Business Finance
accounting services worksheet

Andover eCademy

Question Description

I've been racking my brain on this for hours and I give up. I don't think anything is right here, but go ahead and use what is. the unedited was what the teacher sent out, and the other is the modified version with my mistakes. I was pretty confident, some mistakes here and there until I got to the bit about unearned revenue, and how it was completely off. thanks. This assignment is actually giving me a migraine, i wasn't cut out for accounting. I'm like 3/4ths the way done, so I don't think it's that crazy of a price.

Unformatted Attachment Preview

I. ~ ~R. CR. II. DEBITS AND CREDITS LIABILITIES I DR. AND STATEMENTS ADJUSTMENTSI WORKS~-l., PRACI'ICE SET I + OWNER ~. I DR. WITHDRAWAIS CR. DR. + - Cash Accounts Receivable Prepaid Advertising Ironing Supplies Ironing Equipment Accounts Payable Unea=ed Ironing Revenue Capital, Linda Smith Withdrawals, Linda Smith Ironing Revenue ~. REVENUE DR. CR. + EXPENSES ~R'I CR. I Speedy Ironing Service Trial Balance September 30, 1991 S EOUITY I TRIAL BALANCE I Instructions: Student should use the appropriate Trial Balance figures and the information provided to analyze adjustments on the left and jou=alize on the right. Jou=al entry descriptions are not required. Rent EJq;Jense Telephone EJq;Jense $105 10 60 10 60 $ 15 10 150 30 170 50 -2..Q. $345 $345 ~ ADJUSTING JOURNAL ENTRIES III. - Practice Set Adjustments Wednesday, September 30, 1991 JOURNALIZING TRANSACTIONS ANALYZING TRANSACTIONS Assets Liabilities + Owner' s Equity DR. a. One month of scheduled advertising appeared in the school newspaper. See Transaction 2, page 10. a. b. A count of Ironing Supplies revealed approximately $5 worth on hand. b. c. Depreciation was taken on equipment with a useful life of 5 years. c. d. On Thursday, 10/1, Linda would pay her first employee, who worked Tuesday and Thursdays, $12 for the week. d. e. Ironing Services for one of the two students who had paid in advance had been performed as of 9/30/91. e. f. On Tuesday, September 29, services had been finished for 2 students who promised to pay $5 each on 10/5. f. 20 CR. Instructions: The adjustments from Part III should be transposed into the adjustments columns of the worksheet. Check the correctness of the adjustments by verifying the Adjusted Trial Balance. Finally, the adjusted balances should be extended to make an Income Statement and Balance Sheet. Be sure to place the letter of the adjustment to the left of the amount as demonstrated with adjustment a. IV. Trial Balance WORKSHEET Income Statement Adjusted Trial Balance Adjustments Balance Sheet I 105 105 Accounts Receivable 10 20 Prepaid Advertising 60 Ironincr In Cash 1 ; """ C::llnn (a) 15 c; 60 Ironing Equpment 45 60 Accounts Payable 15 15 Unearned Ironing Revenue 10 5 150 150 Capital. Linda Smith Withdrawals, Linda Smith 30 170 Ironing Revenue 185 50 Rent Expense Telhone 30 20 345 E:xpense I 20 I 345 15 (a) 15 Advertising Expense 5 Ironing Supplies Expense Depreciation Expense, Ironing 50 1 EQ!lipment Accumulated Depreciation, Ironing Equipment 1 6 Salaries Expense Salaries Payable 42 V. Instructions: 42 362 -2. 362 -- - - 185 185 265 265 ACCOUNTING STATEMENTS Use the Adjusted Trial Balance above to complete an Income Statement and Balance Sheet. Speedy Ironing Service Income Statement For the Month Ended Sept. 30, 1991 Total Operating Expenses Net Income Speedy Ironing Service Balance Sheet September 30, 1991 Total Liabilities + 5 88 Total Assets: 21 @4 Owner I s Equity 5234 ...
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Final Answer


Junney (773)
University of Maryland

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