Question

In: Accounting

The trial balance of Johnson Travel at December 31,2005 follows;along with the data for the month...

The trial balance of Johnson Travel at December 31,2005 follows;along with the data for the month end adjustments.

DEBİT CREDIT

Cash 1300

A/R 6600

Supplies 2300

Prepaid rent 1600

Furniture 36000

Accumulated depreciation(furniture) 4800

A/P 4500

Unearned service revenue 600

Capital 26000

Withdrawals 29000

Service Revenue 106000

Deprecation expense 2300

Salary Expense 39900

Rent expense 20000

Supplies expense 2900

TOTAL 141900 141900

Questions: What adjusting entry will Johson make on this transaction ?

a) Depreciation on furniture for the month.The estimated useful life of the furniture is 2 years.

b)On December 1,the bussiness moved into a new office and paid the first 4 months rent as advance.Prepaid rent expense during the month.

c)Service Revenue of 300 dollars were earned during the month from the service performed for clients who had paid in advance.

d)The salary expense is 245 dollars per day-and the business pays employees every Friday(weekly payroll is from Monday to Friday).This year December 31 falls on a Monday.

1- What is Total Expense ?

2-Total Liabilities ?

3-The A/P in the Adjusted Trial Balance is ?

4-The total debit or credit amount in the Adjusted Trial Balance ?

5-Which of the following is the closing entry for withdrawals on Dec 31 ?

6-Which of the following is closing entry for revenue on Dec 31 ?

7- The next capital balance in the post closing trial balance is ?

8-How much is the Debit/Credit amount in the Post-closing trial balance ?

9-How much is the revenue balance in the post closing trial balance ?

10-The current assets in the classified balance sheet is ?

11-The total assets is ?

Solutions

Expert Solution

As per policy, only 4 parts of a question are allowed to answer, so answering Adjusting entries & 1-4 :

Adjusting Journal Entries :

Date Accounts Titles Debit $ Credit $
Dec 31 2005 Dep 1500
Acc Dep - furniture 1500
Rent expense 400
prepaid rent 400
Unearned Service Rev 300
Service Revenue 300
Salary expense 245
Salary payable 245
(one day salary - monday)

1) Total expenses :

Depreciation $2300 + 1500 = 3800
Salary 39900 + 245 = 40145
Rent 20000 + 400 = 20400
Supplies 2900
Total $67245

2: Total Liabilities :

Accumulated Depreciation $4800+1500= $6300
AP 4500
Unearned service revenue 300
Total Liabilities = $11100

3-The A/P in the Adjusted Trial Balance is $4500.

4-The total debit or credit amount in the Adjusted Trial Balance is as follows:

Accounts Titles Debit $ Credit $
Cash 1300
AR 6600
Supplies 2300
Prepaid rent 1200
Furniture 36000
Acc Dep - Furniture 6300
AP 4500
Salary payable 245
Unearned service revenue 300
Capital 26000
Withdrawals 29000
Service Revenue 106300
Depreciation exp 3800
Salary exp 40145
rent exp 20400
supplies exp 2900   
Total $143645 $143645

ekkarill92 answered 2 years ago
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