Posted on

Woods corporation Unadjusted Trial Balance Journalize the following adjusting entries Answer

Woods corporation Unadjusted Trial Balance Journalize the following adjusting entries Answer

Woods corporation
Unadjusted Trial Balance
December 31, 2014
Requirements:
a) Journalize the following adjusting entries as of 12/31/2014. Assume that all adjustments are
made on a monthly basis. Woods corporation fiscal year ends on 1/31
b) Post the adjusting entries to the unadjusted trial balance and prepare the adjusted trial balance.
A) The equipment was purchased on January 1 of this year. It has a 10 year life. There is no
salvage value. Use the straight line method.
B) The amount of supplies on hand as of December 31 is $1000.00
C) Fees earned and unbilled $ 1,200
D) Additional fees earned (collected in prior periods) $ 800.00
E) Wages incurred and not paid $ 700
F) Rent was prepaid on February 1 of this year for one year in the amount of $3000
Account title Debit Credit
Cash 18,570
Accounts Receivables 11,900
Supplies 1,820
Prepaid Rent 750
Equipment 12,000
Accumulated Depreciation 1,100
Accounts payable 1,050
Unearned Fees 2,800
Capital 37,800
Dividends 1400
Fees earned 51450
Wages Expense 28210
Rent expense 2250
Utilities expense 16040
Miscellaneous Expenses 1260
Total $94,200 $94,200
Question 3
M&D Inc
Adjusted Trial Balance
12/31/14
Complete the income statement and balance sheets columns of the worksheet using the following
information.
Account title Debit Credit
Cash 15,200
Accounts Receivable 200
Supplies 1000
Prepaid insurance 550
Equipment 5000
Accumulated Depreciation 40
Notes Payable 5000
Accounts Payable 2500
Unearned Service revenue 800
Salaries & wages payable 1200
Interest payable 50
Owner’s capital 10000
Owner’s drawing 500
Service revenue 10600
Salaries & wages expense 5200
Supplies expenses 1500
Rent expense 900
Insurance expense 50
Interest expense 50
Depreciation expense 40
Total 30,190 30,190
Question 4
Harvest incorporated
Adjusted Trial Balance
December 31, 2014
Account title Debit Credit
Cash $6,700
Accounts Receivable 600
Supplies 1,000
Prepaid rent 900
Equipment 15,000
Accumulated Depreciation 850
Notes Payable 5,000
Accounts Payable 1,510
Unearned rent revenue 500
Salaries & wages payable 400
Interest payable 50
Owner’s capital 14,000
Owner’s drawing 600
Service revenue 14,200
Salaries & wages expense 9,400
Supplies expenses 200
Rent expense 1,500
Utilities expense 510
Interest expense 50
Depreciation expense 850
Rent revenue 800
Total $37,310 $37,310
Requirements:
a) Prepare an income statement for the year ending 12/31/2014.
b) Prepare a balance sheet as of 12/31/2014.

For getting the instant download solution, Please click on the “PURCHASE” link below to get “Woods corporation Unadjusted Trial Balance Journalize the following adjusting entries Answer”.

For instant digital download of the above solution or tutorial, please click on the below link and make an instant purchase. You will be guided to the PAYPAL Standard payment page wherein you can pay and you will receive an email immediately with a download link. Please note that in case of technical glitch, the solutions will be emailed to you within 24 hours.

In case you find any problem in getting the download link or downloading the tutorial, please send us an email on mail@genietutorial.com

Woods corporation Unadjusted Trial Balance Journalize the following adjusting entries Answer

Leave a Reply

Your email address will not be published. Required fields are marked *