Practice Set ACCT 102 Requirements Given: (a) The Trial Balance columns of a ten

Question

Practice Set ACCT 102 Requirements Given: (a) The Trial Balance columns of a ten (1) column worksheet. (b) Necessary adjustment information Required (a) Transcribe the Trial Balance columns to an analysis sheet (provided). (b) Correctly label and complete the ten (10) column worksheet. (c) From the worksheet journalize the following: (provided). Adjusting entries (Journal page 35) Closing entries (Journal page 36) a. b. (d) Complete the following financial statements: a. b. c. Income Statement Statement of Owner's Equity() Balance Sheet

Explanation / Answer

Please check the exact format of the analysis sheet since the same is not provided with the question. The format used is the commonly used one.

Note: Separate depreciation expense accounts may be used if required by the format. Here a single account has been used for expense.

Adjusting entries:

Closing entries:

Fred's Indoor Pool Emporium Analysis Sheet February 28, 2018 Account Title Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash 31778 31778 31778 Accounts receivable 234 234 234 Prepaid insurance 12240 1020 11220 11220 Land 292000 292000 292000 Building 96200 96200 96200 Accumulated depreciation-Buildings 480 480 480 Pool/Slide Facility 150505 150505 150505 Accumulated depreciation-Pool/Slide Facility 675 675 675 Pool Furniture 5675 5675 5675 Accumulated depreciation-Pool Furniture 120 120 120 Accounts payable 2836 2836 2836 Wages payable 920 920 920 Mortgage payable 418890 418890 418890 I.M. Fred, Capital 150000 150000 150000 I.M. Fred, Drawing 4700 4700 4700 Income from Services 44731 44731 44731 Concessions Income 484 484 484 Pool maintenance expense 1446 1446 1446 Wages expense 16687 920 17607 17607 Advertising expense 1320 1320 1320 Utilities expense 1800 1800 1800 Interest expense 1980 1980 1980 Insurance expense 1020 1020 1020 Depreciation expense 1275 1275 1275 Miscellaneous expense 376 376 376 Totals $ 616941 616941 3215 3215 619136 619136 26824 45215 592312 573921 Net income 18391 18391 Totals $ 45215 45215 592312 592312

Related Questions

Navigate

• Browse (All)
• Browse P
• Subjects

---

---

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