Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 25 Sep 2017 My Price 4.00

Omer Asik

Omer Asik began operations as a private investigator on January 1, 2012. The trial balance columns of the worksheet for Omer Asik, P.I. at March 31 are as follows.

OMER ASIK, P.I.

Worksheet

For the Quarter Ended March 31, 2012
 

Trial Balance

Account Titles

Dr.

Cr.

Cash

11,400

  

Accounts Receivable

5,620

  

Supplies

1,050

  

Prepaid Insurance

2,400

  

Equipment

30,000

  

Notes Payable

  

10,000

Accounts Payable

  

12,350

Owner’s Capital

  

20,000

Owner’s Drawings

600

  

Service Revenue

  

13,620

Salaries and Wages Expense

2,200

  

Travel Expense

1,300

  

Rent Expense

1,200

  

Miscellaneous Expense

200

  
 

55,970

55,970

Other data:

1. Supplies on hand total $480.

2. Depreciation is $800 per quarter.

3. Interest accrued on 6-month note payable, issued January 1, $300.

4. Insurance expires at the rate of $200 per month.

5. Services provided but unbilled at March 31 total $1,030.

Instructions

(a) Enter the trial balance on a worksheet and complete the worksheet.

(b) Prepare an income statement and owner’s equity statement for the quarter and a classified balance sheet at March 31. O. Asik did not make any additional investments in the business during the quarter ended March 31, 2012.

(c) Journalize the adjusting entries from the adjustments columns of the worksheet.

(d) Journalize the closing entries from the financial statement columns of the worksheet.

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Sep 2017 02:09 PM My Price 4.00

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