For the project, use the steps in the accounting cycle to process transactions in a business environment: - Use a given set of transactions to synthesize and enter the transactions into special journals. - Prepare a trial balance, adjusting, and closing entries. - From the given information, prepare a set of financial state
I am having problems with processing of worksheets, I am enclosing the problem with worksheets and final spread sheets. P07C and given P07C. Please see attached file for full problem description. COLO COMPANY Inv. No. Check Date Description Name or Date No. Terms May1 Paid rent (80% selling space, 20% office sp
This post contains a formatted MS Excel spreadsheet containing a financial analysis for the Gleason Company, as well as the Easton Company. See the attached file.
Journalize entries for Shelton Engineering for June including posting of T-accounts and preparing a trial balance.
Shelton Engineering completed the following transactions in the month of June. a. invest $105000 cash, office equipment value $6000, $45000 of drafting equipment to launch business. b. purchased land worth $54000 for an office by paying $5400 cash and signing a long-term note payable for $48600. c. purchased a portable b
Pose for Pics Preparing journal entries and trial balances Exercise 2-4 Prepare general journal entries for the following transaction of a new business called Pose for Pics. (please use Excel) Aug. 1 -Hashim Paris, the owner, invested $7500 cash and $32500 of photography equipment in the business. Aug. 1 -paid $3000
The trial balance before adjustment of Pratt Company reports the following balances: DR. CR. Accounts Receivable $100,000 Allowance for doubtful accounts $ 2,500 Sales (all on credit) 650,000 Sales returns and allowances 40,000 INSTRUCTIONS: (a) Prepare the entries for estimated bad deb
The following accounts were abstracted from Ed Co.'s unadjusted trial balance at December 31, 2007: Debit Credit Accounts receivable $700,000 Allowance for uncollectible accounts 8,000 Net credit sales $3,000,000 Ed's estimates that 2% of the gross accounts receivable will become uncollectible. After
The trial balances before and after adjustment for Villa Company at the end of its fiscal year are presented below. VILLA COMPANY Trial Balance August 31, 2006
When is the trial balance prepared? Why would an organization prepare a trial balance? What does the trial balance tell you? What does the trial balance not tell you?
ABERCROMBIE & FITCH CO Accounting Problem -------------------------------------------------------------------------------- Instructions: 1. Go to Blackboard and download "ANF Worksheet." The first tab has pre-made T-Accounts that do not yet have titles. Name the T-accounts for each balance sheet and income statement
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
A bank business client has come to you for advice on the effects that certain transactions will have on his business. You don't have time to journalize the transactions, so the transactions have to be analyzed without the use of a journal. The client plans to continue the business only if he can expect a monthly net income of at
The trial balance of Blues Traveler Corporation does not balance. BLUES TRAVELER CORPORATION Trial Balance April 30 (see chart in attached file) An examination of the ledger shows these errors. 1. Cash received from a customer on account was recorded(both debit and credit) as $ 1380 instead of $1830. 2. The purcha
Adjusted Trial Balance Income statement Balance Sheet Account Titles Dr. Cr. Dr. Cr. Dr. Cr. (See attached file for full problem description)
The bookkeeper for XYZ Lawn Mowing Service made a number of errors in journalizing and posting as described below: 1. A debit posting to accounts receivable for $500 was omitted. 2. A payment of accounts payable for $600 was credited to cash and debited to accounts receivable. 3. A credit to accounts receivable for $450 was
I am an unclear on how to do this section for some reason.B. Prepare a ledger using the three-column form of account. Enter the trial balance amounts and post the adjusting entries. P2-4A A review of the ledger of Greenberg Company at December 31, 2002, produces the following data pertaining to the preparation of annual
(See attached file for full problem description) --- Rebecca Sherrick Management Services Inc. began business on Januaary 1 2002, with a capital investment of $120,000. The company manages condominiums for owners (Service Revenue) and rents space in its own office building (Rent Revenue). The trial balance and adjusted tri
The adjusted trial balance columns of the work sheet for Boss Nass Company, owned by Boss Nass, are as follows. Instructions (a) Complete the work sheet by extending the balances to the financial statement columns. (b) Prepare an income statement, a retained earnings statement, and a classified balance sheet. (Note: $10,000
Western Hoteliers, Inc.'s unadjusted and adjusted trial balances at September 30, 20x1, follow: Western Hoteliers, Inc Adjusted trial balance September 30, 20x1 Trial Balance adjusted trial balance Account title debit credit debit credit Cash 8180 8180 Accounts receivable 6360 6840 Interest receivabl
1) Garcia Corporation received cash of $9,000 on August 1, 1998 for one year's rent in advance and recorded the transaction with a credit to Rent Revenue. The December 31, 1998 adjusting entry is a. debit Rent Revenue and credit Unearned Rent, $3,750. b. debit Rent Revenue and credit Unearned Rent, $5,250.
I started working on this problem and I'm stuck. I think something is missing or left out in my adjustments. I feel pretty comfortable doing balance sheets and retained earnings, but I need the information in the Adjusted Trial balance before I can continue on with the rest of this problem. Can you help please? (See attached
The trial balance columns of the work sheet for Phantom Roofing Inc. at March 3l, 2002, are as follows: PHANTOM ROOFING INC. Work Sheet ? For the Month Ended March 31, 2002 Trial balance Account titles______ Debit Credit Cash 2,500 Accounts receivable 1,600 Roofing supplies 1,100 Equipment 6,000 Accumulated depreciatio
See formats provided in attached file. On July 1, 2006 Leon Cruz established an interior design business, Ingres Designs. During the remainder of the month leon cruz completed the following transactionsrelated to the business. JULY 1----leon transfered cash from a personal account to an account to be used for business---1
(See attached files for full problem description) Raymond Company has the following opening account balances in its general and subsidiary ledgers on January 1 and uses the periodic inventory system. All accounts have normal debit and credit balances. Jan. 3 Sell merchandise on credit to B. Soto $3,100, invoice no. 51
A review of the ledger of Greenberg Company at December 31, 2002, produces the following data pertaining to the preparation of annual adjusting entries
P3-5A Ewok-Ackbar opened Ewok's Carpet Cleaners Inc. on March 1. During March, the following transactions were completed. Mar. 1 Issued $10,000 of common stock for $10,000 cash. 1 Purchased used truck for $6,000, paying $4,000 cash and the balance on account. 3 Purchased cleaning supplies for $1,200 on
P1-9A Bill Fence owns and manages a computer repair service, which had the following trial balance on December 31, 2001 (the end of its fiscal year): Summarized transactions for January 2002 were as follows. 1. Advertising costs, paid in cash, $1,300. 2. Additional repair parts inventory acquired on account $4,000. 3. Misc
12 Short Answer Questions on Accounts: Chart of accounts, trial balance, adjusting entries, differences between prepaids and accruals, different journal entries associated with booking prepaid insurance and unrecorded insurance
1) What are the components of the chart of accounts? 2) What is the purpose of the numbering structure on a chart of accounts? 3) Why is the structure of the chart of accounts important? 4) Is the chart of accounts the same for every organization? Explain your answer. 5) When is the trial balanc
On march 1 2006, Tim Cochran established star realty, which completed the following transactions during the month: a. Tim Cochran transferred cash from a personal bank accound to an account to be used for the business, 12,000 b- purchased supplies on account, 850 c earned sales commissions, receiving cash, 12,600 d paid rent
Shaun wilcox, an archetect, opened an office on April, 1 2006. During the month, he completed the following transactions connected with his professional practice: a. trasferred cash from a personal bank acount to an account to be used for the business, 17,500 b. purchased used automobile for 15,300, paying 4,000 cash and givin
Given accounts in disorder. Need to arrange in proper order and place debit and credit amounts. Need to balance. ACCOUNT AMOUNT 101 CASH 480,000.00 103 MARKETABLE SECURITIES 200,000.00 105 ACCOUNTS RECEIVABLES 406,000.00 112 ADMINISTRATIVE EXPENSE 335,000.00 115 INVENTORIES 1,285,000.00 118 PREP