The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Account Title Cash Accounts receivable Prepaid rent Inventory office equipment Acumulated depreciation Accounts payable Notes payable (due in six months) Galarien payable Interest payable Common stock Retained earnings Sales revenue Cout of goods sold salaries expense ant expense … When you're ready, let's begin. 7. They all have the same purpose (i.e. 2. Anderson Cooper Co.Adjusted Trial BalanceDecember 31, 2020 Dr. Cr. ), American Chip Corporation's reporting year-end is December 31. The buildings have an estimated useful life of 50 years with no salvage value. 2. The last step in the accounting cycle is to prepare a post-closing trial balance. In this tutorial, we will prepare an income statement of a sole proprietorship service-type business using information from previous lessons. The unadjusted trial balance as of December 31, 2021, for the Bagley Consulting Company appears below. The following is a partial adjusted trial balance as of, (If no entry is required for a transaction/event, select, "No journal entry required" in the first account field.). The December 31, 2021, adjusted trial balance for Fightin’ Blue Hens Corporation is presented below. This preview shows page 2 - 5 out of 6 pages. For a limited time, find answers and explanations to over 1.2 million textbook exercises for FREE! Prepare an adjusted trial balance as of December 31, 2021.Jul.1Sell $20,000 of common stock to Suzie.Jul.1Sell $20,000 of common stock to Tony.Jul.1Purchase a one-year insurance policy for $4,680 ($390 per month) to cover injuries to Prepare an adjusted trial balance as of December 31. Depreciation on the office equipment for the year is $11,100. 2. The following is select account data from the adjusted trial balance for the year ended, December 31, 2018. Image Transcriptionclose. The next step is to post the adjusting journal entries. The buildings have an estimated useful life of … Solution. Get step-by-step explanations, verified by experts. Attendees will be charged $40 on the, mountain bikes, paying $11,300 cash.Jul.15On the day of the, clinic, Great Adventures receives cash of $2,000 from 50, Tony conducts the mountain biking clinic.Jul.22Because of, success of the first mountain biking clinic, Tony holds, mountain biking clinic and the company receives, radio station for advertising to appear immediately. The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Unadjusted trial balance: The adjusting entries for the first 11 months of the year 2015 have already been made. Adjusted Trial Balance At December 31 (in thousands of dollars) Account Titles Debit Credit Cash $58 Accounts Receivable 7 Prepaid Insurance Equipment 120 Accumulated Depreciation 8 Accounts Payable 7 Common Stock 116 Retained Earnings 17 Sales Revenue 131 Insurance Expense … Account Title Debits Credits Retained earnings 80,000 Sales revenue 750,000 Interest revenue 3,000 Cost of goods sold 420,000 Salaries expense 100,000 Rent expense 15,000 Depreciation expense 30,000 Interest expense 5,000 Insurance expense 6,000 Required: Prepare the necessary closing entries at December 31, 2021. -Post the transactions, prepare the post-closing trial balance, and journalize the transactions.-Journalize the closing entries, prepare the adjusted trial balance, and prepare the financial statements,-Prepare the financial statements, prepare the trial balance, and post the closing entries. Complete this question by entering your answers in the tabs below. The December 31, 2016, adjusted trial balance for the Blueboy Cheese Corporation is presented below. The unadjusted trial balance as of December 31, 2018, for the Bagley Consulting Company appears below. 2. We will use this information to create a multi-step income statement. Prepare Adjusted Trial Balance: 11. Prepare Post-Closing Trial Balance: 4. From the trial balance and information given, prepare adjusting entries and post to the accounts. Prepare an income statement for the year ended December 31, 2021. In the above example, unrecorded liability related to unpaid salaries and unrecorded revenue amount has been included in the adjusted trial balance. The following is a partial adjusted trial balance as of December 31, 2021. The balance in the Prepaid Insurance account represents the cost of a two-year insurance policy covering the period from January 1 this year, through December 31 of next year. The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Solution for The trial balance of A, B, and D at December 31, 2021 after all adjustments have been made is as follows: Adjusted Balances Credit Account Title… 8. Based on the adjusted trial balance below, Prepare a classified balance sheet for Focus Package Delivery. Required: 1. Post the transactions in the T-accounts. The adjusted trial balance of Pacific Scientific Corporation on December 31, 2021, the end of the company's fiscal year, contained the following income statement items ($ in millions): sales revenue, $2,106; cost of goods sold, $1,240; selling expense, $126; general and administrative expense, $105; interest expense, $40; and gain on sale of investments, $45. Prepare an adjusted trial balance as of January 31, 2019. Prepare an adjusted trial balance as of December 31, 2021. The calendar year-end adjusted trial balance for Blessinger Co. follows BLESSINGER CO. Required: 1. 2. The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. By the end of 2021, only $800 of supplies remains. December 31 is the company's reporting year-end. Prepare the necessary closing entries at December 31, 2016. help_outline. Prepare an income statement for the year ended December 31, 2016, and a classified balance sheet as of December 31, 2016. No prior adjustments have been made in 2021. The following is a partial adjusted trial balance as of December 31, 2021. After incorporating the adjustments above, the adjusted trial balance would look like this. Credits Debits 7,950 6,000 2,400 175,000 40,000 16,000 72,000 28,800 26,400 Account Title Cash Accounts receivable Prepaid insurance Land Buildings Accumulated depreciation-buildings office equipment Accumulated depreciation-office … The adjusted trial balance for China Tea Company at December 31, 2021, is presented below: Accounts Debit Credit Cash $12,000 Accounts receivable 159,000 Prepaid rent 7,000 Supplies 28,000 Equipment 350,000 Accumulated depreciation $128,000 Accounts … December 31 is the company’s reporting year-end. Indiana University, Purdue University Indianapolis, National University of Singapore • ACC 1002, Indiana University, Purdue University Indianapolis • ACCOUNTING A311, Indiana University, Bloomington • BUS A311, Indiana University, South Bend • BUS B399, A311 Fall 2015 Ch3 practice problem solutions.
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