Jeckle Company Ltd. has the following unadjusted trial balance as of March 31, 2019: Accounts Debit...

Jeckle Company Ltd. has the following unadjusted trial balance as of March 31, 2019:

Accounts	Debit	Credit
Cash	1,600
Accounts Receivable	4,500
Supplies	1,900
Prepaid Rent	1,500
Land	23,000
Building	50,000
Accumulated Depreciation—Building		8,500
Store Equipment	26,000
Accumulated Depreciation—Store Equipment		14,625
Accounts Payable		6,000
Notes Payable		2,500
Unearned Fees		8,175
Jeckle capital		34,000
Fees earned		35,000
Rent expense	300
	$108,800	$108,800

The following adjustment data was assembled by A. Gabourel who is the Accountant for Jeckle Ltd.:

A) Supplies used for the period were $1,225.

B) Depreciation on the building is $2,500.

C) Depreciation on the Store Equipment is $3,125.

D) Prepaid Rent unexpired is $900.

E) Twenty percent of the Unearned Fees has been earned.

F) Salaries incurred but unpaid is $5,000.

Journalize the adjusting journal entries on March 31, 2019 – the end of the acctg period. (10 pts)

Prepare an adjusted trial balance. (7 pts)

State how the financial statements would have been affected if the adjusting entry for (E) was omitted. (4 pts)

Solutions

Expert Solution

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

SRP Ltd has the following unadjusted trial balance as at 31 Dec 2015. Account Titles Debit...

SRP Ltd has the following unadjusted trial balance as at 31 Dec 2015. Account Titles Debit ($) Credit ($) Cash 19,600 Accounts Receivable 7,000 Supplies 1,300 Prepaid Insurance 900 Equipment 27,000 Accumulated Depreciation 12,000 Other Assets 5,100 Accounts Payable 7,500 Share Capital (3000 shares outstanding all year) 16,000 Retained Profit 10,300 Service Revenue 48,000 COGS 32,900 Total 93,800 93,800 Note: Data not yet recorded as at 31 Dec 2015 includes the following five (5) transactions: 1) Depreciation expense for 2015...

Baltic Supplies presented the following unadjusted trial balance as at December 31, 2016 Accounts Debit Credit...

Baltic Supplies presented the following unadjusted trial balance as at December 31, 2016 Accounts Debit Credit cash Accounts Receivable 410,000 Merchandise Inventory 330,000 Store supplies 144,800 Prepaid Insurance Expense 156,000 Building and Equipment 800,000 Accumulated depreciation- Building and Equipment 237,000 Accounts payable 435,000 Travelling expense payable unearned sales revenue 220,000 Note payable long term 345,000 Baltic capital 1,791,900 Baltic Withdrawal 35,000 Sales revenue earned 917,000 Sales discount 35,000 Sales returns and allowances 42,100 Cost of goods sold 585,000 Salaries expense...

The adjusted trial balance for Marigold at December 31, 2019, contains the following accounts. Debit Credit...

The adjusted trial balance for Marigold at December 31, 2019, contains the following accounts. Debit Credit Buildings $128,100 Common Stock $93,550 Accounts Receivable 14,000 Retained Earnings 25,750 Prepaid Insurance 4,100 Accumulated Depreciation—Buildings 43,100 Cash 19,600 Accounts Payable 11,600 Equipment 62,000 Notes Payable 96,100 Land 68,500 Accumulated Depreciation—Equipment 17,400 Insurance Expense 500 Interest Payable 2,300 Depreciation Expense 6,600 Service Revenue 15,900 Interest Expense 2,300 $305,700 $279,950 Prepare a classified balance sheet; assume that $21,000 of the note payable will be...

4. Prepare an unadjusted trial balance as of July 31, 2019. PS Music UNADJUSTED TRIAL BALANCE...

4. Prepare an unadjusted trial balance as of July 31, 2019. PS Music UNADJUSTED TRIAL BALANCE July 31, 2019 ACCOUNT TITLE DEBIT CREDIT 1 Cash 2 Accounts Receivable 3 Supplies 4 Prepaid Insurance 5 Office Equipment 6 Accounts Payable 7 Unearned Revenue 8 Peyton Smith, Capital 9 Peyton Smith, Drawing 10 Fees Earned 11 Wages Expense 12 Office Rent Expense 13 Equipment Rent Expense 14 Utilities Expense 15 Music Expense 16 Advertising Expense 17 Supplies Expense 18 Miscellaneous Expense 19...

Account Unadjusted trial balance(debit) Unadjusted trial balance(credit Adjusting entries(debit) adjusting entries(credit) adjusted trial balance(debit) Adjusted trial...

Account Unadjusted trial balance(debit) Unadjusted trial balance(credit Adjusting entries(debit) adjusting entries(credit) adjusted trial balance(debit) Adjusted trial balance(credit) Cash 32,236.75 32,236.75 baking supplies 18,500 18,500 merchandise inventory(fifo) 175.65 175.65 prepaid rent 1500 1500 prepaid insurance 2400 2400 baking equipment 6000 6000 accumulated depreciation 208.33 208.33 office supplies 600 600 accounts receivable 7700 7700 notes payable 10,000 10,000 wages payable 480 480 common stock 16,000 16,000 dividends 10,000 10,000 bakery sales 55,000 55,000 merchandise sales 221 221 baking supplies expense rent expense...

The unadjusted trial balance of Imagine Ltd., a private company following ASPE, at December 31, 2020...

The unadjusted trial balance of Imagine Ltd., a private company following ASPE, at December 31, 2020 is as follows: Debit Credit Cash $10,850 Accounts receivable 56,500 Allowance for doubtful accounts $750 FV-NI investments 8,600 Inventory 58,000 Prepaid insurance 2,940 Prepaid rent 13,200 FV-OCI investments 14,000 Bond investment at amortized cost 18,000 Land 10,000 Equipment 104,000 Accumulated depreciation—equipment 18,000 Accounts payable 9,310 Bonds payable 50,000 Common shares 100,000 Retained earnings 103,260 Sales revenue 223,310 Rent revenue 10,200 Purchases 170,000 Purchase discounts...

Following is the unadjusted trial balance of Ben’s Jewelers on December 31, 2019. BEN’S JEWELERS Trial...

Following is the unadjusted trial balance of Ben’s Jewelers on December 31, 2019. BEN’S JEWELERS Trial Balance December 31, 2019 Cash $ 13,050 Dr. Accounts Receivable 49,900 Dr. Allowance for Doubtful Accounts 2,000 Cr. Merchandise Inventory 105,900 Dr. Store Supplies 4,230 Dr. Office Supplies 2,950 Dr. Store Equipment 113,590 Dr. Accumulated Depreciation—Store Equipment 13,010 Cr. Office Equipment 27,640 Dr. Accumulated Depreciation—Office Equipment 4,930 Cr. Accounts Payable 4,390 Cr. Salaries Payable Social Security Tax Payable Medicare Tax Payable Federal Unemployment Tax...

The following is the trial balance of AmazeRock Sdn. Bhd. as at 31 December 2019. Debit...

The following is the trial balance of AmazeRock Sdn. Bhd. as at 31 December 2019. Debit Credit RM RM Sales 1,077,000 Inventory as at 1 January 2019: Raw materials 16,000 Work-in-progress 11,000 Finished goods 32,000 Purchases of raw materials 720,000 Direct labour 60,000 Carriage inwards 2,000 Direct expenses - royalty 25,000 Factory rental 36,000 Utilities 40,000 Office rental 17,000 Factory supervisor salary 26,000 Administrative salaries 30,000 General administrative expenses 20,000 Plant and machinery 50,000 Office equipment 60,000 Accumulated depreciation as...

Brighton Ltd has unadjusted trial balance as follows on 30 June 2020. Debit Credit Cash at...

Brighton Ltd has unadjusted trial balance as follows on 30 June 2020. Debit Credit Cash at bank 20,820 Accounts receivable 6,800 Prepaid insurance 5,200 Office supplies 1,200 Motor vehicles 108,000 Accumulated depreciation – Motor vehicles 45,000 Equipment 2,850 Accumulated depreciation – Equipment 1,120 Accounts payable 7,900 Bank loan 42,100 Unearned rental revenue 1,150 Capital 45,600 Drawings 13,100 Rental revenue 55,200 Salaries expense 24,200 Repairs and maintenance expense 4,100 Office supplies expense 9,900 Electricity expense 1,900 Totals 198,070 198,070 Additional information:...

WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31, 2017 Debit Credit Cash $ 34,000 Accounts receivable...

WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31, 2017 Debit Credit Cash $ 34,000 Accounts receivable 0 Teaching supplies 8,000 Prepaid insurance 12,000 Prepaid rent 3,000 Professional library 35,000 Accumulated depreciation—Professional library $ 10,000 Equipment 80,000 Accumulated depreciation—Equipment 15,000 Accounts payable 26,000 Salaries payable 0 Unearned training fees 12,500 Common stock 10,000 Retained earnings 80,000 Dividends 50,000 Tuition fees earned 123,900 Training fees earned 40,000 Depreciation expense—Professional library 0 Depreciation expense—Equipment 0 Salaries expense 50,000 Insurance expense 0 Rent expense...

Subjects