Question

In: Accounting

Chou Catering Instructions: Enter the following year-end adjustments on the worksheet. 2017 Dec 31 Chou Catering...

Chou Catering

Instructions: Enter the following year-end adjustments on the worksheet.

2017

Dec 31 Chou Catering signed an agreement with a customer, Jackson

Company, to provide breakfast and lunch daily from Dec 22 through

Jan 6 and receive $ 3,000 on the final day. Jackson Company is open

7 days a week including holidays.

Dec 31 The kitchen equipment has a three year life and a salvage value of

$14,800. The kitchen equipment was purchased on Feb 21, 2016.

Dec 31 The rent was paid in advance for three months on Nov 1, 2017.

Dec 31 Chou Catering received $13,500 on December 8 for 30 days to

cater holiday functions on the campus.

Dec 31

Dec 31 The insurance policy is for 2 years purchased on June 8, 2017.

Dec 31 The two employees earn a total of $1200 per week and are

paid every Friday. This year Dec 31 falls on a Tuesday and the two

employees worked their normal shift.

Chou Catering Services

Unadjusted Trial Balance

December 31, 2017

Cash 31500

Accounts Receivable 34200

Prepaid Rent 6300

Prepaid Insurance 9600

Cleaning Supplies 840

Kitchen Equipment 47200

Accumulated Deprec, Kitchen Equip 9000

Accounts Payable 6400

WagesPayable 0

Unearned CateringRevenue 13500

Chou,Capital 24000

Chou, Withdrawals 18000

Catering Revenue 209500

Advertising Expense 11160

Utilities Expense 7800

Rent Expense 31000

Office Equipment Rental Expense 3600

Wages Expense 61200

Cleaning Supplies Expense 0

Insurance Expense 0

Depreciation Expense, Kitchen Equipment 0

_______ _______

Totals 262400 262400

				Work Sheet
				For Month Ended Date, Year
									Balance Sheet &
	Unadjusted				Adjusted				Statement of
	Trial Balance		Adjustments		Trial Balance		Income Statement		Owner's Equity
Account Titles	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.
Cash	31500
Accounts Receivable	34200
Prepaid Rent	6300
Prepaid Insurance	9600
Cleaning Supplies	840
Kitchen Equipment	47200
Accum Deprec, K Eq		9000
Accounts Payable		6400
Wages Payable
Unearned Cater Rev		13500
Chou, Capital		24000
Chou, Withdrawals	18000
Catering Revenue		209500

Advertising Expense	11160
Utilities Expense	7800
Rent Expense	31000
Off Equip Rental Exp	3600
Wages Expense	61200
Cleaning Supplies Exp
Insurance Expense
Deprec Exp, K Eq
Totals	262400	262400



		need help filling in blanks

Expert Solution

For Month Ended Date & Year
									Balance sheet &
	Unadjusted				Adjusted				Statement of		Remark
	Trial Balance		Adjustments		Trial Balance		Income Statement		Owner's Equity
Account Titles	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.
Cash	$31,500				$31,500	$0
Accounts Receivable	$34,200		$1,875		$36,075	$0
Prepaid Rent	$6,300			$4,200	$2,100
Prepaid Insurance	$9,600			$2,722	$6,878						"=9600/730 days*207 days
Cleaning Supplies	$840				$840	$0
Kitchen Equipment	$47,200				$47,200	$0
Accum Deprec, K Eq		$9,000		$10,800	$0	$19,800
Accounts Payable		$6,400			$0	$6,400
Wages Payable				$686	$0	$686					=1200/7*4
Unearned Cater Rev		$13,500	$10,800		$2,700
Chou, Capital		$24,000				$24,000				$125,682
Chou, Withdrawals	$18,000				$18,000
Catering Revenue		$209,500		$12,675		$222,175		$234,850

Advertising Expense	$11,160				$11,160		$11,160
Utilities Expense	$7,800				$7,800		$7,800
Rent Expense	$31,000		$4,200		$35,200		$35,200
Off Equip Rental Exp	$3,600				$3,600		$3,600
Wages Expense	$61,200		$686		$61,886		$61,886
Cleaning Supplies Exp
Insurance Expense			$2,722		$2,722		$2,722
Deprec Exp, K Eq			$10,800		$10,800		$10,800				=(47200-14800)/3
Totals	$262,400	$262,400	$31,083	$31,083	$278,461	$273,061	$133,168	$234,850

ekkarill92 answered 1 year ago

prepare general journal entries on Dec 31 to record the following unrelated year end adjustments. a....

prepare general journal entries on Dec 31 to record the following unrelated year end adjustments. a. On October 1, the company received 4 months rent in advance from a tenant whose rent is $650 per month. The $2,000 was credited to the Unearned Rent account. b.) The prepaid insurance account has a $5,200 debit balance before adjustment. An examination of insurance policies shows $800 of unexpired insurance. c.) The company collects rent revenue monthly from its tenants. One tenant whose...

Langley Company's December 31 year-end financial statements contained the following errors: Dec. 31, 2017 Dec. 31,...

Langley Company's December 31 year-end financial statements contained the following errors: Dec. 31, 2017 Dec. 31, 2018 Ending inventory $27,500 understated $35,000 overstated Depreciation expense 10,000 overstated An insurance premium of $290,000 was prepaid in 2017 covering the years 2017, 2018, and 2019. The prepayment was correctly recorded with a debit to prepaid insurance. However, the prepaid insurance account at December 31, 2018 had a balance of $290,000. (a) What is the total net effect of the errors on the...

Complete a worksheet from a trial balance and adjustment data. Enter the adjustments in the adjustments...

Complete a worksheet from a trial balance and adjustment data. Enter the adjustments in the adjustments columns of the worksheet. Key adjusting entries by letter. Total the debit and credit columns. Then calculate the adjustedbalances, enter them in the adjusted trial balance columns on the worksheet, and again, total the debit and credit columns. J. Trent Worksheet Month Ended July 31, 201X Trial Balance Adjustments Account Titles Debit Credit Debit Credit Cash 32 Accounts Receivable 7 Prepaid Insurance 4 Store...

Cash and cash equivalents, Dec. 31 prior year-end $ 45,000 Cash and cash equivalents, Dec. 31...

Cash and cash equivalents, Dec. 31 prior year-end $ 45,000 Cash and cash equivalents, Dec. 31 current year-end 126,540 Cash received as interest 4,500 Cash paid for salaries 130,500 Bonds payable retired by issuing common stock (no gain or loss on retirement) 140,000 Cash paid to retire long-term notes payable 225,000 Cash received from sale of equipment 110,250 Cash received in exchange for six-month note payable 45,000 Land purchased by issuing long-term note payable 81,200 Cash paid for store equipment...

Period End Date 31-Dec-19 31-Dec-18 31-Dec-17 31-Dec-16 31-Dec-15 Total Inventories 17516000000 16450000000 15296000000 14760000000 14001000000 Cost...

Period End Date 31-Dec-19 31-Dec-18 31-Dec-17 31-Dec-16 31-Dec-15 Total Inventories 17516000000 16450000000 15296000000 14760000000 14001000000 Cost of Goods Sold incl. Depreciation 211248000000.00 163041000000.00 156258000000.00 148623000000.00 126762000000.00 Net Sales or Revenue 256577000000.00 194578000000.00 184786000000.00 177526000000.00 153290000000.00 Accounts Receivable Gross 17555000000 17303000000 13342000000 12450000000 12049000000 Accounts Payable 30972000000 26437000000 19223000000 17397000000 15143000000 Find the Operating cycle and Cash cycle (show work).

Prepare general journal entries on December 31 to record the following unrelated year-end adjustments. a. Estimated...

Prepare general journal entries on December 31 to record the following unrelated year-end adjustments. a. Estimated depreciation on office equipment for the year, SAR 2,000 b. The Prepaid Insurance account has a SAR 2,500 debit balance before adjustment. An examination of insurance policies shows SAR 350 of insurance expired c. The Prepaid Insurance account has a SAR 1,400 debit balance before adjustment. An examination of insurance policies shows SAR 400 of unexpired insurance d. The company has three office employees...

You are given the following information. Please use it for the following 31-Dec-16 31-Dec-16 31-dec-17 31-Dec-17...

You are given the following information. Please use it for the following 31-Dec-16 31-Dec-16 31-dec-17 31-Dec-17 stock Price Shares Price Shares w 50$ 10000 25$ 20000 x 40$ 5000 25$ 10000 y 20$ 20000 30$ 20000 z 30$ 15000 40$ 15000 Stocks W and X had 2 for 1 splits on December 31, 2016. The information in the table for 2016 is pre-split. 3.4 Calculate the price weighted series for Dec 31, 2016, prior to the splits. 3.5 Calculate the...

Dangles Corporation accountants have assembled the following data for the year ended December 31, 2017: Dec...

Dangles Corporation accountants have assembled the following data for the year ended December 31, 2017: Dec 31, 2017 Dec 31. 2016 Current Assets: $ $ Cash & Cash Equivalents 26,000 105,600 Accounts Receivable 69,300 64,200 Inventory 83,000 85,000 Current Liabilities: Accounts Payable 56,000 57,800 Income Tax Payable 16,700 15,000 The following transactions were also made available by the company for 2017: Issuance of common stock for cash $ 72,000 Depreciation expense 40,000 Purchase of equipment 105,000 Acquisition of land by...

Should have two general journals, one for dec 31 2016 and one for dec 31 2017....

Should have two general journals, one for dec 31 2016 and one for dec 31 2017. The inventories of Berry Company for the years 2016 and 2017 are as follows: Cost Market January 1, 2016 $10,000 $10,000 December 31, 2016 13,000 11,500 December 31, 2017 15,000 14,000 Berry uses a perpetual inventory system. Required: 1. Assume the inventory that existed at the end of 2016 was sold in 2017. Prepare the necessary journal entries at the end of each year...

Below is the comparative balance sheet for Swifty Corporation. Dec. 31, 2017 Dec. 31, 2016 Cash...

Below is the comparative balance sheet for Swifty Corporation. Dec. 31, 2017 Dec. 31, 2016 Cash $16,500 $20,900 Short-term investments 24,800 18,800 Accounts receivable 42,700 45,400 Allowance for doubtful accounts (1,700 ) (2,000 ) Prepaid expenses 4,200 2,400 Inventory 81,200 65,700 Land 49,700 49,700 Buildings 125,700 73,400 Accumulated depreciation—buildings (29,800 ) (22,800 ) Equipment 53,200 46,300 Accumulated depreciation—equipment (19,100 ) (15,500 ) Delivery equipment 38,800 38,800 Accumulated depreciation—delivery equipment (22,100 ) (20,700 ) Patents 15,200 –0– $379,300 $300,400 Accounts payable...