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

Write a 700- to 1050-word paper including the followingthe

Write a 700- to 1,050-word paper including the following: The purpose of accounting and financial reporting within your organization or an organization with which you are familiar. A description of the people, processes, ...

1 mrs beach wants to invest a lump sum of money today to

1. Mrs. Beach wants to invest a lump sum of money today to have $100,000 when she retires at 65 (she is 40 today). a. How much of a deposit would she have to make if the interest rate on the C.D. was 5%? b. What would Mr ...

Dq1respond to the ethics discussion case at the end of

DQ1 Respond to the Ethics Discussion Case at the end of chapter 5 in the textbook. Dan owns a successful sports bar in downtown Providence. The state is considering legislation that would restrict the sale of alcohol in ...

Question 1grammys bakery had the following information for

Question 1 Grammy's Bakery had the following information for the pay period ending June 30: Employee Name Pay Rate Hours Worked Cumulative Earnings Department Federal Income Tax Withheld P. Ganster $2,000 Salaried $12,00 ...

Problem -a firm has the following probability distribution

Problem - A firm has the following probability distribution for annual losses due to vandalism. All amounts are before any tax consideration. The firm has a tax rate of 20%. Annual Losses Probability $ 0 .75 $ 4,000 .20 ...

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 "S Corporation" Please respond to the following: • Per the text and IRC, losses and deductions of ...

Early morning on a bright day in mid-january 2009 james d

Early morning on a bright day in mid-January 2009, James D. White, CEO of Jamba Juice, was driving down highway 580 headed to Jamba Juice's Emeryville, California, headquarters. Unfortunately, today, White could not enjo ...

Assume that you recently graduated and have just reported

Assume that you recently graduated and have just reported to work as an investment advisor at the onof the firms on Wall Street. You have been presented and asked to review the following Income Statement and Balance Shee ...

Dine corp international publishes ratings and reviews of

Dine corp international publishes ratings and reviews of the world finest restaurants.following are the facts you need to prepare dine corp's march bank reconcilation. Balance per company records at end of month  $      ...

Assignment expected value and consumer choicesexpected

Assignment: Expected Value and Consumer Choices Expected Value and Consumer Choices Consumers' choices are prey to subtle discrepancies that arise in cognitive accounting. Learning how and when you are prey to these disc ...

  • 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

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

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen