Scribd Logo
Upload

Welcome to Scribd!

  • 181 views

    3B Adjusting Entries

    Uploaded by

    Ryoma Echizen
    This document provides information to prepare adjusting entries, an adjusted trial balance, and financial statements for a window washing company. It lists unadjusted account balances and adjustments needed for supplies, prepaid insurance, equipment depreciation, a note payable, unearned revenue, wages payable, and accounts receivable. The assistant must record adjusting entries, complete an adjusted trial balance, and prepare financial statements including an income statement, statement of changes in equity, and balance sheet. Closing entries are also required to be prepared.

    Copyright:

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

    3B Adjusting Entries

    Uploaded by

    Ryoma Echizen
    181 views2 pages
    This document provides information to prepare adjusting entries, an adjusted trial balance, and financial statements for a window washing company. It lists unadjusted account balances and adjustments needed for supplies, prepaid insurance, equipment depreciation, a note payable, unearned revenue, wages payable, and accounts receivable. The assistant must record adjusting entries, complete an adjusted trial balance, and prepare financial statements including an income statement, statement of changes in equity, and balance sheet. Closing entries are also required to be prepared.

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    This document provides information to prepare adjusting entries, an adjusted trial balance, and financial statements for a window washing company. It lists unadjusted account balances and adjustments needed for supplies, prepaid insurance, equipment depreciation, a note payable, unearned revenue, wages payable, and accounts receivable. The assistant must record adjusting entries, complete an adjusted trial balance, and prepare financial statements including an income statement, statement of changes in equity, and balance sheet. Closing entries are also required to be prepared.

    Copyright:

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

    3B Adjusting Entries

    Uploaded by

    Ryoma Echizen
    This document provides information to prepare adjusting entries, an adjusted trial balance, and financial statements for a window washing company. It lists unadjusted account balances and adjustments needed for supplies, prepaid insurance, equipment depreciation, a note payable, unearned revenue, wages payable, and accounts receivable. The assistant must record adjusting entries, complete an adjusted trial balance, and prepare financial statements including an income statement, statement of changes in equity, and balance sheet. Closing entries are also required to be prepared.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    You are on page 1of 2

    3B Adjusting Entries, the Adjusted Trial Balance Worksheet, Financial Statements,

    Closing Entries (and the kitchen sink.)


    Below is the September 30, 2024 unadjusted trial balance of CleanPanes Window Washers:
    Unadjusted TB Adjustments Adjusted TB
    DR CR DR CR DR CR
    Cash $1,600
    Accounts receivable 750
    Supplies 400
    Prepaid insurance 1,600
    Prepaid rent 800
    Equipment 20,000
    A.D. – Equipment $2,000
    Accounts payable 900
    Wages payable
    Interest payable
    Unearned washing revenue 600
    Note payable 4,000
    Common shares 1,000
    Retained earnings 2,550
    Dividends 1,000
    Washing revenue 38,000
    Wages expense 12,000
    Interest expense
    Depreciation expense
    Supplies expense
    Maintenance expense 100
    Insurance expense
    Rent expense 8,800
    Income tax expense 2,000
    Total $49,050 $49,050
    The company’s fiscal year end is September 30, and the following items require adjustment:

    a.) A count of supplies reveals $50 were on hand on September 30.


    b.) The $1,600 insurance policy was purchased on February 1, 2024.
    c.) The equipment was purchased last year. At the time of purchase, the estimated life of the equipment was
    10 years with no estimated residual value.
    d.) The $4,000 note payable was issued on July 1, 2024 and accrues interest at a 7% annual rate. The note is
    expected to be repaid in January of 2025.
    e.) On September 1, 2024 the company entered into a 6-month contract to provide window washing for a
    local restaurant. The restaurant paid $600 in advance for the service. CleanPanes has washed the
    restaurant’s windows properly up to September 30.
    f.) The company had an employee who had unpaid wages of $100 on September 30.
    g.) As of September 30, the company had completed, but not yet billed $250 worth of work.
    h.) The prepaid rent was for the months of August and September. It has all expired. Required:
    a.) As necessary, record adjusting journal entries based on items a.) through g.) above.
    b.) Using your adjusting journal entries, complete the adjusted trial balance.
    c.) Based on the adjusted trial balance, prepare an income statement, statement of changes in equity and a
    balance sheet. Assume no common shares were issued during the year.
    Prepare closing entries for the company.

    You might also like

    pFad - Phonifier reborn

    Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.

    Note: This service is not intended for secure transactions such as banking, social media, email, or purchasing. Use at your own risk. We assume no liability whatsoever for broken pages.


    Alternative Proxies:

    Alternative Proxy

    pFad Proxy

    pFad v3 Proxy

    pFad v4 Proxy