Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

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

a. The insurance expires at a rate of $1,218 per month

b. A month-end count reveals about $2,400 of advertising supplies remain on-hand

c. Annual depreciation (straight-line is used) is $19,356

d. A thorough analysis reveals only $3,200 of the unearned revenue is not yet earned at month-end

e. The interest on N/P for the month is $418 (hint: don’t increase the principal of the note)

f. Estimated expenditures for the month is $2,100 utilities and $800 telephone

g. 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

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M91682

Have any Question? 


Related Questions in Accounting Basics

Valley care medical center expects projects x and y to

Valley Care Medical Center expects Projects X and Y to generate the following cash flows:   Givens (in '000s) Years                  0 1 2 3 4 5 1 Initial investment                              ($7,500)       2 Net oper ...

Accounting paper assignment start-up budgetingfor this

Accounting Paper Assignment: Start-up Budgeting For this assignment, you will decide what type of budget to implement for a start-up company. Write a three to four page paper in which you: 1. Summarize the type of manufa ...

Write a 300- to 500-word response in which you address the

Write a 300- to 500-word response in which you address the following questions from Case, Charitable Contributions and Debt: A Comparison of St. Jude Children's Research Hospital/ALSAC and Universal Health Services: What ...

Question 1the accounts receivable account has total debit

Question 1 The Accounts Receivable account has total debit postings of $1,900 and credit postings of $1,100. The balance of the account is a/an A. $800 debit. B. $800 credit. C. $2,600 credit. D. $2,600 debit. Question 2 ...

Task -task covers the application of conceptual and

Task - Task covers the application of conceptual and technical aspects of accounting and the preparation of business financial statements, the appraisal of the use of information technology including spreadsheet software ...

Taskas part of the planning process for your new accounting

TASK As part of the planning process for your new accounting information system, your manager has asked that you prepare flowcharts. This graphic presents the flow of information through the accounting cycles. • Using th ...

Accountingi for the month of january jims landscaping

Accounting I. For the month of January Jim's Landscaping Company has the following transactions: 1. Borrowed $5,000 from First National Bank on a note due in two years. 2. Received $12,500 cash from investors and issued ...

Grana enterprise incgrana enterprise inc gei is a

Grana Enterprise Inc. Grana Enterprise Inc. (GEI) is a manufacturing company with operations in Italy and Serbia. GEI in Italy: In addition to other assets, GEI owns and operates a commercial building in Italy that is ca ...

Discussionpart 1 please respond the following question no

Discussion Part 1 please respond the following question no less then 350 words (original work, no plagiarism, 1 reference "Forecasting" Please respond to the following: • Assess the financial performance forecasting proc ...

Assignment identification of fiduciary fundsfollowing is a

Assignment: Identification of Fiduciary Funds Following is a list of fund names and descriptions from the comprehensive annual financial reports (CAFRs). Required: Indicate which of the following are fiduciary funds. If ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro