I need help preparing an adjusted trial balance,income statement and statement o

Question

I need help preparing an adjusted trial balance,income statement and statement of stockholders equity and a classified balance sheet.The adjustment data values are the below information that is needed to complete the assignment. I need help preparing an adjusted trial balance,income statement and statement of stockholders equity and a classified balance sheet.The adjustment data values are the below information that is needed to complete the assignment. e John Trap invested $60,000 cash in the company for c common stock. 2 Purchase office equipment for $17,500 cash. The company rented furnished office space by payi 2 ng $18,000 cash for the first six months (December 2015 - May 2016) rent. The company purchased $1,500 of office supplies o n account. 1 The company paid $3,600 cash for the premium on 0 a 12-month insurance policy. 1 The company paid $10,750 cash for two weeks' sal 4 aries earned by employees. 2 The company collected $54,000 cash on commissio 4 ns from airlines on tickets obtained for customers. 2 The company paid $12,125 cash for two weeks' sal 8 aries earned by employees. 2 The company paid $350 cash for minor repairs to t 9 he company's computer 3 The company paid $450 cash for this month's telep 0 hone bill. Dividends of $3,000 cash were paid. Done

Explanation / Answer

Journal entries:

Date

Particulas

Debit

Credit

Dec-01

Cash

$60,000

Common Stock

$60,000

Dec-02

Property, Plant and Equipments

$17,500

Cash

$17,500

Dec-02

Prepaid Rent

$18,000

Cash

$18,000

Dec-03

Office Supplies

$1,500

Accounts Payable

$1,500

Dec-10

Prepaid Insurance

$3,600

Cash

$3,600

Dec-14

Salaries and Wages Expenses

$10,750

Cash

$10,750

Dec-24

Cash

$54,000

Commission Revenue

$54,000

Dec-28

Salaries and Wages Expenses

$12,125

Cash

$12,125

Dec-29

Repairs Expenses

$350

Cash

$350

Dec-30

Utilities Expense Account

$450

Cash

$450

Dec-30

Dividends

$3,000

Cash

$3,000

Unadjusted Trial Balance

Cash

$48,225

Office Supplies

$1,500

Property, Plant and Equipments

$17,500

Prepaid Insurance

$3,600

Prepaid Rent

$18,000

Commission Revenue

$54,000

Dividends

$3,000

Accounts Payable

$1,500

Common Stock

$60,000

Salaries and Wages Expenses

$22,875

Utilities Expenses

$450

Repairs Expenses

$350

Totals

$115,500

$115,500

Adjusting Entries

Dec-31

Insurance Expenses

$300

Prepaid Insurance

$300

Dec-31

Rent Expenses

$3,000

Prepaid Rent

$3,000

Dec-31

Supplies Expenses

$900

Office Supplies

$900

Dec-31

Salaries and Wages Expenses

$525

Salaries and Wages Payable

$525

Dec-31

Depreciation Expenses

$325

Accumulated Depreciation

$325

Adjusted Trial Balance

Cash

$48,225

Office Supplies

$600

Prepaid Rent

$15,000

Prepaid Insurance

$3,300

Property, Plant and Equipments

$17,500

Salaries and Wages Payable

$525

Common Stock

$60,000

Accumulated Depreciation

$325

Accounts Payable

$1,500

Salaries and Wages Expenses

$23,400

Utilities Expenses

$450

Dividends

$3,000

Commission Revenue

$54,000

Supplies Expenses

$900

Depreciation Expenses

$325

Repairs Expenses

$350

Insurance Expenses

$300

Rent Expenses

$3,000

Totals

$116,350

$116,350

Income Statement

Revenue:

$54,000

Comission

Expenses

Salaries and Wages Expenses

$23,400

Utilities Expenses

$450

Repairs Expenses

$350

Insurance Expenses

$300

Rent Expenses

$3,000

Supplies Expenses

$900

Depreciation Expenses

$325

Total Expenses

$28,725

Net Income

$25,275

Statement of Equity

Common Stock

Retained Earnings

Total

Beginning balance

$0

$0

$0

Introduced

$60,000

$60,000

Net Income for year

$25,275

$25,275

Dividends

-$3,000

-$3,000

Balance at end

$60,000

$22,275

$82,275

BALANCE SHEET

Assets

Liabilities

Current Assets

Current Liabilities

Cash

$48,225

Salaries and Wages Payable

$525

Prepaid Insurance

$3,300

Accounts Payable

$1,500

Office Supplies

$600

Total current liabilities

$2,025

Prepaid Rent

$15,000

Stockholder's equity

Total current assets

$67,125

Common Stock

$60,000

Property, Plant and Equipments

$17,500

Retained Earnings

$22,275

Accumulated Dep.

-$325

Total stockholder's equity

$82,275

Total Assets

$84,300

Total liabilities and stockholder's equity

$84,300

Date

Particulas

Debit

Credit

Dec-01

Cash

$60,000

Common Stock

$60,000

Dec-02

Property, Plant and Equipments

$17,500

Cash

$17,500

Dec-02

Prepaid Rent

$18,000

Cash

$18,000

Dec-03

Office Supplies

$1,500

Accounts Payable

$1,500

Dec-10

Prepaid Insurance

$3,600

Cash

$3,600

Dec-14

Salaries and Wages Expenses

$10,750

Cash

$10,750

Dec-24

Cash

$54,000

Commission Revenue

$54,000

Dec-28

Salaries and Wages Expenses

$12,125

Cash

$12,125

Dec-29

Repairs Expenses

$350

Cash

$350

Dec-30

Utilities Expense Account

$450

Cash

$450

Dec-30

Dividends

$3,000

Cash

$3,000

Related Questions

Navigate

• Browse (All)
• Browse I
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.