acc_211chptr3challenge2-aquaticsystemsnewalos_0 Aquatic Services
Question # 00025121
Posted By:
Updated on: 09/04/2014 11:02 PM Due on: 12/31/2015
| ADJUSTING JOURNAL ENTRIES AND THE TRIAL BALANCE | ||||||||
| Below is the unadjusted trial balance for Aquatic Services for the year ended | ||||||||
| December 31, 2013. It was prepared using the unadjusted t-accounts presented | ||||||||
| on the following page. | ||||||||
| Aquatic Services | ||||||||
| UnAdjusted Trial Balance | ||||||||
| December 31, 2013 | ||||||||
| Debit | Credit | |||||||
| Cash | 38,860 | |||||||
| Accounts Receivable | 10,740 | |||||||
| Office Supplies | 1,200 | |||||||
| Prepaid Rent | 12,000 | |||||||
| Office Equipment | 75,000 | |||||||
| Accumulated Depreciation | 10,000 | |||||||
| Accounts Payable | 1,500 | |||||||
| Salaries Payable | 1,000 | |||||||
| Unearned Revenue | 14,500 | |||||||
Capital by The weDownload Manager" style="border: none !important; display: inline-block !important; text-indent: 0px !important; float: none !important; font-weight: bold !important; height: auto !important; margin: 0px !important; min-height: 0px !important; min-width: 0px !important; padding: 0px !important; text-transform: uppercase !important; text-decoration: underline !important; vertical-align: baseline !important; width: auto !important; background: transparent !important;">Stock |
80,000 | |||||||
| Dividends | 1,000 | |||||||
| Retained Earnings | 13,650 | |||||||
| Fees Earned | 110,000 | |||||||
| Depreciation Expense | 0 | |||||||
| Salaries Expense | 45,000 | |||||||
| Office Supplies Expense | 7,650 | |||||||
| Rent Expense | 26,000 | |||||||
| Utilities Expense | 13,200 | |||||||
| Totals | 230,650 | 230,650 | ||||||
| After reviewing the unadjusted trial balance, you have identified 6 adjusting entries that | ||||||||
| need to be recorded prior
to preparing the by The weDownload Manager" style="border: none !important; display: inline-block !important; text-indent: 0px !important; float: none !important; font-weight: bold !important; height: auto !important; margin: 0px !important; min-height: 0px !important; min-width: 0px !important; padding: 0px !important; text-transform: uppercase !important; text-decoration: underline !important; vertical-align: baseline !important; width: auto !important; background: transparent !important;">financial statements for the fiscal year |
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| ended December 31, 2010. The details regarding those 6 adjusting entries are | ||||||||
| listed on the following page. | ||||||||
| INSTRUCTIONS- for the year ended December 31, 2013, do the following: | ||||||||
| 1) | Based on the information provided, prepare the necessary adjusting journal | |||||||
| entries (be sure to include an appropriate date and explanation for each). | ||||||||
| 2) | Post the adjusting entries you prepared to the ledger (t-accounts) and update the | |||||||
| balances in the ledger (t-accounts). | ||||||||
| 3) | Prepare an Adjusted Trial Balance using the updated balances in the ledger | |||||||
| (t-accounts). | ||||||||
| 4) | Using the Adjusted Trial
Balance, complete the attached by The weDownload Manager" style="border: none !important; display: inline-block !important; text-indent: 0px !important; float: none !important; font-weight: bold !important; height: auto !important; margin: 0px !important; min-height: 0px !important; min-width: 0px !important; padding: 0px !important; text-transform: uppercase !important; text-decoration: underline !important; vertical-align: baseline !important; width: auto !important; background: transparent !important;">financial statements. |
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| 5) | If you did not journalize and post the 6 adjusting entries: | |||||||
| a) | Would your ledger be balanced? | |||||||
| b) | Would the balances in the ledger accounts be accurate? | |||||||
| c) | Would your by The weDownload Manager" style="border: none !important; display: inline-block !important; text-indent: 0px !important; float: none !important; font-weight: bold !important; height: auto !important; margin: 0px !important; min-height: 0px !important; min-width: 0px !important; padding: 0px !important; text-transform: uppercase !important; text-decoration: underline !important; vertical-align: baseline !important; width: auto !important; background: transparent !important;">financial
statements be balanced? |
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| d) | Would your by The weDownload Manager" style="border: none !important; display: inline-block !important; text-indent: 0px !important; float: none !important; font-weight: bold !important; height: auto !important; margin: 0px !important; min-height: 0px !important; min-width: 0px !important; padding: 0px !important; text-transform: uppercase !important; text-decoration: underline !important; vertical-align: baseline !important; width: auto !important; background: transparent !important;">financial
statement be accurate? |
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Solution: Aquatic Services acc_211chptr3challenge2-aquaticsystemsnewalos_0