Homework Help Question & Answers

Please answer for the last photo: Prepare an unadjusted trial balance. Remember debits must equal credits....

Please answer for the last photo:

Prepare an unadjusted trial balance. Remember debits must equal credits.

Case Study Full Accounting Cycle Melissa Days and Kelly Harbor formed the Corporation Sports R Us. They sell sporting goods aAccount # 400 410 The Chart of Accounts (GL no.) is shown below: Account Description Account # ASSETS Cash 101 Accounts ReceiDate Accounts titles and explanation PR Debit Credit June 15 Interest expense June 1 $300 $11,000 Property, plant and equipmeTRUE 91,100 91,100 TRUE Cash Description Op. Balance Debit Credit Debit Credit Balance (Dr) Account Dividends Date DescriptioDate Description Debit Credit Balance (Dr) Office supplies Description Op. Balance Debit Account Date June 1 June 22 Credit BAber 0 De Search Madeline Cervantes MC xxx - Part 1 - Accounting Cycle Fal 20193 - Excel 1 - ) Data REICH View Нер Fle Home I

Case Study Full Accounting Cycle Melissa Days and Kelly Harbor formed the Corporation Sports R Us. They sell sporting goods and give lessons. They have hired you to update their transactions for the business. They have provided you with the opening balances and a list of transactions for the month of June. The company's Chart of Accounts is also included as shown below. The opening balances for the month of June are as follows: Sports R Us Balance Sheet As at May 31, 2019 Assets Liabilities Cash $37,000 Accounts Payable $9,800 Accounts Receivable 12,500 Unearned Revenue 4,200 Prepaid Insurance 9,250 Bank Loan 25,000 Office Supplies 5,000 Merchandise Inventory 8,750 Total Liabilities 39,000 Property, Plant & Equipment 95,000 Stockholder's Equity Accumulated Depreciation (23,000) Common Stock 70,000 Retained Earnings 35,500 Total Stockholder's Equity 105,500 Total Assets $144,500 Total Liabilities & Owners' Equity $144,500 Jun 1 Jun 12 Transactions for the month of June: Purchased sports equipment on account from Modern Furniture (to be recorded i Jun 7 Received cash from customers for various sports camps completed this week Jun 8 Paid rent for the month of June Jun 10 Prepaid insurance for one year Paid utility bill from May Jun 15 Paid bi-weekly wages to employees Paid interest on bank loan Jun 20 Received telephone bill to be paid next month Purchased office supplies from Office Barn on account Jun 25 Made principal payment on bank loan Paid cash dividends to stockholder's Jun 27 Purchased Inventory for the store on account from Sports World Record monthly cash sales for the store Jun 30 Record COGS for monthly sales Jun 15 $11,000 $24,250 $2,900 $2,400 $1,900 $5,750 $300 $650 $1,700 $4,000 $2,500 $11,500 $13,500 $8,750 Jun 22 Jun 26 Jun 30
Account # 400 410 The Chart of Accounts (GL no.) is shown below: Account Description Account # ASSETS Cash 101 Accounts Receivable 105 Prepaid Insurance 110 Office Supplies 115 Merchandise Inventory 120 Property, Plant & Equipment 130 Accumulated Depreciation 140 LIABILITIES Accounts Payable 200 Salaries Payable 205 Interest Payable 210 Unearned Revenue 215 Bank Loan 220 Account Description REVENUE Service Revenue Sales Revenue EXPENSES Advertising Expense COGS Insurance Expense Maintenance Expense Rent Expense Telephone Expense Salaries Expense Office Supplies Expense Depreciation Expense Interest Expense 500 505 510 515 520 530 540 550 555 560 STOCKHOLDER'S EQUITY Common Stock Retained Earnings Dividends Income Summary 300 310 315 320
Date Accounts titles and explanation PR Debit Credit June 15 Interest expense June 1 $300 $11,000 Property, plant and equipment Cash Accounts payable $11,000 $300 To record interest expense paid.) (To record purchase of equipment on account.) June 20 Telephone expense S650 Cash June 7 $24,250 Accounts payable Service revenue $24,250 S650 (To record service revenue on cash.) (To record telephone bill with paid in future) June 22 Office supplies Rent expense June 8 $1.700 $2.900 Cash Accounts payable $1,700 $2.900 (To record rent expense paid.) (To record purchase of office supplies on account) Bank loan Prepaid insurance June 25 $2.400 June 10 $4,000 Cash Cash $4,000 $2,400 (To record payment made in advance for prepaid.) (To record principal of bank loan paid.) June 26 Dividends June 12 Account payable $1.900 $2.500 Cash Cash $1.900 $2.500 (To record payment made to accrued utilities) (To record dividends paid) June 15 Merchandise Inventory June 27 Salaries expense $11,500 $5,750 Accounts payable Cash S11,500 $5,750 (To record salaries expense paid.) (To record purchase of inventory on account.) June 30 Interest expense Cash $13,500 June 15 $300 Sales revenue Cash $300 $13,500 (To record interest expense paid.) (To record sales revenue on cash.) Telephone expense June 30 Cost of goods sold June 20 $650 $8,750 Accounts payable Merchandise Inventory $650 $8,750 (To record telephone bill with paid in future) (To record cost of goods sold.)
TRUE 91,100 91,100 TRUE Cash Description Op. Balance Debit Credit Debit Credit Balance (Dr) Account Dividends Date Description June 1 Op. Balance June 26 24,250 2,500 2,500 2,500 Account Date June 1 June 7 June 8 June 10 June 12 June 15 June 15 June 25 June 26 June 30 2,900 2,400 1,900 5,750 300 4,000 2,500 Balance (Dr) 37,000 61,250 58,350 55,950 54,050 48,300 48,000 44,000 41,500 55,000 Account Service revenue Date Description June 7 Debit Credit 24,250 Balance (CI) 24,250 13,500 Account Date June 1 Debit Account Sales revenue Date Description June 30 Accounts receivable Description Debit Op. Balance Credit 13,500 Balance (CI) 13,500 Credit Balance (Dr) 12,500 Account Cost of goods sold Date Description June 30 Credit Prepaid insurance Description Op. Balance Debit 8,750 Balance (Dr) 8,750 Debit Account Date June 1 June 10 Credit Balance (Dr) 9,250 11,650 2,400 Account Insurance expense Date Description Debit Credit Balance (Dr) Account Date office supplies Description Debit Credit Balance (Dri
Date Description Debit Credit Balance (Dr) Office supplies Description Op. Balance Debit Account Date June 1 June 22 Credit Balance (Dr) 5,000 6,700 1,700 Account Rent expense Date Description June 8 Credit Debit 2,900 Balance (Dr) 2,900 Credit Account Date June 1 June 27 June 30 Merchandise inventory Description Debit Op. Balance 11,500 Balance (Dr) 8,750 20,250 11,500 8,750 Account Telephone expense Date Description June 20 Credit Debit 650 Balance (Dr) 650 Account Date June 1 June 1 Property, plant and equipment Description Debit Credit Op. Balance 11,000 Balance (Dr) 95,000 106,000 Account Salaries expense Description June 15 Date Credit Balance (Dr) Debit 5,750 5,750 Account Date June 1 Accumulated depreciation Description Debit Op. Balance Credit Balance (C) 23,000 Account Office supplies expense Date Description Debit Credit Balance (Dr) Account Depreciation expense Date Description Debit Credit Balance (Dr) Account Date June 1 Sheet43 Accounts payable Description Debit Credit Balance (CT) Op. Balance 9.800 Sheet 44 Sheet45 Sheet46 Sheet47 Sheet48 Sheet49 Sheetso Sheet1 Search the web and Windows 0 2020-09(2) SEP.xlsx - Microsoft Excel DEVELOPER HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW fa H 1 K N o 5 T M TRUE Q 91,100 R 91,100 TRUE Accounts payable Description Op. Balance Account Depreciation expense Date Description Debit Credit Debit Credit Balance (Dr) 11,000 Account Date June 1 June 1 June 12 June 20 June 22 June 27 1,900 Balance (CI) 9,800 20,800 18,900 19,550 21,250 32,750 650 1,700 11,500 Account interest expense Date Description June 15 Credit Debit 300 Balance (Dr) 300 Account Date June 1 Unearned revenue Description Debit Op. Balance Credit Balance (1) 4,200 Bank loan Description Op. Balance Debit Account Date June 1 June 25 Credit Balance (CT) 25,000 21,000 4,000
Aber 0 De Search Madeline Cervantes MC xxx - Part 1 - Accounting Cycle Fal 20193 - Excel 1 - ) Data REICH View Нер Fle Home Insert Page Layout Formula Share Comments Annum - Calibri 10A Geral 27 X Cut Copy 3 format Pants ==. 2 Wrap Text 5. Murgu 2 Carte - 2 Normal Conditional Forma Calculation Formwiliny - Tulle Goud Neutral Exploratory. Followed by A- -% 9 Check Cell Insert Deste for Idess Sense Clear Sortid Filur - Sex Clipboard Fort Alignment Number Ideas SY 171 A B C D E H 1 1 N a 5 T v W Y Add header Add header ההר Saar TRS une 30. 2013 Janina Balance CB DR CR 305 307 ACT Cash Pembe Mauale |rtains lurt Property, plast te pran 399 310 312 Accor נו 314 Salarini 36 Danke 329 Pecins Carrie Dividende Services Si DU Jesus Telephone para 525 320 322 דין Musslapen LE Insurance Care 719 331 332 Bube SD sol 12 Ponta 535400 334 557 330 Add footer Add footer Part 1 Part 2 (+ Ready Type here to search o IR op 9:20 PM 9/15/2020
0 0
Next > < Previous
ReportAnswer #1

Unadjusted Trail Balance

  Sports R Us

June 30,2019

PARTICULARS DEBIT($) CREDIT($)
Cash 55,000
Accounts Receivable 12,500
Prepaid Insurance 11,650
Office Supplies 6,700
Merchandise Inventory 11,500
Property,Plant & Equipment 1,06,000
Accumulated Depreciation 23,000
Accounts Payable 32,750
Salaries Payable
Interest Payable
Unearned Revenue 4,200
Bank Loan 21,000
Common Stock 70,000
Retained Earnings 35,500
Dividends 2,500
Service Revenue 24,250
Sales Revenue 13,500
Advertising Expense
Cost of Goods sold 8,750
Insurance Expense
Maintenance Expense
Rent Expense 2,900
Telephone Expense 650
Salaries Expense 5,750
Office Supplies Expenses
Depreciation
Interest Expense 300
TOTAL 2,24,200 2,24,200
Know the answer?
Add Answer to:
Please answer for the last photo: Prepare an unadjusted trial balance. Remember debits must equal credits....
Your Answer: Your Name: What's your source?
Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • GENERAL LEDGER IN LAST 3 PHOTOS Post the transactions for June 1 - 30 to the...

    GENERAL LEDGER IN LAST 3 PHOTOS Post the transactions for June 1 - 30 to the General Ledger. Opening balances have been provided above. Be sure to keep running balance in each account. Case Study Full Accounting Cycle Melissa Days and Kelly Harbor formed the Corporation Sports R Us. They sell sporting goods and give lessons. They have hired you to update their transactions for the business. They have provided you with the opening balances and a list of transactions...

  • Journalize the June 30 adjusting entries. Explainations optional (do not post) (17 points) Check Figure $...

    Journalize the June 30 adjusting entries. Explainations optional (do not post) (17 points) Check Figure $ 231,600 Adjusting entries for the month of June: Jun 30 Accrued interest on Bank Loan in the amount of $300 Jun 30 Record monthly depreciation in the amount of $2,800 Jun 30 Accrued salaries expense in the amount of $4,300 Jun 30 Used one month's worth of insurance (see June 10th's transaction) ) Jun 30 A physical count of office supplies showed $3,200 Jun...

  • Melissa Days and Kelly Harbor formed the Corporation Sports R Us. They sell sporting goods and...

    Melissa Days and Kelly Harbor formed the Corporation Sports R Us. They sell sporting goods and give lessons. They have hired you to update their transactions for the business. They have provided you with the opening balances and a list of transactions for the month of June. The company’s Chart of Accounts is also included as shown below. Journalize the transactions for June 1 - June 30. Explanations optional Case Study Full Accounting Cycle Melissa Days and Kelly Harbor formed...

  • In this stage of the accounting cycle, you are asked to record closing entries in the...

    In this stage of the accounting cycle, you are asked to record closing entries in the general journal and then post them to the general ledger accounts. This step must be completed to prepare the accounts for the next accounting period. Instructions for closing entries 1) Record closing entries in the general journal. 2) Post the closing entries from the general journal to the relevant general ledger accounts 3) Record the final closing balance of each ledger account in the...

  • Data Table Lemontree Rental Company Trial Balance Worksheet June 30, 2018 Adjusted Trial Trial Balance Balance...

    Data Table Lemontree Rental Company Trial Balance Worksheet June 30, 2018 Adjusted Trial Trial Balance Balance Account Debit Credit Debit Credit Cash $ 9,000 9,000 Accounts receivable 6,000 6,860 Interest receivable 500 Note receivable 3,900 3,900 Supplies 1,600 300 Prepaid insurance 2,600 1,400 Building 67,000 67,000 Accumulated depreciation—building $ 8,200 $ 9,300 Accounts payable 7,300 7,300 Wages payable 810 Unearned rental revenue 2,100 1,700 Common stock 15,000 15,000 Retained earnings 40,900 40,900 Dividends 3,800 3,800 Rental revenue 22,600 23,860 Interest...

  • In this stage of the accounting cycle, you are asked to record closing entries in the...

    In this stage of the accounting cycle, you are asked to record closing entries in the general journal and then post them to the general ledger accounts. This step must be completed to prepare the accounts for the next accounting period. GENERAL JOURNAL Date Account and Explanation Post Ref. Debit Credit Jun 30 Income Summary (select) (select) (select) (select) (select) (select) (select) (select) (select) (select) select) (select) (select) (select) (select) (Closing entry to debit the Income Summary account) Jun 30...

  • Now that all adjusting entries have been posted to the general ledger, you are asked to...

    Now that all adjusting entries have been posted to the general ledger, you are asked to prepare the schedule of accounts receivable and the schedule of accounts payable as at June 30, 2020. The purpose of preparing the schedule of accounts receivable is to verify that the sum of the customer balances recorded in the accounts receivable subsidiary ledger is equal to the balance of the Accounts Receivable control account in the general ledger. Similarly, the purpose of the schedule...

  • You are now asked to journalize and post the adjusting entries after completing the worksheet. This...

    You are now asked to journalize and post the adjusting entries after completing the worksheet. This is because, in the manual accounting system, the worksheet is not part of the journals and ledgers. Therefore completing the Adjustments column in the worksheet does not automatically update the appropriate ledger accounts. Since this practice set is a manual accounting practice set, you are still required to manually journalize the adjusting entries and post them to the general ledger as a separate step....

  • The following trial balance of Grouper Corporation does not balance. GROUPER CORPORATION TRIAL BALANCE JUNE 30,...

    The following trial balance of Grouper Corporation does not balance. GROUPER CORPORATION TRIAL BALANCE JUNE 30, 2020 Debit Credit Cash $6,916 Accounts Receivable 7,660 Supplies 3,742 Equipment 7.300 Accounts Payable $8,440 Common Stock 11,500 Retained Earnings 2.900 4.678 Service Revenue Office Expense 4.220 $29.838 $27.518 An examination of the ledger shows these errors. 1. Cash received from a customer on account was recorded (both debit and credit) as $1,260 instead of $1,620. 2. The purchase on account of a computer...

  • Account Trial Balance Debit Credit 8,300 6,800 Adjusted Trial Balance Debit Credit $ 8,300 6,850 800...

    Account Trial Balance Debit Credit 8,300 6,800 Adjusted Trial Balance Debit Credit $ 8,300 6,850 800 4,300 1,000 4,300 1.900 Cash Accounts receivable Interest receivable Note receivable Supplies Prepaid insurance Building Accumulated depreciation building Accounts payable Wages payable Unearned rental revenue 2,200 66,700 600 66,700 $ 9,700 6,300 11,600 6,300 850 600 19,000 Common stock Retained earnings Dividends 1,400 19,000 43,800 43,800 4,000 4,000 Rental revenue 15,600 800 16,450 1,600 Interest revenue Depreciation expense-building Supplies expense Utilities expense Wage expense...

Free Homework App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.