Accounting Cycle and Doing Financial Statements (easy)

Oct 4th, 2015
Price: $20 USD

Question description


1.  Create T accounts (or other form of ledger) for each account in the chart of accounts. Enter the balances of April’s post closing trial balance in the T accounts.

2.  Journalize the May transactions.

3.  Post the transactions to the T accounts.

4.  Prepare an unadjusted trial balance for May.

5.  At the end of May, the following adjustment data were assembled. Analyze and use these data to complete parts 6 and 7.

a.  Insurance expired during May is $300

b.  Supplies on hand on May 31 are $1,050.

c.  Depreciation of office equipment for May is $330.

d.  Accrued receptionist salary on May 31 is $250.

e.  Rent expired during May is $1,600.

f.  Unearned fees on May 31 are $1,600.

6.  Journalize and post the adjusting entries.

7.  Prepare an adjusted trial balance

8.  Prepare an income statement, a statement of shareholders’ equity, and a balance sheet.

9.  Prepare and post the closing entries.

10.  Prepare a post-closing trial balance. 

Tutor Answer

(Top Tutor) Daniel C.
School: New York University

Studypool has helped 1,244,100 students

Review from our student for this Answer

Oct 5th, 2015
"Very Satisfied."
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1825 tutors are online

Brown University

1271 Tutors

California Institute of Technology

2131 Tutors

Carnegie Mellon University

982 Tutors

Columbia University

1256 Tutors

Dartmouth University

2113 Tutors

Emory University

2279 Tutors

Harvard University

599 Tutors

Massachusetts Institute of Technology

2319 Tutors

New York University

1645 Tutors

Notre Dam University

1911 Tutors

Oklahoma University

2122 Tutors

Pennsylvania State University

932 Tutors

Princeton University

1211 Tutors

Stanford University

983 Tutors

University of California

1282 Tutors

Oxford University

123 Tutors

Yale University

2325 Tutors