Explore BrainMass
Share

Explore BrainMass

    Munoz Company

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    Chapter 4: E4-1 Page 173

    The adjustments columns of the work sheet for Munoz Company are shown below. Prepare adjusting entries from
    a work sheet and extend balance to work sheet columns.

    (SO 1) SEE ATTACHMENT PAGE 141
    Adjustments

    Account Titles Debit Credit
    Accounts Receivable 600
    Prepaid Insurance 400
    Accumulated Depreciation 900
    Salaries Payable 500
    Service Revenue 600
    Salaries Expense 500
    Insurance Expense 400
    Depreciation Expense 900
    2,400 2,400

    Chapter 4: E4-8 PAGE 174

    Selected accounts for Roth Salon are presented below. All June 30 postings are from closing

    Salaries Expense
    6/10 3,200 6/30 8,800
    6/28 5,600
    Supplies Expense
    6/12 600 6/30 1,300
    6/24 700
    Service Revenue
    6/30 16,100 6/15 7,700
    6/24 8,400
    Rent Expense
    6/1 3,000 6/30 3,000
    Dividends
    6/15 2,500 6/30 2,500
    Retained Earnings
    6/30 2,500 6/30 3,000
    Bal. 500

    Prepare closing entries.

    (SO 2) SEE PAGE IN ATTACHMENT 148

    Chapter 4: P4-1A PAGE 175

    P4-1A The trial balance columns of the work sheet for Undercover Roofing Inc. at March 31,
    2006, are as follows.

    UNDERCOVER ROOFING INC.
    Work Sheet
    For the Month Ended March 31, 2006
    Trial Balance
    Account Titles Dr. Cr.
    Cash 2,500
    Accounts Receivable 1,800
    Roofing Supplies 1,100
    Equipment 6,000
    Accumulated Depreciation?Equipment 1,200
    Accounts Payable 1,400
    Unearned Revenue 300
    Common Stock 5,000
    Retained Earnings 2,000
    Dividends 600
    Service Revenue 3,000
    Salaries Expense 700
    Miscellaneous Expense 200
    12,900 12,900

    Other data:

    1. A physical count reveals only $140 of roofing supplies on hand.
    2. Depreciation for March is $200.
    3. Unearned revenue amounted to $130 after adjustment on March 31.
    4. Accrued salaries are $350.

    Instructions

    (a) Enter the trial balance on a work sheet and complete the work sheet.
    (b) Prepare an income statement and a retained earnings statement for the month of March and
    a classified balance sheet at March 31. No additional issuances of stock occured in March.
    (c) Journalize the adjusting entries from the adjustments columns of the work sheet.
    (d) Journalize the closing entries from the financial statement columns of the work sheet.

    Prepare a work sheet, financial statements, and adjusting and closing entries.
    (SO (a) Adjusted trial balance
    $13,450
    (b) Net income $9,760
    Total assets $9,040

    © BrainMass Inc. brainmass.com April 3, 2020, 6:50 pm ad1c9bdddf
    https://brainmass.com/business/the-adjusting-process/munoz-company-230217

    Attachments

    Solution Preview

    Chapter 4: E4-1 Page 173
    The adjustments columns of the work sheet for Munoz Company are shown below. Prepare adjusting entries from
    a work sheet and extend balance to work sheet columns.
    (SO 1) SEE ATTACHMENT PAGE 141

    Adjustments
    Account Titles Debit Credit
    Accounts Receivable 600
    Prepaid Insurance 400
    Accumulated Depreciation 900
    Salaries Payable 500
    Service Revenue 600
    Salaries Expense 500
    Insurance Expense 400
    Depreciation Expense 900
    2,400 2,400

    Chapter 4: E4-8 PAGE 174

    Selected accounts for Roth Salon are presented below. All ...

    Solution Summary

    This solution is comprised of a detailed explanation to prepare adjusting entries from a work sheet and extend balance to work sheet columns.

    $2.19

    ADVERTISEMENT