Question

In: Accounting

The adjusted trial balance of Jacks Financial Planners appears below and using the information from the...

The adjusted trial balance of Jacks Financial Planners appears below and using the information from the adjusted trial balance, you are to prepare for the year ending December 31:

         1.   an income statement;

         2.   a statement of owner’s equity; and

         3.   a balance sheet.

JACKS FINANCIAL PLANNERS

Adjusted Trial Balance

December 31, 2010

_____________________________________________________________________________

                                                                                                                          Debit         Credit

Cash ........................................................................................................     $ 15,200

Accounts Receivable ..............................................................................          2,200

Office Supplies .......................................................................................          1,800

Office Equipment ...................................................................................        15,000

Accumulated Depreciation—Office Equipment ....................................                           $ 4,000

Accounts Payable ...................................................................................                               4,000

Unearned Service Revenue ....................................................................                               5,000

S. Jacks, Capital.......................................................................................                             24,400

S. Jacks, Drawings ..................................................................................          2,500

Service Revenue .....................................................................................                               6,500

Office Supplies Expense ........................................................................             600

Depreciation Expense .............................................................................          2,500

Telephone Expense..................................................................................             400

Wages Expense........................................................................................          1,800

Rent Expense ..........................................................................................          1,900                    

                                                                                                                       $43,900        $43,900

17.       (Chapter 3)

Chris’s Florist Shop records all prepaid costs as assets and all revenue collected in advance as liabilities, and makes adjustments only at its fiscal year end, which is June 30th. All of Chris’s purchases are for cash unless stated otherwise. The following information relates to Chris’s June 30, 2011 year end, its first year of operations.

1.         On July 2nd, 2010, Chris purchased equipment for $12,000. The equipment is expected to have a useful life of 8 years.

2.         On August 1, 2010 a one-year insurance policy was purchased for $1,740.

3.         On February 1, 2011 a corporate customer paid $2,080 as full payment for a one year contract for fresh flowers to be delivered to its offices every Monday morning. At June 30, 21 of the required 52 deliveries had been completed.

4.         On July 2, 2010 Chris purchased enough supplies to last the entire first year of operations for $4,400. At June 30, 2011, Chris counted the supplies on hand and calculated the cost, which amounted to $1,035.

5.         On May 31, Chris borrows $20,000 from the bank to increase the amount of inventory and expand the business. The interest rate on the loan is 6% and requires monthly payments of interest on the first of each month. The principal is due in one year’s time. The first interest payment is due July 1.

6          Chris pays her store assistant on alternate Fridays. The last pay day in June was June 20th and the first pay day after year end July is July 4th. The assistant worked 30 hours during this period, of which 20 were in July, and the rest in June. The assistant earns $9.50 an hour.

7.         June 28th is a busy day and Chris has to make deliveries to numerous customers. On July 5th she reviews her June billings, and realizes that she made one large sale for $325 on June 30th for flowers that were delivered, but for which no invoice was issued. The sale was to a regular customer who will pay promptly when the invoice is sent.

8.         Chris offers customers a coupon valued at $20 every ten floral arrangements that a customer buys. At June 30th, she reviews her records and finds that 18 customers have purchased enough flowers to claim coupons. Chris records the cost of these coupons as “Coupon Expense” when the customer becomes entitled to them.

Instructions:

(a)        For each transaction, prepare any adjusting entries required at June 30, 2011.

Solutions

Expert Solution

1
JACKS FINANCIAL PLANNERS
Income Statement For the Month Ended December 31, 2010
Revenues Service revenue 6,500
Depreciation expense 2,500
Supplies expense 600
Telephone expense 400
Wages expense 1,800
Rent expense 1900
Total expenses -7,200
Net Loss -700
2
JACKS FINANCIAL PLANNERS
Statement of Owner's Equity Amount $ Amount $
S. Jack Capital December 31 24400
Less: Drawings 2,500
Net Loss 700 -3,200
S. Jack Capital , December 31 21,200
3
JACKS FINANCIAL PLANNERS
Balance Sheet December 31, 2010
Assets
Cash 15,200
Accounts receivable 2,200
Office supplies 1,800
Office equipment 15,000
Less: Accumulated depreciation--office equipment -4,000 11,000
Total assets 30,200
Liabilities and Stockholders' Equity Liabilities
Accounts payable 4,000
Unearned revenue 5,000
Total liabilities 9,000
Stockholders' Equity
S. Jack Capital 21,200
Total liabilities and stockholders' equity 30,200

Please ask the question 17 as a separate one


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