenue 2,290 Peggy Gates, Capital 24,140 Peggy Gates, Drawing 2,900 Commission Revenue 8,580 Salary Expense 2,160 Utilities Expense 340 Advertising Expense 730 _____ Total $48,590 $48.590 Adjustment data: a. Prepaid rent still in force at October 31, 2004, $400. b. Supplies used during the month, $440. c. Depreciation for the month, $700. d. Accrued advertising expense at October 31, $320. e. Accrued Salary Expense at October 31, $180. f. Unearned Commission revenue still unearned at October 31, $2,000 REQUIRED 1. Establish ledger accounts for all account balances shown on the 10/31/04 Trial Balance. 2. Journalize the adjusting entries and post them to ledger accounts. 3. On the work sheet prepare the Adjusted Trial Balance. 4, Complete the Income Statement and Balance Sheet columns on the worksheet. 2. The unadjusted Trial Balance for Max Bellows, CPA, at July 31, 2005, and the month-end adjustment data are as follows: Max Bellows, CPA Trial Balance July 31, 2005 Cash $14,600 Accounts Receivable 11,600 Prepaid Rent 3,600 Supplies 800 Furniture 16,800 Accumulated Depreciation $ 3,500 Accounts Payable 3,450 Max Bellows, Capital 38,650 Max Bellows, Drawing 4,000 Tax Preparation revenue 8,750 Salary Expense 2,400 Utilities Expense 550 ______ Totals $54,350 $54,350 Adjustment data: a. The unadjusted Prepaid Rent balance relates to the period July through October. b. Supplies on hand at July 31, $500. c. The estimated useful life of the furniture is four years from June 30, 2005. Estimated salvage or resale value is zero. d. At July 31 salary expense is accrued for one day. The 5-day weekly payroll is $1,000. e. Accrued tax service revenue at July 31 is $700. REQUIRED: 1. Transfer the Trial Balance to a work sheet. 2. Prepare adjusting entries and transfer to the work sheet. 3. On the work sheet prepare the Adjusted Trial Balance. 4, Complete the Income Statement and Balance Sheet columns on the worksheet. 3. The Trial Balance of Jones Maintenance Service at June 30, 2004, and the data needed to make the year-end adjustments are as follows: a. At June 30, the business had earned $1,420 of service revenue that has not yet been recorded. b. Supplies used during the year totaled $3,060. c. Prepaid Rent remaining at June 30 is $1,040. d. Depreciation for the year on the equipment is calculated using the straight-line method with a 10 year estimated useful life and no salvage value. Cost of the equipment was $37,300. e. The company maintains a large apartment complex that pays in advance. As of June 30 Jones Company had earned $2,210 of the Unearned Service Revenue. f. June 30 is a Wednesday. Total five-day weekly payroll is $900. Jones Maintenance Service Trial Balance June 30, 2004 Cash $ 1,010 Accounts Receivable 6,200 Supplies 3,400 Prepaid Rent 1,890 Equipment 37,300 Accumulated Depreciation $14,360 Accounts Payable 6,410 Unearned Service Revenue 3,110 J. Jones, Capital 14,310 J. Jones, Drawing 40,100 Service Revenue 91,000 Salary Expense 32,150 Rent Expense 6,000 Utilities Expense 1,200 _______ Total $129,250 $129,250 REQUIRED: 1. Open the trial balance accounts, inserting their June 30 unadjusted balances. 2. Journalize the adjusting entries 3. Post the adjusting entries to the ledger accounts 4. Prepare the June 30 adjusted Trial Balance. 5. Prepare the income statement, statement of owner’s equity, and the balance sheet for Jones Maintenance Service. 4. The Unadjusted Trial Balance dated April 30, 2004 for Jay Stone, CPA is shown on the attached worksheet. Also presented is the month-end information for preparation of required adjusting entries. Adjusting entry data: 1. Rent was prepaid for three month on April 1. 2. On April 3, Stone paid $700 for supplies. The supply inventory at April 30 was $400 3. The furniture was purchased on April 3 at a cost of $16,500. Stone will use straight-line depreciation with a five-year estimated useful life and no estimated salvage value 4. Stone’s employee is paid twice monthly, on a Friday. April 30 is a Saturday, and the employee will not be paid until Monday, May 2. The monthly salary is $1,900. 5. Stone’s firm was hired on April 15 to provide ongoing bookkeeping service for a monthly fee of $500. The first payment by the client will be paid May15. 6. Stone received a $450 payment on April 20 from a client for monthly service. REQUIRED: 1. Prepare the month-end adjustments and enter directly to the worksheet. 2. Prepare the adjusted April 30 trial balance. 3. Prepare Stone’s April Income Statement and April 30, 2004 Balance Sheet
Public Comments
- You've far too many long questions here and are not likely to get an answer. I suggest you break these up into 10 point worthy questions.
- It this your accounting home work? Might want to look up the this word first. Collusion: Obtaining from or giving to a student unauthorized assistance on material in any course work is collusion.
