PLEASE FILL IN Trial Balance Income Statement St Owners Equity Balance Sheet Post Closing On April...

PLEASE FILL IN

Trial Balance
Income Statement
St Owners Equity
Balance Sheet
Post Closing

On April 1, Rita Griffin created a new travel agency, Griffin Travel. The following transactions occurred during the company’s first month.

Apr.	1	Griffin invested $45,000 cash and computer equipment worth $15,600 in the company.
Apr.	2	The company rented furnished office space by paying $2,500 cash for the first month’s (April) rent.
Apr.	3	The company purchased $1,200 of office supplies for cash.
Apr.	10	The company paid $2,160 cash for the premium on a 12-month insurance policy. Coverage begins on April 11.
Apr.	14	The company paid $1,680 cash for two weeks’ salaries earned by employees.
Apr.	24	The company collected $22,000 cash for commissions earned.
Apr.	28	The company paid $1,680 cash for two weeks’ salaries earned by employees.
Apr.	29	The company paid $800 cash for minor repairs to the company’s computer.
Apr.	30	The company paid $400 cash for this month’s telephone bill.
Apr.	30	Griffin withdrew $1,800 cash from the company for personal use.

Information for month-end adjustments follows:

Prepaid insurance of $120 has expired this month.
At the end of the month, $950 of office supplies are still available.
This month’s depreciation on the computer equipment is $260.
Employees earned $672 of unpaid and unrecorded salaries as of month-end.
The company earned $1,800 of commissions that are not yet billed at month-end.

AFTER COMPLETING 19 TRANSACTIONS IN THE GENERAL JOURNAL

GENERAL JOURNAL ENTRIES:
1 Griffin invested $45,000 cash and computer equipment worth $15,600 in the company.
2 The company rented furnished office space by paying $2,500 cash for the first month's (April) rent.
3 The company purchased $1,200 of office supplies for cash. The company's policy is to initially record all prepaid and unearned items in balance sheet accounts.
4 The company paid $2,160 cash for the premium on a 12-month insurance policy. Coverage begins on April 11. The company's policy is to initially record all prepaid and unearned items in balance sheet accounts.
5 The company paid $1,680 cash for two weeks' salaries earned by employees.
6 The company collected $22,000 cash for commissions earned.
7 The company paid $1,680 cash for two weeks' salaries earned by employees.
8 The company paid $800 cash for minor repairs to the company's computer.
9 The company paid $400 cash for this month's telephone bill.
10 Griffin withdrew $1,800 cash from the company for personal use.
11 Prepaid insurance of $120 has expired this month.
12 At month-end, $950 of supplies are still available. Record the required adjusting entry, if any.
13 This month's depreciation on the computer is $260. Record the required adjusting entry, if any.
14 Employees earned $672 of unpaid and unrecorded salaries as of month-end. Record the required adjusting entry, if any.
15 The company earned $1,800 of commissions that are not yet billed at month-end. Record the required adjusting entry, if any.
16 Record the entry to close the revenue account(s).
17 Record the entry to close the expense account(s).
18 Record the entry to close Income summary.
19 Record the entry to close the owner's withdrawals account.

Solutions

Expert Solution

Solution:

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

From the Income Statement, Balance Sheet, and Statement of Changes in Owners’ Equity, and Statement of...

From the Income Statement, Balance Sheet, and Statement of Changes in Owners’ Equity, and Statement of Cash flows for 2017 (you prepared in Tandy #1). Calculate (and show your work) for the following Earnings per Share (EPS) Dividends per share (DPS) Book Value per Share Net Operating Profit after Tax (NOPAT) EBIT (1 - Tax rate) Net Operating Working Capital (NOWC) Current assets – (Current liabilities – Notes Payable Net Plant and Equipment (NFA) Operating Capital (OC) NOWC + NFA Net Cash Flow (NCF)...

The post-closing trial balance as of April 30, 20Y8, is shown below: Kelly Consulting Post-Closing Trial...

The post-closing trial balance as of April 30, 20Y8, is shown below: Kelly Consulting Post-Closing Trial Balance April 30, 20Y8 Account No. Debit Credit Cash 11 22,100 Accounts Receivable 12 3,400 Supplies 14 1,350 Prepaid Rent 15 3,200 Prepaid Insurance 16 1,500 Office Equipment 18 14,500 Accumulated Depreciation 19 330 Accounts Payable 21 800 Salaries Payable 22 120 Unearned Fees 23 2,500 Common Stock 31 30,000 Retained Earnings 32 12,300 46,050 46,050 Enter the unadjusted trial balance on an end-of-period...

Post-Closing Trial Balance An accountant prepared the following post-closing trial balance: Security Services Co. Post-Closing Trial...

Post-Closing Trial Balance An accountant prepared the following post-closing trial balance: Security Services Co. Post-Closing Trial Balance July 31, 2018 Debit Balances Credit Balances Cash 41,100 Accounts Receivable 317,400 Supplies 5,000 Equipment 162,750 Accumulated Depreciation - Equipment 73,300 Accounts Payable 82,500 Salaries Payable 5,500 Unearned Rent 12,000 Common Stock 65,000 Retained Earnings 287,950 879,250 173,250 Prepare a corrected post-closing trial balance. Assume that all accounts have normal balances and that the amounts shown are correct. If an amount box does...

I need the general ledger, trial balance, income statement, statement of owner's equity, and balance sheet...

I need the general ledger, trial balance, income statement, statement of owner's equity, and balance sheet (1) SMITH COMPUTER CENTER GENERAL JOURNAL PAGE 1 Date Account Titles and Description PR Dr. Cr. Sept. 1 Cash 5 6 0 0 Smith C. Capital 5 6 0 0 Owner Investment 1 Equipment 1 8 0 0 Cash 1 8 0 0 Bought equipment for cash 1 Equipment 2 1 0 0 Cash 2 1 0 0 Bought equipment for cash 1 Account...

Closing Entries and Post-Closing Trial Balance Refer to the work sheet below for Megaffin’s Repairs to...

Closing Entries and Post-Closing Trial Balance Refer to the work sheet below for Megaffin’s Repairs to complete this problem. Megaffin's Repairs Work Sheet For Month Ended January 31, 20-- Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash 3,675 3,675 3,675 Accounts Receivable 1,452 1,452 1,452 Supplies 695 296 399 399 Prepaid Insurance 899 220 679 679 Delivery Equipment 3,230 3,230 3,230 Accumulated Depreciation - Delivery...

Prepare a post closing trial balance

Prepare a post closing trial balance.

Prepare a post-closing trial balance.

Below is the closing entries for the year ended December 31, 2017 (b2) Prepare a post-closing trial balance. Crane Company Post-Closing Trial Balance Debit Credit Totals

Which of the following statements about the post-closing trial balance is correct? A) The post-closing trial...

Which of the following statements about the post-closing trial balance is correct? A) The post-closing trial balance is a report prepared before the adjustments and the financial statements to prove that debits equal credits. B) The post-closing trial balance will be distributed to investors and other stakeholders along with the financial statements. C) The post-closing trial balance is an internal report prepared at the end of the accounting cycle. D) The post-closing trial balance proves that all entries have been...

Exercise 4-6 Preparing closing entries and the post-closing trial balance LO2,3,4 CHECK FIGURE: Post-closing trial balance...

Exercise 4-6 Preparing closing entries and the post-closing trial balance LO2,3,4 CHECK FIGURE: Post-closing trial balance columns = $51,300 The adjusted trial balance at April 30,2017 for Willard Co. follows Debit Credit 101 Cash 3,600 106 Account receivable 8,500 153 Trucks 26,000 154 Accumulated depreciation, trucks 8,250 193 Franchise 13,200 201 Accounts Payable 9,600 209 Salaries Payable 3,200 233 Unearned Revenue 1,300 301 Sid Willard, capital 29,100 302 Sid Willard, withdrawals. 9,600 401 Plumbing Revenue 42,050 611 Depreciation Expense, Trucks...

Need Income Statement Need Statement of Retained Earnings, Balance Sheet, Closing Entries ABC Corporation Unadjusted Trial...

Need Income Statement Need Statement of Retained Earnings, Balance Sheet, Closing Entries ABC Corporation Unadjusted Trial Balance December 31, 2016 Debit Credit Cash 759,444 Accounts receivable 442,120 Allowance for doubtful accounts - Inventory Allowance to Reduce Inventory to NRV - Purchases 247,000 Prepaid insurance 6,750 Land 88,000 Building 37,500 Accumulated depreciation: building 1,150 Equipment 21,600 Accumulated depreciation: equipment 9,000 Patent 50,000 Accounts payable 88,851 Notes payable 40,000 Income taxes payable 99,000 Unearned rent revenue 13,500 Bonds Payable 700,000 Premium on...

Subjects