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

Problem 1bart exchanges some real estate basis of 80000 and

Problem 1 Bart exchanges some real estate (basis of $800,00 and fair market value of $1 million) for other real estate owned by Roland (basis of $1.2 million and fair market value of $900,00) and $100,000 in cash. The re ...

Excel spreadsheet and 1-2 pagesconsider the following

Excel Spreadsheet and 1-2 pages Consider the following scenario: Andre has asked you to evaluate his business, Andre's Hair Styling. Andre has five barbers working for him. (Andre is not one of them.) Each barber is paid ...

Decide upon an initiative you want to implement that would

Decide upon an initiative you want to implement that would increase sales over the next five years, (for example, market another product, corporate expansion, and so on). Using the sample financial statements, create pro ...

Assignmentapplication implementation of the balanced

Assignment Application: Implementation of the Balanced Scorecard APA Format Implementation of the Balanced Scorecard The term "balanced scorecard" became part of the professional accounting vernacular in the early 1990s. ...

Accounting discussion questionaccounts receivable bad debt

Accounting Discussion Question "Accounts Receivable Bad Debt Expense (Direct Write Off Method Vs Allowance Method)": • Discuss the primary advantages and disadvantages of applying the direct write-off over the allowance ...

Write a 700- to 1050-word summary of the teams discussion

Write a 700- to 1,050-word summary of the team's discussion about IFRS versus GAAP, based on your team collaborative discussions. The summary should be structured in a subject-by-subject format. An introduction and a con ...

Fasb ongoing projectproject objectivedescribe the history

FASB Ongoing Project Project Objective Describe the history, current status, and adoption implications of a Financial Accounting Standards Board ongoing project. Requirements The FASB has several ongoing projects that in ...

Additional information1 the company during the year paid

Additional Information 1. The Company during the year paid AED 200,000 for security deposit and bank charges of AED 40. 2. The Warehouse reported inventory stock count of AED 286,500. 3. XYZ Company's confirmation ,( Cus ...

In todays technology environment hackers present a

In today's technology environment, hackers present a substantial risk to a firm's accounting or business system. As the result of these attacks, firms suffer huge losses, ranging from financial losses to losses in confid ...

Selected t-accounts of moore company are given below for

Selected T-accounts of Moore Company are given below for the just completed year: Raw Materials Manufacturing Overhead ________________________________________ Bal. 1/1 29,800 ________________________________________ Cre ...

  • 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