Location via proxy:   [ UP ]  
[Report a bug]   [Manage cookies]                
Scribd Logo
Upload

Welcome to Scribd!

  • 41 views

    Tutorial 3 - Questions - Revised

    Uploaded by

    Huang Zhanyi
    The document provides trial balances for Johnson Company before and after adjustments on December 31, 2022. It lists accounts and balances. It then asks to prepare the journal entries required to adjust the accounts and prepare the closing entries. It also provides a post-closing trial balance for Anderson Company on December 31, 2021 and lists transactions during 2022, asking to record entries, update T-accounts, and prepare financial statements through closing entries and a post-closing trial balance.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Tutorial 3 - Questions - Revised

    Uploaded by

    Huang Zhanyi
    41 views2 pages
    The document provides trial balances for Johnson Company before and after adjustments on December 31, 2022. It lists accounts and balances. It then asks to prepare the journal entries required to adjust the accounts and prepare the closing entries. It also provides a post-closing trial balance for Anderson Company on December 31, 2021 and lists transactions during 2022, asking to record entries, update T-accounts, and prepare financial statements through closing entries and a post-closing trial balance.

    Original Title

    Tutorial 3_Questions_Revised

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    The document provides trial balances for Johnson Company before and after adjustments on December 31, 2022. It lists accounts and balances. It then asks to prepare the journal entries required to adjust the accounts and prepare the closing entries. It also provides a post-closing trial balance for Anderson Company on December 31, 2021 and lists transactions during 2022, asking to record entries, update T-accounts, and prepare financial statements through closing entries and a post-closing trial balance.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    41 views2 pages

    Tutorial 3 - Questions - Revised

    Uploaded by

    Huang Zhanyi
    The document provides trial balances for Johnson Company before and after adjustments on December 31, 2022. It lists accounts and balances. It then asks to prepare the journal entries required to adjust the accounts and prepare the closing entries. It also provides a post-closing trial balance for Anderson Company on December 31, 2021 and lists transactions during 2022, asking to record entries, update T-accounts, and prepare financial statements through closing entries and a post-closing trial balance.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    Tutorial 3

    P 4-10
    LO2, LO3
    Unifying Concepts: Adjusting Entries
    The unadjusted and adjusted trial balances of Johnson Company as of December 31, 2022 are
    shown below.

    Unadjusted Adjusted
    Debit Credit Debits Credit
    Cash........................................... $ 97,500 $ 97,500
    Accounts Receivable................ 96,500 96,500
    Prepaid Rent............................. 20,500 5,500
    Prepaid Insurance.................... 5,000 1,000
    Accounts Payable...................... $ 79,000 $ 79,000
    Salaries Payable........................ 12,000
    Income Tax Payable.................. 1,200
    Interest Payable......................... 1,200 2,000
    Capital Stock.............................. 95,000 95,000
    Retained Earnings..................... 3,200 3,200
    Service Revenue....................... 250,000 250,000
    Salaries Expense....................... 180,000 192,000
    Rent Expense............................ 22,000 37,000
    Insurance Expense.................... 1,200 5,200
    Interest Expense ....................... 900 1,700
    Income Tax Expense................. 4,800 _______ ___6,000 _______
    Total........................................$428,400 $428,400 $442,400 $442,400

    Required:
    Prepare the journal entries that are required to adjust the accounts on December 31, 2022.

    P 4-11
    LO 4
    Unifying Concepts: Closing Entries
    Refer to P 4-10. Prepare the closing entries on December 31, 2022.

    P 4-15
    LO5
    Unifying Concepts: The Accounting Cycle
    The post-closing trial balance of Anderson Company at December 31, 2021, is shown here.

    Anderson Company
    Post-Closing Trial Balance
    December 31, 2021
    Debit Credit
    Cash..................................................................................................... $ 15,000
    .............................................................................................................
    Accounts Receivable........................................................................... 20,000
    .............................................................................................................
    Land..................................................................................................... 180,000
    .............................................................................................................
    Accounts Payable................................................................................ $ 25,000
    Notes Payable..................................................................................... 35,000
    Capital Stock........................................................................................ 125,000
    Retained Earnings............................................................................... 30,000
    Totals................................................................................................ $215,000 $215,000

    During 2022, Anderson Company had the following transactions:


    a. Land purchases were $80,000, all on credit.
    b. An additional $10,000 of capital stock was issued for cash.
    c. Services were provided for $180,000; $100,000 was on credit and the balance was by cash.
    d. The notes and the associated interest $7,000 were paid.
    e. $105,000 was collected from customers.
    f. $95,000 was paid to reduce accounts payable.
    g. Salaries expense was $30,000, all paid in cash.
    h. A $10,000 cash dividend was declared and paid.

    Required:
    1. Prepare journal entries to record each of the 2022 transactions.
    2. Set up T-accounts with the proper balances at January 1, 2022, and post the journal entries to
    the T-accounts.
    3. Prepare a statement of comprehensive income for the year ended December 31, 2022, and a
    balance sheet as of that date. Also prepare a statement of retained earnings.
    4. Prepare the entries necessary to close the nominal accounts, including Dividends.
    5. Post the closing entries to the ledger accounts [label (i) and (j)] and prepare a post-closing
    trial balance at December 31, 2022.

    You might also like