Tobique records adjustments monthly. Adjustment data for the month of August are as follows:
| 1. | One month’s worth of advertising services have been received. | ||
| 2. | The August rent has expired. | ||
| 3. | Accrued salaries payable are $1,670. | ||
| 4. | Depreciation for the month is $203. | ||
| 5. | Supplies on hand at August 31 are $1,000. | ||
| 6. | Services were performed to satisfy $790 of unearned revenue. | ||
| 7. | One month of interest revenue related to the $4,000 note receivable has accrued. The note was issued on June 30 and is due October 31 and has a 6% annual interest rate. Interest is due at maturity. | ||
| 8. | Income tax of $290 is estimated to be owed for the month of August. |
(B)
Post the August adjusting journal entries and calculate and enter end balances. (Post entries in the order of journal entries presented in the previous part. If the ending balance is 0 select Bal for the date and enter 0 for the normal balance for that account.)
Homework Answers
|
Prepaid Advertising |
|||
|
Aug 1 |
$440 |
Aug 31 |
$220 |
|
Aug 31 Bal. |
$220 |
||
|
Supplies |
|||
|
Aug 1 Bal |
$1030 |
Aug 31 |
$750 |
|
Aug 22 |
$720 |
||
|
Aug 31 Bal. |
$1000 |
||
|
Prepaid Rent |
|||
|
Aug 3 |
$380 |
Aug 31 |
$380 |
|
Aug 31 Bal. |
$0 |
||
|
Interest Receivable |
|||
|
Aug 1 Bal |
$20 |
||
|
Aug 31 |
$20 |
||
|
Aug 31 Bal. |
$40 |
||
|
Accumulated Depreciation-Equipment |
|||
|
Aug 1 Bal |
$2030 |
||
|
Aug 31 |
$203 |
||
|
Aug 31 Bal. |
$2233 |
||
|
Salaries Payable |
|||
|
Aug 10 |
$1460 |
Aug 1 Bal |
$1460 |
|
Aug 31 |
$1670 |
||
|
Aug 31 Bal. |
$3903 |
||
|
Income Tax Payable |
|||
|
Aug 31 |
$290 |
||
|
Aug 31 Bal. |
$290 |
||
|
Unearned revenue |
|||
|
Aug 31 |
$790 |
Aug 1 |
$1380 |
|
Aug 29 |
$750 |
||
|
Aug 31 Bal. |
$1340 |
||
|
Supplies Expense |
|||
|
Aug 31 |
$750 |
||
|
Aug 31 Bal. |
$750 |
||
|
Depreciation Expense |
|||
|
Aug 31 |
$203 |
||
|
Aug 31 Bal. |
$203 |
||
|
Income Tax Expense |
|||
|
Aug 31 |
$290 |
||
|
Aug 31 Bal. |
$290 |
||
|
Advertising Expense |
|||
|
Aug 31 |
$220 |
||
|
Aug 31 Bal. |
$220 |
||
|
Rent Expense |
|||
|
Aug 31 |
$380 |
||
|
Aug 31 Bal. |
$380 |
||
|
Salaries Expense |
|||
|
Aug 31 |
$1670 |
||
|
Aug 31 Bal. |
$1670 |
||
|
Service Revenue |
|||
|
Aug 31 |
$790 |
||
|
Aug 31 Bal. |
$790 |
||
|
Interest Revenue |
|||
|
Aug 31 |
$20 |
||
|
Aug 31 Bal. |
$20 |
||
Add Answer to:
Tobique records adjustments monthly. Adjustment data for the
month of August are as follows:
1.
One...
On August 1, 2018, the beginning of its current fiscal year, the following opening account balances,...
On August 1, 2018, the beginning of its current fiscal year, the following opening account balances, listed in alphabetical order, were reported by Tobique Ltd. Accounts payable $2,500 Interest receivable 20 Accounts receivable 4,740 Note receivable, due October 31, 2018 4,000 Accumulated depreciation—equipment 2,030 Retained earnings 6,040 Cash 5,520 Salaries payable 1,460 Common shares 12,000 Supplies 1,030 Equipment 10,100 Unearned revenue 1,380 During August, the following summary transactions were completed. Aug. 1 Paid $440 cash for advertising in local newspapers....
On August 1, 2018, the beginning of its current fiscal year, the following opening account balances,...
On August 1, 2018, the beginning of its current fiscal year,
the following opening account balances, listed in alphabetical
order, were reported by Tobique Ltd.
Accounts payable
$2,500
Interest receivable
20
Accounts receivable
4,740
Note receivable, due October 31, 2018
4,000
Accumulated depreciation—equipment
2,030
Retained earnings
6,040
Cash
5,520
Salaries payable
1,460
Common shares
12,000
Supplies
1,030
Equipment
10,100
Unearned revenue
1,380
During August, the following summary transactions were
completed.
Aug. 1
Paid $440 cash for advertising in local newspapers....
TOBIQUE LTD. Income Statement Month Ended August 31,2018 Revenues: Service Revenue $9,290 Interest Revenue $20 Total...
TOBIQUE LTD.
Income Statement
Month Ended August 31,2018
Revenues:
Service Revenue
$9,290
Interest Revenue
$20
Total revenues
$9,310
Expenses:
Depreciation Expense
$203
Rent Expense
$380
Advertising Expense
$220
Supplies expense
$750
Salaries expense
$6,230
Total Expenses
$7,783
Income before income tax
$1,527
Income tax
$290
Net income
$1,237
TOBIQUE LTD.
Statement of Changes in Equity
Month Ended August 31, 2018
Common Shares
Retained Earnings
Total Equity
Beginning balance
$12000
$6040
$18040
Net income
1237
1237
Dividend
-550
-550
Ending balance...
On August 1, 2018, the beginning of its current fiscal year, the following opening account balances,...
On August 1, 2018, the beginning of its current fiscal year, the following opening account balances, listed in alphabetical order, were reported by Tobique Ltd. Accounts payable $2,500 Interest receivable 20 Accounts receivable 4,740 Note receivable, due October 31, 2018 4,000 Accumulated depreciation—equipment 2,030 Retained earnings 6,040 Cash 5,520 Salaries payable 1,460 Common shares 12,000 Supplies 1,030 Equipment 10,100 Unearned revenue 1,380 During August, the following summary transactions were completed. Aug. 1 Paid $440 cash for advertising in local newspapers....
On August 1, 2018, the beginning of its current fiscal year, the following opening account balances,...
On August 1, 2018, the beginning of its current fiscal year, the
following opening account balances, listed in alphabetical order,
were reported by Tobique Ltd.
Accounts payable
$2,500
Interest receivable
20
Accounts receivable
4,740
Note receivable, due October 31, 2018
4,000
Accumulated depreciation—equipment
2,030
Retained earnings
6,040
Cash
5,520
Salaries payable
1,460
Common shares
12,000
Supplies
1,030
Equipment
10,100
Unearned revenue
1,380
During August, the following summary transactions were
completed.
Aug. 1
Paid $440 cash for advertising in local newspapers....
On August 1, 2018, the beginning of its current fiscal year, the following opening account balances,...
On August 1, 2018, the beginning of its current fiscal year,
the following opening account balances, listed in alphabetical
order, were reported by Tobique Ltd.
Accounts payable
$2,500
Interest receivable
20
Accounts receivable
4,740
Note receivable, due October 31, 2018
4,000
Accumulated depreciation—equipment
2,030
Retained earnings
6,040
Cash
5,520
Salaries payable
1,460
Common shares
12,000
Supplies
1,030
Equipment
10,100
Unearned revenue
1,380
During August, the following summary transactions were
completed.
Aug. 1
Paid $440 cash for advertising in local newspapers....
On August 1, 2018, the beginning of its current fiscal year, the following opening account balances,...
On August 1, 2018, the beginning of its current fiscal year,
the following opening account balances, listed in alphabetical
order, were reported by Tobique Ltd.
Accounts payable
$2,500
Interest receivable
20
Accounts receivable
4,740
Note receivable, due October 31, 2018
4,000
Accumulated depreciation—equipment
2,030
Retained earnings
6,040
Cash
5,520
Salaries payable
1,460
Common shares
12,000
Supplies
1,030
Equipment
10,100
Unearned revenue
1,380
During August, the following summary transactions were completed.
Aug. 1
Paid $440 cash for advertising in local newspapers....
On August 1, 2018, the beginning of its current fiscal year, the following opening account balances,...
On August 1, 2018, the beginning of its current fiscal year,
the following opening account balances, listed in alphabetical
order, were reported by Tobique Ltd.
Accounts payable
$2,500
Interest receivable
20
Accounts receivable
4,740
Note receivable, due October 31, 2018
4,000
Accumulated depreciation—equipment
2,030
Retained earnings
6,040
Cash
5,520
Salaries payable
1,460
Common shares
12,000
Supplies
1,030
Equipment
10,100
Unearned revenue
1,380
During August, the following summary transactions were completed.
Aug. 1
Paid $440 cash for advertising in local newspapers....
On August 1, 2018, the beginning of its current fiscal year, the following opening account balances,...
On August 1, 2018, the beginning of its current fiscal year, the
following opening account balances, listed in alphabetical order,
were reported by Tobique Ltd.
Accounts payable
$2,500
Interest receivable
20
Accounts receivable
4,740
Note receivable, due October 31, 2018
4,000
Accumulated depreciation—equipment
2,030
Retained earnings
6,040
Cash
5,520
Salaries payable
1,460
Common shares
12,000
Supplies
1,030
Equipment
10,100
Unearned revenue
1,380
During August, the following summary transactions were
completed.
Aug. 1
Paid $440 cash for advertising in local newspapers....
On August 1, 2018, the beginning of its current fiscal year, the following opening account balances,...
On August 1, 2018, the beginning of its current fiscal year,
the following opening account balances, listed in alphabetical
order, were reported by Tobique Ltd.
Accounts payable
$2,500
Interest receivable
20
Accounts receivable
4,740
Note receivable, due October 31, 2018
4,000
Accumulated depreciation—equipment
2,030
Retained earnings
6,040
Cash
5,520
Salaries payable
1,460
Common shares
12,000
Supplies
1,030
Equipment
10,100
Unearned revenue
1,380
During August, the following summary transactions were completed.
Aug. 1
Paid $440 cash for advertising in local newspapers....
On August 1, 2018, the beginning of its current fiscal year,
the following opening account balances, listed in alphabetical
order, were reported by Tobique Ltd.
Accounts payable
$2,500
Interest receivable
20
Accounts receivable
4,740
Note receivable, due October 31, 2018
4,000
Accumulated depreciation—equipment
2,030
Retained earnings
6,040
Cash
5,520
Salaries payable
1,460
Common shares
12,000
Supplies
1,030
Equipment
10,100
Unearned revenue
1,380
During August, the following summary transactions were
completed.
Aug. 1
Paid $440 cash for advertising in local newspapers....
TOBIQUE LTD.
Income Statement
Month Ended August 31,2018
Revenues:
Service Revenue
$9,290
Interest Revenue
$20
Total revenues
$9,310
Expenses:
Depreciation Expense
$203
Rent Expense
$380
Advertising Expense
$220
Supplies expense
$750
Salaries expense
$6,230
Total Expenses
$7,783
Income before income tax
$1,527
Income tax
$290
Net income
$1,237
TOBIQUE LTD.
Statement of Changes in Equity
Month Ended August 31, 2018
Common Shares
Retained Earnings
Total Equity
Beginning balance
$12000
$6040
$18040
Net income
1237
1237
Dividend
-550
-550
Ending balance...
On August 1, 2018, the beginning of its current fiscal year, the
following opening account balances, listed in alphabetical order,
were reported by Tobique Ltd.
Accounts payable
$2,500
Interest receivable
20
Accounts receivable
4,740
Note receivable, due October 31, 2018
4,000
Accumulated depreciation—equipment
2,030
Retained earnings
6,040
Cash
5,520
Salaries payable
1,460
Common shares
12,000
Supplies
1,030
Equipment
10,100
Unearned revenue
1,380
During August, the following summary transactions were
completed.
Aug. 1
Paid $440 cash for advertising in local newspapers....
On August 1, 2018, the beginning of its current fiscal year,
the following opening account balances, listed in alphabetical
order, were reported by Tobique Ltd.
Accounts payable
$2,500
Interest receivable
20
Accounts receivable
4,740
Note receivable, due October 31, 2018
4,000
Accumulated depreciation—equipment
2,030
Retained earnings
6,040
Cash
5,520
Salaries payable
1,460
Common shares
12,000
Supplies
1,030
Equipment
10,100
Unearned revenue
1,380
During August, the following summary transactions were
completed.
Aug. 1
Paid $440 cash for advertising in local newspapers....
On August 1, 2018, the beginning of its current fiscal year,
the following opening account balances, listed in alphabetical
order, were reported by Tobique Ltd.
Accounts payable
$2,500
Interest receivable
20
Accounts receivable
4,740
Note receivable, due October 31, 2018
4,000
Accumulated depreciation—equipment
2,030
Retained earnings
6,040
Cash
5,520
Salaries payable
1,460
Common shares
12,000
Supplies
1,030
Equipment
10,100
Unearned revenue
1,380
During August, the following summary transactions were completed.
Aug. 1
Paid $440 cash for advertising in local newspapers....
On August 1, 2018, the beginning of its current fiscal year,
the following opening account balances, listed in alphabetical
order, were reported by Tobique Ltd.
Accounts payable
$2,500
Interest receivable
20
Accounts receivable
4,740
Note receivable, due October 31, 2018
4,000
Accumulated depreciation—equipment
2,030
Retained earnings
6,040
Cash
5,520
Salaries payable
1,460
Common shares
12,000
Supplies
1,030
Equipment
10,100
Unearned revenue
1,380
During August, the following summary transactions were completed.
Aug. 1
Paid $440 cash for advertising in local newspapers....
On August 1, 2018, the beginning of its current fiscal year, the
following opening account balances, listed in alphabetical order,
were reported by Tobique Ltd.
Accounts payable
$2,500
Interest receivable
20
Accounts receivable
4,740
Note receivable, due October 31, 2018
4,000
Accumulated depreciation—equipment
2,030
Retained earnings
6,040
Cash
5,520
Salaries payable
1,460
Common shares
12,000
Supplies
1,030
Equipment
10,100
Unearned revenue
1,380
During August, the following summary transactions were
completed.
Aug. 1
Paid $440 cash for advertising in local newspapers....
On August 1, 2018, the beginning of its current fiscal year,
the following opening account balances, listed in alphabetical
order, were reported by Tobique Ltd.
Accounts payable
$2,500
Interest receivable
20
Accounts receivable
4,740
Note receivable, due October 31, 2018
4,000
Accumulated depreciation—equipment
2,030
Retained earnings
6,040
Cash
5,520
Salaries payable
1,460
Common shares
12,000
Supplies
1,030
Equipment
10,100
Unearned revenue
1,380
During August, the following summary transactions were completed.
Aug. 1
Paid $440 cash for advertising in local newspapers....
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