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accounting
:confused: Ok I went through and did the ledger and came up with this trial balance
cash... 6695 accounts receivable... 1000 supplies... 1975 prepaid rent... 2475 prepaid insurance... 1800 office equipment... 9000 accounts payable... 900 unearned fees... 3500 common stock... 14950 dividends... 2100 fees earned... 6250 advertising expense... 225 utilities expense... 330 the cash, accounts receivable, supplies, prepaid rent, prepaid insurance, office equipment, dividends, advertising expense, and utility expense were all debit and accounts payable, unearned fees, common stock, and fees earned were all credited this is the info needed to make an adjusted trial balance a. Insurance expired during December is $150. b. Supplies on hand on December 31 are valued at $1,320. c. Depreciation of office equipment for December is $250. d. Rent expired during December is $825. e. Determined that company had performed $2,000 of the services for which it was paid on December 4th. Can you please help me make an adjusted trial balance and an income statement.I need to at least know my adjusted trial balance is correct |
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Adjusting Journal Entries
A) Dr. Insurance Expense 150 Cr. Prepaid Insurance 150 B) Dr. Supplies Expense 655 Cr. Supplies 655 Calculation = 1975-1320 C) Dr. Amortization Expense 250 Cr. Accumulated Amortization – Office Equipment 250 D) Dr. Rent Expense 825 Cr. Prepaid Rent 825 E) Dr. Unearned Revenue 2,000 Cr. Revenue 2,000 Adjusted trial balance: cash... 6695 accounts receivable... 1000 supplies... 1320 prepaid rent... 1650 prepaid insurance... 1650 office equipment... 9000 accounts payable... 900 unearned fees... 1500 common stock... 14950 dividends 2100 fees earned 8250 advertising expense... 225 utilities expense... 330 insurance expense…150 supplies expense…655 amortization expense…250 accumulated amortization – office equipment….250 rent expense…825 Company XYZ Income Statement For the month ended December 31, 2005 Fees Earned (Revenue) 8,250 Expenses: Advertising expense 225 Amortization expense 250 Insurance expense 150 Rent expense 825 Supplies expense 655 Utilities expense 330 TOTAL EXPENSES 2,435 NET INCOME 5,815 |
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