Maurice Tutor

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Teaching Since: May 2017
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 23 Jul 2017 My Price 10.00

Nose worthy Investigators

The unadjusted trial balance and information for the accounting adjustments of Nose worthy Investigators follow. Each team member involved in this project is to assume one of the four responsibilities listed. After completing each of these responsibilities, the team should work together to prove the accounting equation utilizing information from teammates (1 and 4). If your equation does not balance, you are to work as a team to resolve the error. The team’s goal is to complete the task as quickly and accurately as possible.

Unadjusted Trial Balance

Account Title

Debit

Credit

Cash

15,000

  

Supplies

11,000

  

Prepaid insurance

2,000

  

Equipment

24,000

  

Accumulated depreciation — Equipment

 

$6,000

Accounts payable

 

2,000

D. Noseworthy, Capital

 

31,000

D. Noseworthy, Withdrawals

5,000

  

Investigation fees earned

 

32,000

Rent expense

14,000

  

Totals

$71,000

$71,000

Additional Year-End Information

a. Insurance that expired in the current period amounts to $1,200.

b. Equipment depreciation for the period is $3,000.

c. Unused supplies total $4,000 at period-end.

d. Services in the amount of $500 have been provided but have not been billed or collected.

Responsibilities for Individual Team Members

1. Determine the accounts and adjusted balances to be extended to the balance sheet columns of the work sheet for Nose worthy. Also determine total assets and total liabilities.

2. Determine the adjusted revenue account balance and prepare the entry to close this account.

3. Determine the adjusted account balances for expenses and prepare the entry to close these accounts.

4. Prepare T-accounts for both D. Nose worthy, Capital (reflecting the unadjusted trial balance amount) and Income Summary. Prepare the third and fourth closing entries. Ask teammates assigned to parts 2 and 3 for the postings for Income Summary. Obtain amounts to complete the third closing entry and post both the third and fourth closing entries. Provide the team with the ending capital account balance.

5. The entire team should prove the accounting equation using post-closing balances.

Answers

Maurice Tutor
(5)
Status NEW Posted 23 Jul 2017 09:07 PM My Price 10.00

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