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| Lewis Fitness Centre | |||
| Answer 1 | |||
| Adjusting Entries | |||
| Event | Account | Debit $ | Credit $ |
| a. | Wages Expense | 1,600.00 | |
| Wages Payable | 1,600.00 | ||
| b. | Officer Supplies Expense | 5,400.00 | |
| Office Supplies | 5,400.00 | ||
| (This is $ 9,000- $ 3,600) | |||
| c. | Interest Expense | 2,500.00 | |
| Interest Payable | 2,500.00 | ||
| d. | Membership Revenue | 32,000.00 | |
| Unearned membership Revenue | 32,000.00 | ||
| e. | Accounts Receivable | 24,000.00 | |
| Membership Revenue | 24,000.00 | ||
| f. | Depreciation Expense- Equipment | 30,000.00 | |
| Accumulated Depreciation | 30,000.00 |
| Answer 2 | |||
| Reversal of Adjusting Entries | |||
| Event | Account | Debit $ | Credit $ |
| a. | Wages Payable | 1,600.00 | |
| Wages Expense | 1,600.00 | ||
| c. | Interest Payable | 2,500.00 | |
| Interest Expense | 2,500.00 |
| Answer 3 | |||
| Collection and Payment Entries | |||
| Event | Account | Debit $ | Credit $ |
| a. | Wages Expense | 2,400.00 | |
| Cash | 2,400.00 | ||
| c. | Interest Expense | 3,000.00 | |
| Cash | 3,000.00 | ||
| e. | Cash | 24,000.00 | |
| Accounts Receivable | 24,000.00 | ||
| e. | Cash | 14,000.00 | |
| Membership Revenue | 14,000.00 |
ing current, quick, and debt to equity ratios LOZ duo. Refer to Appendix 111 for Indigo's...
the accounting cycle and classifying accounts 4-15A i need the
help
ng current, quick, and debt to equility ratios LOZ divo Refer to Appendix 111 for Indigo's Consolidated Balance Sheet as at March A Calculating the countant and has assigned you the following tasks quick ratio, and debt to equity ratios for 2017 and 2018. Round your answer to Hur man be the current rate womal places ent on the ratios, the now to get a better she change between...
Refer to the following Hawkeye Ranges. As of December 31, 2017, employees had earned $1,296 of unpaid and unrecorded salaries. The next payday is January 4, at which time $2,307 of salaries will be paid. The cost of supplies still available at December 31, 2017, is $3,904. The notes payable requires an interest payment to be made every three months. The amount of unrecorded accrued interest at December 31, 2017, is $1,125. The next interest payment, at an amount of...
Please answer the whole question.
Refer to the following Hawkeye Ranges.
As of December 31, 2017, employees had earned $855 of unpaid
and unrecorded salaries. The next payday is January 4, at which
time $1,522 of salaries will be paid.
The cost of supplies still available at December 31, 2017, is
$2,575.
The notes payable requires an interest payment to be made every
three months. The amount of unrecorded accrued interest at December
31, 2017, is $1,375. The next interest...
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Completing the Accounting Cycle Learning Objectives 1, 4, 5, 6 N-31A Completing the accounting cycle from adjusting entries to post-closing trial balance with an optional worksheet The adjusted trial balance of Williamson Anvils at December 31, 2016, and the data for the adjustments follow: 5. Net Income $19,890 WILLIAMSON ANVILS Unadjusted Trial Balance December 31, 2016 Account Title Balance Debit Credit 5 16 370 16,500 2,530 1.800 29.000...
The unadjusted trial balance for Fashion First as December 31 is provided on the trial balance tab. Information for adjustments is as follows: a. As of December 31, employees had earned $1,300 of unpaid and unrecorded salaries. The next payday is January 4, at which time $1,625 of salaries will be paid. b. The cost of supplies still available at December 31 is $1,500. c. The notes payable requires an interest payment to be made every three months. The amount...
C4-2 From Recording Transactions including Adjusting Journal Entries to Preparing Financial Statements and Closing Journal Entries (Chapters 2.2 and 4 LO 2-39.339.410.429.439.449.459.469 Brothers Harry and Herman Hauserday began operations of the machine shop Tool, Inc.) on January 1, 2016. The annual reporting period ends December 31. The trial balance on January 1, 2018, follows the amounts are rounded to thousands of dollars to simply Account Titles Debt Credit 53 Accounts Receivable Supplies Land Equipe Accumulated Depreciation Software 15 Accumulated Amortization...
The unadjusted trial balance for Green Initiatives as December 31 is provided on the trial balance tab. Information for adjustments is os follows: o. As of December 31, employees had earned $2.000 of unpaid and unrecorded salaries. The next payday is January 4, at which time $2,500 of salaries will be paid. b. The cost of supplies still available at December 31 is $1.400. c. The notes payable requires an interest payment to be made every three months. The amount...
On December 31, 2018 the adjusted trial balance of the Yellin Personnel Agency shows the following selected data: Accounts Receivable, $8,000 Service Revenue, $60,000 Interest Expense, $10,500 Interest Payable, $3,500 Utilities Expense, $4,800 Accounts Payable, $2,700 Analysis indicates that adjusting entries were made for (a) $8,000 of employment commission revenue earned but not billed, (b) $3,500 of accrued but unpaid interest, and (c) $2,700 of utilities expense accrued but not paid. Prepare the closing entries at December 31, 2018. (Credit...
re the income statement, the statement of owner's equity, and the classified 6. Prepare the income stateme balance sheet in report form. 1. Prepare the closing entries, and post to the T-accounts 8. Prepare a post-closing trial balance. 44-34A Preparing adiusting entries and reversing entries Learning Objective 7 Appendix 4A ne uradjusted trial balance and adjustment data of Martha's Motors at December 31, 2018, follow MARTHA'S MOTORS Unadjusted Trial Balance December 31, 2018 Credit Debit $ 4200 27,200 1.000 2.400...
indicated above. on cache dales se journal entries from requirement 1 to T-acos, coiculate ending balances, and pre- 2. Post the journa are an adjusted trial balance. are a classified balance sheet and income statement as of and for the month ended January 31. 3. Prepare a classifie C4-2 From Record m Recording Transactions (Including Adjusting journal Entries) to Preparing ancial Statements and Closing Journal Entries (Chapters 2, 3, and 4) Harry and Herman Hausyerday began operations of their machine...