An analysis of the company\'s Insurance policies shows that 13.600 of coverage h

Question

An analysis of the company's Insurance policies shows that 13.600 of coverage has aspired. Annual depreciation on the equipment is $7,200 The company's five employees are paid weekly. As of the end of the year, four day's wages have accrued at the rate of $150 per day for each employee. Accrued fees earned but not yet recorded on Dec 31 st $1,350 Unread rent on Dec 31, 2012 $520 Teaching supplies on hand on Dec 31st $3,375 Prepare the necessary adjusting journal entries as of December 31, 2012. Prepare the financial statements for ABC Corporation as of December 31, 2012 (EXCEPT THE STATEMENT OF THE CASH FLOWS) Prepare the necessary closing journal entries as of December 31,2012. Prepare the post closing trial balance for Dec 31,2012

Explanation / Answer

1. Adjusting journal entries:

2. Income Statement for the 12 months ended December 31 2012:

Statement of retained earnings for the 12 months ended December 2012:

Balance Sheet as of December 31 2012

3. Closing journal entries:

Adjusting entry no. Account Titles Debit Credit $ $ 1. Insurance expense 3,600 Prepaid insurance 3,600 2. Depreciation expense 7,200 Accumulated depreciation 7,200 3. Salaries and wages expense 3,000 Salaries and wages expense payable 3,000 4. Accrued fees earned 1,350 Fees earned 1,350 5. Unearned rent 3,080 Rent 3,080 6. Teaching supplies expense 2,790 Teaching supplies 2,790

Related Questions

Navigate

• Browse (All)
• Browse A
• Subjects

---

---

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