Question

Answer All Questions:

Q1. Prepare the balance sheet for ALOMARI Delivery Service from the following alphabetical list of the accounts at December 31 amounts in dollars. (i need more details and more Explain) (use your own words don't copy and paste) (don't use handwritting)

Accounts receivable	$10,000
Accounts payable	18,000
Building	28,000
Common stock	30,000
Cash	8,000
Notes payable	45,000
Office equipment	12,000
Retained earnings	?
Trucks	55,000

Q2: The balances for the accounts of Lance’s Consulting Firm, Inc. for the year ended December 31 are shown below. Each account shown had a normal balance. (i need more details and more Explain) (use your own words don't copy and paste) (don't use handwritting)

Accounts payable                    $ 6,400            Wages expense                        $35,000

Accounts receivable                   7,000            Rent expense                               5,000

Cash                                        10,000            Retained Earnings                   68,700

Office Supplies                          1,000            Land                                        53,000

Building                                  99,000            Unearned Revenue                     7,000

Supplies expense                     15,000            Dividends                               20,000

Consulting Revenue               150,000            Common Stock                         12,900
Instructions: Calculate Net Income

Q3. Dolly Barton began Barton Office Services in October and during the month completed the following transactions: (i need more details and more Explain) (use your own words don't copy and paste) (don't use handwritting)
a. Invested $10,000 cash and $15,000 of computer equipment in exchange for common stock
b. Paid $500 cash for an insurance premium covering the next 12 months
c. Completed a word processing assignment for a customer and collected $1,000 cash
d. Paid $200 cash for office supplies
e. Paid $2,000 for October's rent.

Instructions: Prepare journal entries to record the above transactions. Explanations are unnecessary

Q4: ABC Company wishes to enter receipts and payments in such a manner that adjustments at the end of the period will not require reversing entries at the beginning of the next period.(i need more details and more Explain) (use your own words don't copy and paste) (don't use handwritting)

Instructions:

Record the following transactions in the desired manner and give the adjusting entry on December 31, 2017. (Two entries for each part.)

1. An insurance policy for two years was acquired on April 1, 2017 for $8,000.

2.   Rent of $12,000 for six months for a portion of the building was received on November 1, 2017.

Answer 1

Please hit LIKE button if this helped. For any further explanation, please put your query in comment, will get back to you.
Q1 Balance Sheet:
ALOMARI Delivery Service
Balance Sheet as on
December 31
Assets
Current Assets:
Cash	$            8,000
Accounts Receivable	$         10,000
Total Current Assets		$                                       18,000
Building		$                                       28,000
Equipment		$                                       12,000
Truck		$                                       55,000
Total Assets		$                                     113,000
Liailities and Equity
Current Liabilities:
Acconunts Payable		$                                       18,000
Total Current Liabilities		$                                       18,000
Note Payable		$                                       45,000
Total Liabilities		$                                       63,000
Equity:
Common Stock	$         30,000
Retained Earning	$         20,000
Total Equity		$                                       50,000
Total Liabiliites and Equity		$                                     113,000
Retained Earning:
Total Assets	$       113,000
Less: Total Liabilities	$         63,000
Less: Common Stock	$         30,000
Retained Earning:	$         20,000
Q2 Net Income:
Consulting Revenue		$                                     150,000
Less Expenses:
Supplies Expense	$         15,000
Wages Expense	$         35,000
Rent Expense	$            5,000
Total Expense		$                                       55,000
Net Income		$                                       95,000
Q3 Journal Entries:
	Event	Account	Debit	Credit
	a	Cash	$       10,000
	a	Computer Equipment	$       15,000
	a	Common Stock		$       25,000
	b	Prepaid Insurance	$             500
	b	Cash		$             500
	c	Cash	$         1,000
	c	Service Revenue		$         1,000
	d	Office Supplies	$             200
	d	Cash		$             200
	e	Rent Expenses	$         2,000
	e	Cash		$         2,000
Q4 Journal:
	Event	Account	Debit	Credit
	1	Prepaid Insurance	$         8,000
	1	Cash		$         8,000
	2	Cash	$       12,000
	2	Deferred Revenue		$       12,000
	Adjusting:
	1	Insurance Expense	$         3,000		8000*1/24*9
	1	Prepaid Insurance		$         3,000
	2	Deferred Revenue	$         4,000		12000*1/6*2
	2	Rent Revenue		$         4,000