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Solution Library
Prepare Adjusted Journal Entries And Adjusted Trial Balance
Question
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Comprehensive Problem Inc. Trial Balance June 30, 2012 |
||
|
Cash |
$18,470 |
|
|
A/R |
14,333 |
|
|
Advertising Supplies |
3,998 |
|
|
Prepaid Insurance |
23,137 |
|
|
Equipment |
135,495 |
|
|
A/D – Equipment |
|
$19,207 |
|
Accounts Payable |
|
11,998 |
|
Unearned Service Revenue |
|
14,336 |
|
Notes Payable |
|
62,679 |
|
Common Stock |
|
67,546 |
|
Retained Earnings |
|
19,667 |
|
Totals |
$195,433 |
$195,433 |
During the month of July, the following occurred:
July 2 received $8,127 of the prior month’s receivables
July 3 paid $5,220 of the prior month’s accounts payable and paid $3,200 for July rent
July 5 earned $6,736 worth of the prior month’s unearned revenue
July 6 provided a service and billed the client $3,376
July 9 bought advertising supplies for $2,217 on account
July 10 received $4,200 for a service to be provided
July 11 provided a service and billed the client $7,366
July 12 collected $9,127 of receivables
July 13 paid $7,500 of the notes payable
July 16 bought advertising supplies for $1,189 cash
July 18 provided a service and billed the client $4,934
July 20 received $2,700 for a service to be provided
July 23 paid $4,223 travel expense (all for July travel)
July 24 paid $2,400 of accounts payable
July 25 paid temporary employees $3,356 of wages (all for July work)
July 26 paid $5,000 of the notes payable
July 27 paid the shareholder a $3,000 dividend
July 30 provided a service fully earning the $4,200 from July 10
July 31 paid the shareholder a $4,500 dividend
Required – Part A
Part A1 provide general journal entries in general journal form for the above transactions
Part A2 create a trial balance at July 31 fully taking into account the beginning balances and the general journal entries recorded in part A1 (t-accounts are recommended for key accounts; do not hand them in t-accounts)
Adjusting Entry Information
- the insurance expires at a rate of $1,218 per month
- a month-end count reveals about $2,400 of advertising supplies remain on-hand
- annual depreciation (straight-line is used) is $19,356
- a thorough analysis reveals only $3,200 of the unearned revenue is not yet earned at month-end
- the interest on the N/P for the month is $418 (hint: don’t increase the principal of the note)
- estimated expenses for the month are $2,100 utilities and $800 telephone
- a bank reconciliation reveals that a $4,000 payment from a client (A/R) was not recorded
Required – Part B
Part B1 provide adjusting journal entries, in general journal form, for the above
Part B2 create an adjusted trial balance
Part B3 create an income statement and a statement of retained earnings for the month of July
Part B4 create a balance sheet at 7/31/12
Part B5 provide closing entries in general journal form
Summary
The question belongs to Accounting and it discusses about preparing journal entries and providing adjusting entries and creating an adjusted trial balance.
Total Word Count NA
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