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The balances in the ledger of Good Landscape Services as of January 31 before adjustments are...

The balances in the ledger of Good Landscape Services as of January 31 before adjustments are as follows:

Cash $ 6,750 Dalton Good, Capital $29,775
Supplies 3,900 Dalton Good, Drawing 3,425
Prepaid Insurance 8,400 Service Revenue 56,300
Equipment 41,750 Salary Expense 24,300
Accumulated Depreciation 9,950 Rent Expense 6,000
Miscellaneous Expense 1,500

Adjustment data are as follows: supplies on hand, January 31, $900; insurance expired for January, $1,100; depreciation on equipment for January, $1,600; salaries accrued, January 31, $1,650.

a. Prepare a 10-column end-of-period spreadsheet for Good Landscape Services for January. If an amount box does not require an entry, leave it blank.

Good Landscape Services
End-of-Period Spreadsheet
For the Month Ended January 31
Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet
Account Title Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
Cash
Supplies
Prepaid Insurance
Equipment
Accumulated Depreciation
Dalton Good, Capital
Dalton Good, Drawing
Service Revenue
Salary Expense
Rent Expense
Miscellaneous Expense
Supplies Expense
Insurance Expense
Depreciation Expense
Salaries Payable
Net Income

b. On the basis of the work sheet in (a), present the following in good order: (1) income statement, (2) statement of owner's equity (assume no additional owner investments were made during the month), and (3) balance sheet.

Good Landscape Services
Income Statement
For the Month Ended January 31
Service revenue $
Expenses:
Salary expense $
Rent expense
Depreciation expense
Supplies expense
Insurance expense
Miscellaneous expense
Total expenses
Net income $
Good Landscape Services
Statement of Owner's Equity
For the Month Ended January 31
Dalton Good, capital, January 31 $
Dalton Good, capital, January 31 $
Dalton Good, capital, January 31
Increase in owner's equity
Withdrawals $
Good Landscape Services
Balance Sheet
January 31
Assets
Current assets:
Cash $
Supplies
Prepaid insurance
Total current assets $
Property, plant, and equipment:
Equipment $
Less accumulated depreciation
Total property, plant, and equipment
Total assets $
Liabilities
Current liabilities:
Salaries payable $
Owner's Equity
Dalton Good, capital
Total liabilities and owner's equity $

c. On the basis of the work sheet in (a) journalize the closing entries as of January 31. If an amount box does not require an entry, leave it blank.

Jan. 31 Unearned Revenues
Salary Expense
Rent Expense
Supplies Expense
Depreciation Expense
Insurance Expense
Miscellaneous Expense
Miscellaneous Expense
Jan. 31 Depreciation Expense
Salary Expense

Solutions

Expert Solution

(a). Sloution:

(b). Solution:

ekkarill92 answered 1 year ago
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