The unadjusted trial balance o

The unadjusted trial balance of Lukas Films Corporation includes the following account balances at December 31, 2020, its fiscal year-end. Assume all accounts have normal debit or credit balances as applicable.

 

Prepaid rent                         Rwf 1,500

Equipment                                  2,400

Unearned advertising revenue      1,000

Insurance expense                         900

Supplies expense             Rwf 600

Telephone expense                 825

Wages expense                 15,000

 

 

The following information applies at December 31:

  1. A physical count of supplies indicates that Rwf300 of supplies have not yet been used at December 31.
  2. A Rwf75 telephone bill for December has been received but not recorded.
  3. One day of wages amounting to Rwf125 remains unpaid and unrecorded at December 31; the amount will be included with the first Friday payment in January.
  4. The equipment was purchased December 1; it is expected to last 2 years. No depreciation has yet been recorded.
  5. The prepaid rent is for December 2020, and January and February 2021; rent is Rwf500 per month.
  6. Half of the advertising revenue has been earned at December 31.
  7. The Rwf900 amount in Insurance Expense is for a one-year policy, effective July 1, 2020.

 

Required: Prepare all necessary adjusting entries at December 31, 2020. Descriptions are needed.

The unadjusted trial balance o

The unadjusted trial balance of Helena’s Hire Cars is shown below (ignore GST).

 

Helena’s Hire Cars Trial Balance

As at 30 June 2019

Account

Debit

Credit

Cash at bank

18,140

 

Accounts receivable

21,340

 

Office supplies

640

 

Prepaid advertising

3,880

 

Hire cars

93,600

 

Accumulated Depreciation – hire cars

 

39,400

Accounts payable

 

10,800

Unearned hire fees

 

2,260

Helena, Capital

 

68,340

Helena, Drawings

20,600

 

Hire fees revenue

 

98,700

Wages expense

50,620

 

Fuel and oil expense

10,680

 

 

219,500

219,500

 

Additional information

 

  1. Petrol purchased on credit for $680 and used during the last week in June has not been paid for or
  2. A physical count showed office supplies totalling $340 were still on hand at 30
  3. Depreciation for 1 year on the hire cars is $12,400.
  4. Prepaid advertising has a balance of $600 at the end of the
  5. The balance in the Unearned Hire Fees account includes $1,800 received in May for hire services completed in

 

Required:

Prepare a 10-column worksheet for the year ended 30 June 2019.

 

 

Unadjusted trial balance

Adjustments

Adjusted trial balance

Income statement

Balance sheet

Account Title

Debit

Credit

Debit

Credit

Debit

Credit

Debit

Credit

Debit

Credit

Cash at Bank

18,140

 

 

 

 

 

 

 

 

 

Accounts Receivable

21,340

 

 

 

 

 

 

 

 

 

Office Supplies

640

 

 

 

 

 

 

 

 

 

Prepaid advertising

3,880

 

 

 

 

 

 

 

 

 

Hire Cars

93,600

 

 

 

 

 

 

 

 

 

Accum. Depr. Hire

Cars

 

39,400

 

 

 

 

 

 

 

 

Accounts Payable

 

10,800

 

 

 

 

 

 

 

 

Unearned Hire Fees

 

2,260

 

 

 

 

 

 

 

 

Helena, Capital

 

68,340

 

 

 

 

 

 

 

 

Helena, Drawings

20,600

 

 

 

 

 

 

 

 

 

Removal Fees Revenue

 

98,700

 

 

 

 

 

 

 

 

Wages Expense

50,620

 

 

 

 

 

 

 

 

 

Fuel and Oil Expense

10,680

 

 

 

 

 

 

 

 

 

$219,50

0

$219,50

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Profit for the year

 

 

 

 

 

 

 

 

 

 

The unadjusted trial balance o

The unadjusted trial balance of Helena’s Hire Cars is shown below (ignore GST).

 

Helena’s Hire Cars

Trial Balance

As at 30 June 2019

Account

Debit

Credit

Cash at bank

18,140

 

Accounts receivable

21,340

 

Office supplies

640

 

Prepaid advertising

3,880

 

Hire cars

93,600

 

Accumulated Depreciation – hire cars

 

39,400

Accounts payable

 

10,800

Unearned hire fees

 

2,260

Helena, Capital

 

68,340

Helena, Drawings

20,600

 

Hire fees revenue

 

98,700

Wages expense

50,620

 

Fuel and oil expense

10,680

 

 

219,500

219,500

 

Additional information

 

  1. Petrol purchased on credit for $680 and used during the last week in June has not been paid for or recorded.
  2. A physical count showed office supplies totalling $340 were still on hand at 30 June.
  3. Depreciation for 1 year on the hire cars is $12,400.
  4. Prepaid advertising has a balance of $600 at the end of the month.
  5. The balance in the Unearned Hire Fees account includes $1,800 received in May for hire services completed in June.

 

Required:

Prepare a 10-column worksheet for the year ended 30 June 2019.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unadjusted trial balance

Adjustments

Adjusted trial balance

Income statement

Balance sheet

Account Title

Debit

Credit

Debit

Credit

Debit

Credit

Debit

Credit

Debit

Credit

Cash at Bank

18,140

 

 

 

 

 

 

 

 

 

Accounts Receivable

21,340

 

 

 

 

 

 

 

 

 

Office Supplies

640

 

 

 

 

 

 

 

 

 

Prepaid advertising

3,880

 

 

 

 

 

 

 

 

 

Hire Cars

93,600

 

 

 

 

 

 

 

 

 

Accum. Depr. Hire Cars

 

39,400

 

 

 

 

 

 

 

 

Accounts Payable

 

10,800

 

 

 

 

 

 

 

 

Unearned Hire Fees

 

2,260

 

 

 

 

 

 

 

 

Helena, Capital

 

68,340

 

 

 

 

 

 

 

 

Helena, Drawings

20,600

 

 

 

 

 

 

 

 

 

Removal Fees Revenue

 

98,700

 

 

 

 

 

 

 

 

Wages Expense

50,620

 

 

 

 

 

 

 

 

 

Fuel and Oil Expense

10,680

 

 

 

 

 

 

 

 

 

 

$219,500

$219,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Profit for the year

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The unadjusted trial balance o

The unadjusted trial balance of Helena’s Hire Cars is shown below (ignore GST).
Helena’s Hire Cars
Trial Balance
As at 30 June 2019
Account Debit Credit
Cash at bank 18,140
Accounts receivable 21,340
Office supplies 640
Prepaid advertising 3,880
Hire cars 93,600
Accumulated Depreciation – hire cars 39,400
Accounts payable 10,800
Unearned hire fees 2,260
Helena, Capital 68,340
Helena, Drawings 20,600
Hire fees revenue 98,700
Wages expense 50,620
Fuel and oil expense 10,680
219,500 219,500
Additional information
a. Petrol purchased on credit for $680 and used during the last week in June has not been paid for
or recorded.
b. A physical count showed office supplies totalling $340 were still on hand at 30 June.
c. Depreciation for 1 year on the hire cars is $12,400.
d. Prepaid advertising has a balance of $600 at the end of the month.
e. The balance in the Unearned Hire Fees account includes $1,800 received in May for hire services
completed in June.
Required:
Prepare a 10-column worksheet for the year ended 30 June 2019.

The unadjusted trial balance o

The unadjusted trial balance of PS Music as of July 31, 2019, along with the adjustment data for the two months ended July 31, 2019, are shown in Chapter 3. Based upon the adjustment data, the following adjusted trial balance was prepared:

PS Music

ADJUSTED TRIAL BALANCE

July 31, 2019

 

ACCOUNT TITLE

DEBIT

CREDIT

1

Cash

9,945.00

 

2

Accounts Receivable

4,150.00

 

3

Supplies

275.00

 

4

Prepaid Insurance

2,475.00

 

5

Office Equipment

7,500.00

 

6

Accumulated Depreciation-Office Equipment

 

50.00

7

Accounts Payable

 

8,350.00

8

Wages Payable

 

140.00

9

Unearned Revenue

 

3,600.00

10

Peyton Smith, Capital

 

9,000.00

11

Peyton Smith, Drawing

1,750.00

 

12

Fees Earned

 

21,200.00

13

Wages Expense

2,940.00

 

14

Office Rent Expense

2,550.00

 

15

Equipment Rent Expense

1,375.00

 

16

Utilities Expense

1,215.00

 

17

Music Expense

3,610.00

 

18

Advertising Expense

1,500.00

 

19

Supplies Expense

925.00

 

20

Insurance Expense

225.00

 

21

Depreciation Expense

50.00

 

22

Miscellaneous Expense

1,855.00

 

23

Totals

42,340.00

42,340.00

.

 

 

Journalize the closing entries. Refer to the Chart of Accounts for exact wording of account titles.

B.

Post the closing entries. Indicate closed accounts by inserting a “0” (zero) in either of the Balance columns opposite the closing entry. No entry is required in the Item column.

 

The unadjusted trial balance o

The unadjusted trial balance of the Manufacturing Equitable at December 31, 2021, the end of its fiscal year, included the following account balances. Manufacturing’s 2021 financial statements were issued on April 1, 2022.
   

     
Accounts receivable $ 107,000
Accounts payable   36,800
15% notes, payable to bank   630,000
Mortgage note payable   1,460,000
 

   
Other information:

  1. The bank notes, issued August 1, 2021, are due on July 31, 2022, and pay interest at a rate of 15%, payable at maturity.
  2. The mortgage note is due on March 1, 2022. Interest at 14% has been paid up to December 31 (assume 14% is a realistic rate). Manufacturing intended at December 31, 2021, to refinance the note on its due date with a new 10-year mortgage note. In fact, on March 1, Manufacturing paid $477,500 in cash on the principal balance and refinanced the remaining $982,500.
  3. Included in the accounts receivable balance at December 31, 2021, were two subsidiary accounts that had been overpaid and had credit balances totaling $18,850. The accounts were of two major customers who were expected to order more merchandise from Manufacturing and apply the overpayments to those future purchases.
  4. On November 1, 2021, Manufacturing rented a portion of its factory to a tenant for $36,600 per year, payable in advance. The payment for the 12 months ended October 31, 2022, was received as required and was credited to rent revenue.

   
Required:
1. Prepare any necessary adjusting journal entries at December 31, 2021, pertaining to each item of other information (a–d).
2. Prepare the current and long-term liability sections of the December 31, 2021, balance sheet.

The unadjusted trial balance o

The unadjusted trial balance of Conrad ltée included the following information:

 

Cash sales: $250 000

Credit sales: $600 000

Accounts receivable: $160 000

 

Prepare the journal entries to adjust the Allowance for doubtful accounts (A.F.D.A.) account under each of the following situations:

 

  1. The estimated bad debts are 2.5% of credit sales and the A.F.D.A. account has a $2500 debit balance. 
  2. The estimated bad debts are 3% of accounts receivable and the A.F.D.A. account has a $2500 credit balance.
  3. The estimated bad debts are 3% of accounts receivable and the A.F.D.A. account has a $2500 debit balance.

(1/2/3 SEPARATED)

The unadjusted trial balance o

The unadjusted trial balance of Helena’s Hire Cars is shown below (ignore GST).

 

Helena’s Hire Cars

Trial Balance

As at 30 June 2019

Account

Debit

Credit

Cash at bank

18,140

 

Accounts receivable

21,340

 

Office supplies

640

 

Prepaid advertising

3,880

 

Hire cars

93,600

 

Accumulated Depreciation – hire cars

 

39,400

Accounts payable

 

10,800

Unearned hire fees

 

2,260

Helena, Capital

 

68,340

Helena, Drawings

20,600

 

Hire fees revenue

 

98,700

Wages expense

50,620

 

Fuel and oil expense

10,680

 

 

219,500

219,500

 

Additional information

 

  1. Petrol purchased on credit for $680 and used during the last week in June has not been paid for or recorded.
  2. A physical count showed office supplies totalling $340 were still on hand at 30 June.
  3. Depreciation for 1 year on the hire cars is $12,400.
  4. Prepaid advertising has a balance of $600 at the end of the month.
  5. The balance in the Unearned Hire Fees account includes $1,800 received in May for hire services completed in June.

 

Required:

Prepare a 10-column worksheet for the year ended 30 June 2019.

 

 

 

 

The unadjusted trial balance o

The unadjusted trial balance of Helena’s Hire Cars is shown below (ignore GST).

 

Helena’s Hire Cars

Trial Balance

As at 30 June 2019

Account

Debit

Credit

Cash at bank

18,140

 

Accounts receivable

21,340

 

Office supplies

640

 

Prepaid advertising

3,880

 

Hire cars

93,600

 

Accumulated Depreciation – hire cars

 

39,400

Accounts payable

 

10,800

Unearned hire fees

 

2,260

Helena, Capital

 

68,340

Helena, Drawings

20,600

 

Hire fees revenue

 

98,700

Wages expense

50,620

 

Fuel and oil expense

10,680

 

 

219,500

219,500

 

Additional information

 

  1. Petrol purchased on credit for $680 and used during the last week in June has not been paid for or recorded.
  2. A physical count showed office supplies totalling $340 were still on hand at 30 June.
  3. Depreciation for 1 year on the hire cars is $12,400.
  4. Prepaid advertising has a balance of $600 at the end of the month.
  5. The balance in the Unearned Hire Fees account includes $1,800 received in May for hire services completed in June.

 

Required:

Prepare a 10-column worksheet for the year ended 30 June 2019.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unadjusted trial balance

Adjustments

Adjusted trial balance

Income statement

Balance sheet

Account Title

Debit

Credit

Debit

Credit

Debit

Credit

Debit

Credit

Debit

Credit

Cash at Bank

18,140

 

 

 

 

 

 

 

 

 

Accounts Receivable

21,340

 

 

 

 

 

 

 

 

 

Office Supplies

640

 

 

 

 

 

 

 

 

 

Prepaid advertising

3,880

 

 

 

 

 

 

 

 

 

Hire Cars

93,600

 

 

 

 

 

 

 

 

 

Accum. Depr. Hire Cars

 

39,400

 

 

 

 

 

 

 

 

Accounts Payable

 

10,800

 

 

 

 

 

 

 

 

Unearned Hire Fees

 

2,260

 

 

 

 

 

 

 

 

Helena, Capital

 

68,340

 

 

 

 

 

 

 

 

Helena, Drawings

20,600

 

 

 

 

 

 

 

 

 

Hire Fees Revenue

 

98,700

 

 

 

 

 

 

 

 

Wages Expense

50,620

 

 

 

 

 

 

 

 

 

Fuel and Oil Expense

10,680

 

 

 

 

 

 

 

 

 

 

$219,500

$219,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Profit for the year

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The unadjusted trial balance o

The unadjusted trial balance of S&M Corporation as on June 30, 2020 are as follows:  

Cash 

$188,640 

Salaries and wages expense (sales) 

$287,640

Inventory 

538,640 

Salaries and wages expense (office) 

349,640

Sales revenue 

4,278,640 

Purchase returns 

18,640

Unearned sales revenue 

120,640 

Sales returns and allowances 

82,640

Purchases 

2,789,640 

Freight-in 

75,640

Sales discounts 

37,640 

Accounts receivable 

146,140

Purchase discounts 

30,640 

Sales commissions 

86,640

Selling expenses 

72,640 

Telephone and Internet expense (sales) 

20,640

Accounting and legal services 

36,640 

Utilities expense (office) 

35,640

Insurance expense (office) 

27,640 

Miscellaneous office expenses 

11,640

Advertising expense 

57,640 

Rent revenue 

243,640

Delivery expense 

96,640 

Extraordinary loss (before tax) 

73,640

Depreciation expense (office equipment) 

51,640 

Interest expense 

179,640

Depreciation expense (sales equipment) 

39,640 

Common stock ($10 par) 

903,640

S&M’s effective tax rate on all items is 30%. A physical inventory indicates that the ending inventory is  $689,640. 

Instructions 

∙ Prepare income statement and balance sheet.  

 

The unadjusted trial balance o

2. The unadjusted trial balance of S&M Corporation as on June 30, 2020 are as follows: Cash $188,640 Salaries and wages expense (sales) $287,640 Inventory 538,640 Salaries and wages expense (office) 349,640 Sales revenue 4,278,640 Purchase returns 18,640 Unearned sales revenue 120,640 Sales returns and allowances 82,640 Purchases 2,789,640 Freight-in 75,640 Sales discounts 37,640 Accounts receivable 146,140 Purchase discounts 30,640 Sales commissions 86,640 Selling expenses 72,640 Telephone and Internet expense (sales) 20,640 Accounting and legal services 36,640 Utilities expense (office) 35,640 Insurance expense (office) 27,640 Miscellaneous office expenses 11,640 Advertising expense 57,640 Rent revenue 243,640 Delivery expense 96,640 Extraordinary loss (before tax) 73,640 Depreciation expense (office equipment) 51,640 Interest expense 179,640 Depreciation expense (sales equipment) 39,640 Common stock ($10 par) 903,640 S&M’s effective tax rate on all items is 30%. A physical inventory indicates that the ending inventory is $689,640.
Instructions
 Prepare income statement and balance sheet.

The unadjusted trial balance o

The unadjusted trial balance of Mighty Fine Services Inc. includes the following account balances at December 31, 2020, its fiscal year-end. No adjustments have been recorded. Assume all accounts have normal debit or credit balances.

 

Prepaid insurance         Rwf 600

Unused supplies                  500

Bank loan                        5,000

Subscription revenue        9,000

Salaries payable           Rwf  500

Rent expense                   3,900

Truck operating expense   4,000

 

 

The following information applies to the fiscal year-end:

  1. The Rwf600 prepaid insurance is for a one-year policy, effective September 1, 2020.
  2. A physical count indicates that Rwf300 of supplies is still on hand at December 31.
  3. Interest on the bank loan is paid on the fifteenth day of each month; the unrecorded interest for the last 15 days of December amounts to Rwf25.
  4. The Subscription Revenue account consists of a cash receipts for 6- month subscriptions to the corporation’s Computer Trends report; the subscription period began December 1.
  5. Three days of salary amounting to Rwf300 remain unpaid at December 31, in addition to the previous week’s salaries of Rwf500, which have not yet been paid.
  6. The monthly rent expense amounts to Rwf300.
  7. A bill for December truck operating expense has not yet been received; an amount of Rwf400 is owed.

 

Required: Prepare all necessary adjusting entries at December 31, 2020.

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