Question

In: Accounting

Unadjusted account balances at December 31, 2019, for Rapisarda Company are as follows:

Preparation of a Worksheet (Appendix 3A)

Unadjusted account balances at December 31, 2019, for Rapisarda Company are as follows:

The following data are not yet recorded:

a. Depreciation on the equipment is $18,350.

 

b. Unrecorded wages owed at December 31, 2019: $4,680.

 

c. Prepaid rent at December 31, 2019: $9,240.

 

d. Income taxes expense: $5,463.

 

Required:

Prepare a completed worksheet for Rapisarda Company.

Solutions

Expert Solution

Steps in Accounting cycle: The accounting cycle is the series of steps of the accounting process which processes transactions into financial statements. The steps of the accounting cycle are as follows:

  1. Collecting transactions and events.
  2. Recording journal entries for transactions and events.
  3. Posting the journal entries into ledgers.
  4. Preparing unadjusted trial balance from ledger balances.
  5. Recording adjusting entries.
  6. Posting adjusting entries into ledgers and Preparing adjusted trial balance.
  7. Preparing financial statements; Income statement, balances sheet, statement of owner’s equity, and Cash flow statements.
  8. Preparing Closing entries to close temporary accounts.
  9. Preparing post-closing trial balance.
  10. Recording reversing journal entries (Optional).

The worksheet for Rapisarda Company is as follows:

DogeShow answered 2 years ago
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