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    Acctg Midterms-Cosico

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    Kyla Marie Bayan
    1) The document shows the trial balance and adjusting entries for Cypress Serpentine Information Systems Company as of December 31, 2021. It includes accounts for assets, liabilities, equity, revenues and expenses. 2) Adjusting entries were made for supplies expense, unearned revenue, depreciation expense, and accrued salaries. 3) Financial statements were prepared - an adjusted trial balance, income statement and balance sheet as of December 31, 2021. The net income for the period is $1,026,000.

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    Acctg Midterms-Cosico

    Uploaded by

    Kyla Marie Bayan
    30 views6 pages
    1) The document shows the trial balance and adjusting entries for Cypress Serpentine Information Systems Company as of December 31, 2021. It includes accounts for assets, liabilities, equity, revenues and expenses. 2) Adjusting entries were made for supplies expense, unearned revenue, depreciation expense, and accrued salaries. 3) Financial statements were prepared - an adjusted trial balance, income statement and balance sheet as of December 31, 2021. The net income for the period is $1,026,000.

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    Acctg Midterms-Cosico.xlsx

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    1) The document shows the trial balance and adjusting entries for Cypress Serpentine Information Systems Company as of December 31, 2021. It includes accounts for assets, liabilities, equity, revenues and expenses. 2) Adjusting entries were made for supplies expense, unearned revenue, depreciation expense, and accrued salaries. 3) Financial statements were prepared - an adjusted trial balance, income statement and balance sheet as of December 31, 2021. The net income for the period is $1,026,000.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    30 views6 pages

    Acctg Midterms-Cosico

    Uploaded by

    Kyla Marie Bayan
    1) The document shows the trial balance and adjusting entries for Cypress Serpentine Information Systems Company as of December 31, 2021. It includes accounts for assets, liabilities, equity, revenues and expenses. 2) Adjusting entries were made for supplies expense, unearned revenue, depreciation expense, and accrued salaries. 3) Financial statements were prepared - an adjusted trial balance, income statement and balance sheet as of December 31, 2021. The net income for the period is $1,026,000.

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    Cypress Serpent

    UNADJUSTED TRIAL
    ACCOUNT TITLES BALANCE
    Debit
    Cash 45,000.00
    Notes Receivable 360,000.00
    Accounts Receivable 156,000.00
    Office Supplies 63,000.00
    Land 300,000.00
    Building 1,590,000.00
    Accumulated Depreciation - Building
    Equipment 2,150,000.00
    Accumulated Depreciation - Equipment
    Accounts Payable
    Unearned Consulting Revenues
    Serpentine, Capital
    Serpentine, Withdarawals 600,000.00
    Consulting Revenues
    Salaries Expense 875,000.00
    Repairs Expense 116,000.00
    Miscellaneaous Expense 37,000.00
    TOTALS 6,292,000.00

    Interest Receivable
    Salaries Payable
    Interest Income
    Supplies Expense
    Depreciation Expense - Building
    Depreciation Expense - Equipment
    TOTALS:

    Dec/31/2021
    ADJUSTING ENTRIES Debit
    1 Supplies Expense 43,000.00
    Office Supplies
    To recordUsed office supplies
    2 Unearned Consulting Revenues 150,000.00
    Consulting Revenues
    To record Revenues earned

    3 Depreciation Expense 38,000.00


    Accumulated Depreciation - Building
    To record Depreciation Building for the Year

    Depreciation Expense 123,000.00


    Accumulated Depreciation - Equipment
    To record Depreciation Equipment for the Year

    4 Salaries Expense 14,000.00


    Salaries payable
    To record Accrued salaries for the Year

    5 Interest Receivable 13,500.00


    Interest income
    To record Interest earned on notes receivable
    Cypress Serpentine Information Systems Company
    WORKSHEET
    Dec. 31, 2021

    NADJUSTED TRIAL ADJUSTED TRIAL


    ADJUSTMENTS
    BALANCE BALANCE
    Credit Debit Credit Debit Credit
    45,000.00
    360,000.00
    156,000.00
    43,000.00 20,000.00
    300,000.00
    1,590,000.00
    254,000.00 38,000.00 292,000.00
    2,150,000.00
    612,000.00 123,000.00 735,000.00
    213,000.00 213,000.00
    450,000.00 150,000.00 300,000.00
    2,655,000.00 2,655,000.00
    600,000.00
    2,108,000.00 150,000.00 2,258,000.00
    14,000.00 889,000.00
    116,000.00
    37,000.00
    6,292,000.00

    13,500.00 13,500.00
    14,000.00 14,000.00
    13,500.00 13,500.00
    43,000.00 43,000.00
    38000 38,000.00
    123000 123,000.00
    381,500.00 381,500.00 6,480,500.00 6,480,500.00
    NET INCOME
    TOTAL

    Credit

    43,000.00
    150,000.00

    38,000.00

    123,000.00

    14,000.00

    13,500.00
    STATEMENT OF
    STATEMENT OF
    FINANCIAL Date
    FINANCIAL POSITION
    PERFORMANCE
    Debit Credit Debit Credit DEC. 31
    45,000.00
    360,000.00
    156,000.00
    20,000.00
    300,000.00 DEC. 31
    1,590,000.00
    292,000.00
    2,150,000.00
    735,000.00
    213,000.00
    300,000.00
    2,655,000.00
    600,000.00
    2,258,000.00
    889,000.00
    116,000.00
    37,000.00

    13,500.00
    14,000.00
    13,500.00
    43,000.00
    38,000.00
    123,000.00
    1,259,500.00 2,285,500.00 5,221,000.00 4,195,000.00
    1,026,000.00 1,026,000.00
    2,285,500.00 2,285,500.00 5,221,000.00 5,221,000.00
    Closing Entries PR Debit Credi
    Consulting Revenues 2,258,000.00
    Interest Income 13,500.00
    Income Summary 2,271,500.00
    To close revenues

    Income Summary 1,246,000.00


    Salaries Expense 889,000.00
    Repairs Expense 116,000.00
    Miscellaneous Expense 37,000.00
    Supplies Expense 43,000.00
    Depreciation Expense - Building 38,000.00
    Depreciation Expense - Equipment 123,000.00
    To close all expenses

    Income Summary 1,025,500.00


    Owners Equity 1,025,500.00

    Owners Equity 600,000.00


    Serpentine, Withdrawals 600,000.00

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