P4-7 Recording Adjustng and Closing EnTries
I need assistance with the attached problem, P4-7, parts 1-3 please.
P4-7 Recording Adjustng and Closing EnTries and Preparing a Balance SheeT and Income STaTemenT Including Earnings per Share LO4-1, 4-2, 4-4 Tunstall, Inc., a small service company, keeps its records without the help of an accountant. AFer much e±ort, an outside accountant prepared the following unadjusted trial balance as of the end of the annual accoun²ng period, December 31, 2014: Account Titles Debit Credit $ 42,000 11,600 900 800 19,000 $ 9,200 8,300 3,000 17,000 400 19,000 6,000 61,360 33,360 $ 115,960 $ 115,960 Data not yet recorded at December 31, 2014, included: a. The supplies count on December 31, 2014, re³ected $300 remaining supplies on hand to be used in 2015. b. Insurance expired during 2014, $800. c. Deprecia²on expense for 2014, $3,700. d. Wages earned by employees not yet paid on December 31, 2014, $640. e. Income tax expense, $5,540. Required: 1 selecT "No journal enTry required" in The frsT accounT feld.) Transac²on General Journal Debit Credit a. b. c. d. e. Required: 2-a. Prepare an income sTaTemenT ThaT includes The eFecTs o± The preceding fve Transactons. (Round "Earnings per share" To 2 decimal places.) ²UNS²ALL, INC. Income STaTemenT ³or The Year Ended December 31, 2014 Cash Accounts receivable Supplies Prepaid insurance Service trucks Accumulated deprecia²on Other assets Accounts payable Wages payable Income taxes payable Note payable (3 years; 10% interest due each December 31) Common stock (5,000 shares outstanding) Addi²onal paid-in capital Retained earnings Service revenue Remaining expenses (not detailed; excludes income tax) Income tax expense Totals Record The 2014 adjustng enTries. (I± no enTry is required ±or a Transacton/evenT,
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Posted 12 Dec 2017 02:12 PM
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