The following information relates to TipTopTea for the year
ended 30 June 2020. Accounts payable 82,500...
The following information relates to TipTopTea for the year
ended 30 June 2020. Accounts payable 82,500 Accounts receivable
7,500 Accumulated depreciation- Equipment 11,800 Bank Loan (due in
2025) 38,000 Capital 105,400 Cash at bank 186,400 Depreciation
expense-Equipment 8,600 Drawings 4,000 Electricity expense 7,500
Equipment 180,000 Prepaid rent 16,500 Rent expense 32,000 Service
revenue 282,600 Supplies 3,900 Unearned revenue 19,200 Wages
expense 135,400 Wages payable 42,500 Required; Prepare the closing
entries for TipTopTea as at 30 June 2020. Narrations are required.
Prepare a multiple-step income statement for Yazdy Company for
2020
DR.
CR.
Accounts Payable
26,000
Accounts...
Prepare a multiple-step income statement for Yazdy Company for
2020
DR.
CR.
Accounts Payable
26,000
Accounts Receivable
57,000
Accumulated Depreciation – Equipment
40,000
Depreciation Expense
13,000
Sales Revenue
250,000
Cash
25,000
Common Stock
50,000
Equipment
150,000
Investment in Debt Securities
45,000
Freight-out
5,000
Insurance Expense
2,500
Salaries and Wages expense
30,000
Rent Expense
20,000
Sales Discount
8,000
Retained Earnings
25500
Prepaid Insurance
7,500
Sales Return and Allowance
12,000
Gain on Disposal of Plant Asset
6,000
Dividends
7,000
Interest Expense
7,500...
The information below was provided by
Hanna’s shop at 30 June 2019.
Item
$
Capital (at...
The information below was provided by
Hanna’s shop at 30 June 2019.
Item
$
Capital (at 1 July 2018)
925,000
Bank loan (due in 2025)
421,000
Machine
175,000
Bank overdraft
42,000
Accounts receivable
50,000
Depreciation on Assets
20,000
Drawings
160,000
Accounts payable
95,000
Cash at Bank
85,000
Investment revenue – rent received
70,000
Rental expenses on factory
38,000
Wages and Salaries
125,000
Service revenue
385,000
Land and Buildings
1,285,000
Prepare an income
statement, a statement of changes in
equity and...
Skolnick Co. was organized on April 1, 2020. The company
prepares quarterly financial statements. The unadjusted...
Skolnick Co. was organized on April 1, 2020. The company
prepares quarterly financial statements. The unadjusted trial
balance at June 30 are shown below.
Debit
Credit
Cash
$ 6,700
Accounts Receivable
600
Prepaid Rent
900
Supplies
1,000
Equipment
15,000
Owner’s Drawings
600
Salaries and Wages Expense
9,400
Rent Expense
1,500
Depreciation Expense
850
Supplies Expense
200
Utilities Expense
510
Interest Expense
50
Accumulated Depreciation
$ 850
Notes Payable
5,000
Accounts Payable
1,510
Salaries and Wages Payable
400
Interest Payable
50...
At December 31, 2020, account balances after adjustments for Sky
Company are as follows:
...
At December 31, 2020, account balances after adjustments for Sky
Company are as follows:
Account
Balances
Accounts (After
Adjustment)
Cash
$ 70,000
Supplies
10,000
Equipment
125,000
Accumulated Depreciation—Equipment 30,000
Notes
Payable
42,500
Accounts
Payable
12,500
Sky’s
Capital
50,000
Sky’s
Drawings
20,000
Service
Revenue
285,000
Advertising Expense 47,000
Depreciation Expense 10,000
Rent
Expense
65,000
Salaries
Expense
60,000
Maintenance Expense 3,000
Utilities
Expense
10,000
Required:
Prepare the closing journal entries for Sky Company on December
31, 2020.
DR.
CR.
Accounts Payable
26,000
Accounts Receivable
57,000
Accumulated Depreciation – Equipment
40,000
Depreciation Expense
13,000...
DR.
CR.
Accounts Payable
26,000
Accounts Receivable
57,000
Accumulated Depreciation – Equipment
40,000
Depreciation Expense
13,000
Sales Revenue
250,000
Cash
25,000
Common Stock
50,000
Equipment
150,000
Investment in Debt Securities
45,000
Freight-out
5,000
Insurance Expense
2,500
Salaries and Wages expense
30,000
Rent Expense
20,000
Sales Discount
8,000
Retained Earnings
25500
Prepaid Insurance
7,500
Sales Return and Allowance
12,000
Gain on Disposal of Plant Asset
6,000
Dividends
7,000
Interest Expense
7,500
Salaries and Wages Payable
2,500
Income tax Expense
6,500
Advertising...
1 The ledger of Uniform Ltd on 30 June of the current year
includes these selected...
1 The ledger of Uniform Ltd on 30 June of the current year
includes these selected accounts and corresponding account numbers
before adjusting entries have been prepared.
Debits
Credits
100
Prepaid insurance
$14,040
110
Supplies
8,030
120
Equipment
96,950
121
Accumulated
depreciation—equipment
$33,050
200
Bank loan
70,560
210
Rent revenue received in
advance
34,830
300
Rent revenue
214,360
400
Interest expense
—
410
Wage expense
50,320
An analysis of the accounts shows the following.
1.
The equipment depreciates
$1,530 per...
Sheridan Company ended its fiscal year on July 31, 2020. The
company’s adjusted trial balance as...
Sheridan Company ended its fiscal year on July 31, 2020. The
company’s adjusted trial balance as of the end of its fiscal year
is as follows.
Sheridan Company
Adjusted Trial Balance
July 31, 2020
No.
Account Titles
Debit
Credit
101
Cash
$8,100
112
Accounts Receivable
8,900
157
Equipment
15,800
158
Accumulated Depreciation—Equip.
$7,200
201
Accounts Payable
4,800
208
Unearned Rent Revenue
1,900
301
Owner’s Capital
44,900
306
Owner’s Drawings
16,400
400
Service Revenue
64,900
429
Rent Revenue
6,400
711
Depreciation...