Requirement - 1 & 2 - Adjusting Journal Entries posted to General Ledger Cash
22,000
### Accounts Receivable
15,000
15,000 Prepaid Insurance
24,000
20,000
4,000 Equipment
95,000
95,000 Accounts Payable
12,000
12,000 Salaries Payable Interest Payable
0
1,050
1,050 Supplies
27,000
5,000 22,000 Accumulated Depr.
37,000
10,000
47,000 Utilities Payable 0
4,000
4,000 0
2,200
2,200 Notes Payable
35000
35000 Common Stock
35,000
35,000 Requirement - 1 & 2 - Adjusting Journal Entries posted to General Ledger (contd.) Retained Earnings
10,000
10,000 Dividends
3,000
3,000 Service Revenue
227,000
227,000 Salaries Expense
158,000
4,000
162,000 Depreciation Expense
0
10,000
10,000 Insurance Expense
0
20,000
20,000 Supplies Expense
0
22,000
22,000 Utilities Expense
12,000
2,200
14,200 Interest Expense
0
1,050
1,050 Requirement - 3 - Adjusted Trial Balance Accounts
Cash
Accounts Receivable
Supplies
Prepaid Insurance
Equipment
Accumulated Depr.
Accounts Payable
Salaries Payable
Utilities Payable
Interest Payable
Notes Payable
Common Stock
Retained Earnings
Dividends
Service Revenue
Salaries Expense
Depreciation Expense
Insurance Expense
Supplies Expense
Utilities Expense
Interest Expense
Total $ Debit
22,000
15,000
5,000
4,000
95,000 Credit $ 47,000
12,000
4,000
2,200
1,050
35,000
35,000
10,000 3,000
227,000 $ . 162,000
10,000
20,000
22,000
14,200
1,050
373,250 $
373,250
- 373,250
373,250 Check figures
- Dif Requirement - 4 - Financial Statements (12/31/2018)
Jaguar Auto Company
Income Statement
For the year ended Dec. 31, 2018
Service Revenue
$
Expenses:
Salaries
$
162,000
Depreciation
10000
Insurance
20000
Supplies
22000
Utilities
14200
Interest
1050
Total Expenses
229250
Net Income (Loss)
$
(2,250) 227,000 Jaguar Auto Company
Statement of Stockholders' Equity
For the year ended Dec. 31, 2018 Balance at Jan. 1
Issuance of Common Stock
Add/Less: Net Income/Loss
Less: Dividends
Balance at Dec. 31 Common Stock
35,000
0
0
0
35,000 Total
Retained
Stockholders'
Earnings
Equity
10,000
45,000
0
0
(2,250)
(2,250)
(3,000)
(3,000)
4,750
39,750 Jaguar Auto Company
Balance Sheet
Dec. 31, 2018
Assets
Current Assets:
Cash
Accounts Receivable
Supplies
Prepaid Insurance
Total Current Assets
Long-Term Assets:
Equipment
Accumulated Depr.
Total Long-Term Assets
Total Assets Liabilities
$ 22,000
15,000
5,000
4,000
46,000
95,000
(47,000)
48,000 $ 94,000
94,000 Check figures
0 Dif Accounts Payable
Salaries Payable
Utilities Payable
Interest Payable
Total current liabilities
Notes payable
Total Liabilities 12,000
4,000
2,200
1,050
19,250
35,000
54,250 Stockholders' Equity
Common Stock
Retained Earnings
Total Stockholders' Equity 35,000
4,750
39,750 Total Liabilities and
Stockholders' Equity
$
Check figures
Dif 94,000
94,000
0 Requirement - 5 - Closing Entries December 31, 2018
Service Revenue
Retained Earnings
Retained Earnings
Salaries Expense
Depreciation Expense
Insurance Expense
Suppies Expense
Utilities Expense
Interest Expense
Retained Earnings
Dividends Acct (debit)
227000 Acct (credit) Debit 227000
229250
162000
10000
20000
22000
14200
1050
3000
3000 Credit Requirement 6 - Post closing entries to general ledger Retained Earnings
229250
10000
3000 227000
4750 Dividends
3000
3000
0 Service Revenue
227000 227000
0 Salaries Expense
158000
4000 162000
0 Depreciation Expense
0
10000
10000
0 Insurance Expense
0
20000
20000
0 Supplies Expense
0
22000
22000
0 Utilities Expense
12000
2200
14200
0 Interest Expense
0
1050
1050
0 Requirement 7 - Post Closing Trial Balance Accounts
Cash
Accounts Receivable
Supplies
Prepaid Insurance
Equipment
Accumulated Depr.
Accounts Payable
Salaries Payable
Utilities Payable
Interest Payable
Notes Payable
Common Stock
Retained Earnings
Total Debit
22000
15000
5000
4000
95000 141000
141,000
0 Credit 47000
12000
4000
2200
1050
35000
35000
4750
141,000
141,000 Check figures
0 Dif

 

• 1492737055-P3-7B.xlsx

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Status NEW Posted 21 Apr 2017 01:04 AM My Price 20.00

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