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For Featherstone Real Estate Company, need to prepare required closing entries in journal form. Selected September T accounts for Weins Company are presented below. a) Which of the accounts would a reversing entry be helpful, why?

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1. For Featherstone Real Estate Company, need to prepare required closing entries in journal form.

Cash $7,275
Acc. Receivable 2,325
Prepaid insurance 585
Office supplies 440
Office equipment 6,300
accumulated. Depre., office equipment $ 765
Automobile 6,750
Accumulated depreciation, automobile 750
Accounts Payable 1,700
Unearned Management Fees 1,500
V. Featherstone, Capital 14,535
V. Featherstone, Withdrawals 7,000
Sales Commissions Earned 31,700
Office Salaries Expense 13,500
Advertising Expense 2,525
Rent Expense 2,650
Telephone Expense 1,600
$50,950 $50,950

2. Selected September T accounts for Weins Company are presented below. a) Which of the accounts would a reversing entry be helpful, why? b) Prepare the appropriate reversing entry .c) prepare the entry to record a payment on Oct. 3 for wages totaling $3,140. How much of this amount represents wages expense for Oct?

Supplies Supplies expense
9/1 balance 860 adjust. 1,280 9/30 adjust. 1,280 9/30 closing 1,280
Sept. purchase 940 balance ---
Bal. 520

Wages payable wages expense
9/30 adjust. 640 Sept. wages 3,940 closing 4,580
Bal. 640 9/30 adjust. 640
Balance ----

3. The following alphabets list presents the accounts and balances for Jessica's Dresses on June 30, 20x4. All the accounts have normal balances. Prepare the trail balance by listing the accounts in the correct order, with the balances in the appropriate credit or debit column.

Accounts Payable $ 15,420
Accounts Receivable 7,650
Accumulated. Depreciation, office equipment 1,350
Advertising Expense 1,800
Cash 7,635
J. Alaria, Capital 30,630
J. Alaria, Withdrawals 27,000
Office equipment 15,510
Prepaid insurance 1,680
Rent Expense 7,200
Revenue from Commission 57,900
Supplies 825
Wages Expense 36,000
4. The following is a highly simplified alphabetical list of trial balance accounts and their normal balances for the month ended March 30,20xx.

Trial Balance Accounts and Balances

Accounts Payable $4
Accounts Receivable $ 7
Accumulated Depreciation, office equipment $1
Cash $4
Office Equipment $8

Prepaid insurance $ 2
Service Revenue $ 23
Supplies $ 4
Terri Julius, Capital $ 12
Terri Julius, Withdrawals $ 6
Unearned Revenues $ 3
Utilities Expense $ 2
Wages Expense $ 10

1) Prepare a worksheet, entering the trail balance accounts in the order in which they would normally appear and entering the balances in the correct debit or credit column.
2) Complete the worksheet using the following information:

a. expired insurance, $1
b. estimated depreciation on office equipment, $1
c. accrual wages, $1
d. unused supplies on hand, $1

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Solution Preview

Dear Student,
Yes it is easy.The only thing is that you must be careful while posting each and every item as simpler things may sometimes endanger you in the examination.
Your solution is ...

Solution Summary

Yes it is easy.The only thing is that you must be careful while posting each and every item as simpler things may sometimes endanger you in the examination. Your solution is provided in a separate excel sheet attached herewith supported with necessary explanatory notes.Please note following few points: (attached)

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