The unadjusted trial balance for People First as December 31, 2017 is provided on the trial balance tab.
Information for adjustments is as follows:
As of December 31, 2017, employees had earned $1,800 of unpaid and unrecorded salaries. The next payday is January 4, at which time $2,250 of salaries will be paid.
The cost of supplies still available at December 31, 2017, is $2,000.
The notes payable requires an interest payment to be made every three months. The amount of unrecorded accrued interest at December 31, 2017, is $2,300. The next interest payment, at an amount of $2,760, is due on January 15, 2018.
Analysis of the unearned member fees account shows $2,000 remaining unearned at December 31, 2017.
In addition to the member fees included in the revenue account balance, the company has earned another $10,800 in unrecorded fees that will be collected on January 31, 2018. The company is also expected to collect $11,000 on that same day for new fees earned in January 2018.
Depreciation expense for the year is $21,200.
I just need help/ answers for the general journal!
Unadjusted
PEOPLE FIRST | ||
Trial Balance | ||
December 31, 2017 | ||
Account Title | Debit | Credit |
---|---|---|
Cash | 129,880 | |
Supplies | 10,000 | |
Equipment | 106,000 | |
Accumulated depreciation - Equipment | 42,400 | |
Unearned member fees | 18,000 | |
Long-term notes payable | 92,000 | |
P. Clark, Capital | 90,000 | |
P. Clark, Withdrawals | 27,000 | |
Member fees earned | 52,000 | |
Salaries expense | 16,000 | |
Interest expense | 5,520 | |
Total | 294,400 |
294,400 |
Accounts Title and explanations | Debit $ | Credit $ | |||
salaries expense | 1,800 | ||||
Salaries payable | 1,800 | ||||
(for salaries due but not paid) | |||||
Supplies expense Account Dr. | 8,000 | ||||
Supplies epxnese | 8,000 | ||||
(for supplies consumed) | |||||
Interest expense Account Dr. | 2,300 | ||||
Interest payable Account | 2,300 | ||||
(for Interest due not paid) | |||||
Unearned member fees Account Dr. | 16,000 | ||||
Member fees earned | 16,000 | ||||
(for recognizing the member fees) | |||||
Accounts Receivable Account Dr. | 10,800 | ||||
Member fees earned | 10,800 | ||||
(for revenue earned but uncollectible) | |||||
Depreciation expense Account Dr. | 21,200 | ||||
Accumulated depreciation-equipment | 21,200 | ||||
(for charging the depreciation) |
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