Total $46,050 $46,050

Requirements:

a) Journalize the following transactions using the file called student Template.

b) Post them to the general ledgers or T accounts using the same file.

1) Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $1,550.

2) Received cash from clients on account, $1,750.

3) Paid cash for a newspaper advertisement, $100

4) Paid Office Station Co., previously posted to accounts payable for, $400

5) Recorded services provided on account for the period May 1-15, $5,100.

6) Paid part-time receptionist for two weeks' salary including the amount owed on April 30, $750

7) Recorded cash received from cash clients for fees earned during the period May 1-16, $7,380

8) Purchased supplies on account, $500.

9) Recorded services provided on account for the period May 16-20, $2,900.

11) Received cash from clients on account, $6,600.

12) Paid part-time receptionist for two weeks' salary, $750.

Question 2

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

( 10 )Recorded cash from cash clients for fees earned for the period May 17-23, $4,200. )

F) Rent was prepaid on February 1 of this year for one year in the amount of $3000 .

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 Cash 15,200 Accounts Receivable 200 Supplies 1000 Prepaid insurance 550 Equipment 5000 Accumulated Depreciation Notes Payable Accounts Payable Unearned Service revenue Salaries & wages payable Interest payable Owner's capital Owner's drawing 500 Service revenue Salaries & wages expense 5200 Supplies expenses 1500 Rent expense 900 Insurance expense 50 Interest expense 50 Depreciation expense 40 Total 30,190 )Credit

40

5000

2500

800

1200

50

10000

10600

30,190

Question 4

Harvest incorporated Adjusted Trial Balance December 31, 2014

( Account title Debit Cash $6,700 Accounts Receivable 600 )Credit

( E) Wages incurred and not paid $ 700 )

( Supplies 1,000 Prepaid rent 900 Equipment 15,000 Accumulated Depreciation Notes Payable Accounts Payable Unearned rent revenue Salaries & wages payable Interest payable Owner's capital Owner's drawing 600 Service revenue Salaries & wages expense 9,400 Supplies expenses 200 Rent expense 1,500 Utilities expense 510 Interest expense 50 Depreciation expense 850 Rent revenue Total $37,310 )850

5,000

1,510

500

400

50

14,000

14,200

800

$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.

Question 5

Use the information provided below to prepare closing entries on 12/31/2014 and then prepare the post-closing trial balances as of 12/31/2014.

EZ Inc

Income Statement

For the year ended December 31, 2014

Service revenue $19,000

Expenses

EZ Inc Balance sheet

As of December 31, 2014

Current Assets

Assets

Cash $2,000

Accounts receivable 1,300

Supplies 600

Prepaid insurance 500

Total current assets 4,400

( Equipment $5,000 Less: Accumulated depreciation- Equipment 500 Total assets )4,500

8,900

Liabilities

Liabilities and Owner's Equity

Notes payable $5,000

Accounts payable 700

Interest payable 100

Salaries payable 1,300

Total liabilities 7,100

Owner's equity

Owner's capital 1,800

Total liabilities and owner's equity $8,900