12. The balance in a deferred revenue account represents an amount that is Earned Collected a. Yes Yes b. Yes No c. No Yes d. No No 13. A trial balance is useful because it indicates that a. owner
The Woodshop was started by John Birch on August 1, 2008. John moved the business from his garage to a rented building. The Woodshop entered into the following transactions in August: Aug 1: Assets received from John: cash, $9,000, accounts receivable, $18,000, wood supplies, $22,000, office supplies, $700, machinery, $15,0
Complete the Comprehensive Problem-Perpetual. In this project, follow the steps of the accounting cycle to process given transactions in a business environment. Then, synthesize special journals, a trial balance, financial statements, and a post-closing trial balance. Use the spreadsheet in Appendix C available on the studen
Small problem to solve. attachment below. P2-4A The trial balance of Sterling Company shown below does not balance. STERLING COMPANY Trial Balance May 31, 2010 Debit Credit Cash $5,850 Accounts Receivable $2,750 Prepaid Insurance 700 Equipment 8,000
What are the steps in completing the accounting cycle? Discuss the relationship between the amounts on the Adjusted Trial Balance for an account and its ledger? Discuss the relationship of the Adjusted Trial Balance and the amount on the Financial Statements? What is the impact on the financial statements of missing a step when
Please see the attached file. Sept. 1 Transferred $2,500 from personal savings account to business checking account. Sept. 10 Signed up for home inspection course at local community college. Cost is $1,000. Put this on the business credit card. Sept. 15 Purchased reference materials from local book store. Paid $250
When is the trial balance prepared? What is the purpose of preparing a trial balance? What does the trial balance tell you? What does the trial balance not tell you? Why not use the Trial Balance to report financial information internally and externally? What limitations does it have over formal financial statements?
ADJUSTING ENTRIES (15 points) The trial balance of Timlin Company shows the following balances for selected accounts on November 30, 2008: Prepaid Insurance $12,000 Unearned Revenue $ 4,800 Equipment 60,000 Notes Payable 30,000 Accumulated Depreciation 6,600 Interest Payable 450 Instructions: Using the additional informa
Enter the trial balance on a worksheet and complete the worksheet. E4-2 The adjusted trial balance columns of the worksheet for Goode Company are as follows. GOODE COMPANY Worksheet (partial) For the Month Ended April 30, 20
The following trial balance was taken from the records of Jones Cash $5,000 Raw materials inventory 750 Work in process inventory 1,200 Finished goods inventory 2,100 Property, plant, and equipment 7,500 Accumulated depreciation
Preparing a Trial Balance (as it relates to 3-17) attached. Using the ending balance in the T-account, construct a trial balance. Note: The only account that is common to the T-account is the cash account.
Analyze the effects of transactions using t-accounts and preparing an unadjusted trial balance. Spicewood Stables, Inc., was established in Dripping Springs, Texas, on April 1, 2007. The company provides stables, care for animals, and grounds for riding and showing horses. You have been hired as the new Assistant Controller. The
The adjusted trial balance of Jacks Financial Planners: Debit Credit Cash $17,400 Accounts Receivable 2,200 Office Supplies 1,800 Office Equipment 15,000 Accumulated Depreciation - Office Equipment $4,000 Accounts Payable
See attached file. The MS Excel file contains the trial balance and adjustment information for a merchandising company. Trial Balance and Adjustment Information DR CR Cash $20,000.00 Machinery $16,000.00 Accumulated Depreciation $4,000.00 Merchandise (Ja
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 Suppli
P4-1B Sherlock Holmes began operations as a private investigator on January 1, 2006.The trial balance columns of the work sheet for Sherlock Holmes P.I. at March 31 are as follows. SHERLOCK HOLMES P.I. Work Sheet For the Quarter Ended March 31, 2006 Trial Balance Account Titles Dr. Cr. Cash 11,400 Accounts Receivable 5
All nine transactions for Bowan Realty for June, the first month of operations, are recorded in the following T accounts: Cash Capital Stock (1) 20,000 (3) 7,500 (1) 20,000 (7) 6,900 (5) 2,600 (9) 4,700 (6) 5,500 (8) 2,000 Accounts Receivable Dividends (4) 4,900 (9) 4,700 (8) 2,000 Suppli
Please help in the following problems. Problem # 1 The following information is available for BlueStar Company for the month ending December 31, 2006: 1. Supplies used during the month totaled $1,596. 2. BlueStar paid the annual premium of $6,000 on their insurance on December 1. 3. BlueStar performed services valued at $
Please explain the attached problem. QS 9-3: Warner Company's year-end unadjusted trial balance shows accounts receivable of $99,000, allowance for doubtful accounts of $600 (credit), and sales of $28,000. Uncollectibles are estimated to be 1.5% of accounts receivables. 1. Prepare the December 31 year-end entry fo
See the attachment. Prepare a trial balance, balance sheet and income statement in proper order.
Transaction analysis, General Ledger, Ledger Accounts and Trial Balance P. The Acorn Nursery School Company provides baby-sitting and child-care programs. On January 31, 20xx, the company had the following trial balance Acorn Nursery School Company Trial Balance January 31, 20xx Cash (111)
Accounting problem, that goes through the basic accounting cycle. Follow instructions for letters A. through G. Can be done in excel or Microsoft Word. On November 1, 2007, the following were the account balances of Coleman equipment Repair. Debits Credits Cash $2,790 Accumulated Deprecia
File attached show all work 26. DINDORF COMPANY THE ACCOUNT BALANCES IN THE LEDGER OF THE DINDORF COMPANY ON JANUARY 31, (THE END OF ITS FISCAL YEAR) BEFORE ADJUSTMENTS WERE AS FOLLOWS;
Please see the attachment.
Instructions: (a) Prepare the adjusting entries for the month of May. (b) Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as beginning account balances. Use T accounts. (c) Prepare an adjusted trial balance at May 31, 2007.
See attached problem. The Thayer Motel, Inc. opened for business on May 1, 2006. Its trial balance before adjustment on May 31 is as follows. Thayer Motel, Inc. Trial Balance May 31, 2006 Account Number Debit Credit 101 Cash $2500 126 Supplies 1900 130 Prepaid Insurance 2400 140 Land 15,0
I need help posting the entries in the correct place.
I need to set up the entries on Excel or Word and show how to place the entries. Prepare closing and reversing entries. On December 31, the adjusted trial balance of Garg Employment Agency shows the following selected data. Analysis shows that adjusting entries were made to (1) accrue $4,200 of commission revenue and (2) acc
Error Analysis; Correcting Entries A partial trial balance of Julie Hartsack Corporation is as follows on December 31, 2008: Supplies on hand $ 2,700 Accrued salaries and wages $ 1,500 Interest receivable on investments 5,100 Prepaid insurance 90,000 Unearned rent 0 Accrued interest payable 15,000 Additional adjustin
Vektek Consulting, Inc., began operating on May 1, 2006. The trial balance at May 31 is as follows (see attached document).