Create the Journal Entries for The Adjustment Entries Accounting Ques

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Assignment Details:

Identify and journalize common adjusting entries, post to T accounts, complete an adjusted trial balance, and prepare financial statements. Complete the following spreadsheet: Adjusting Entries.

ACCT203-Adjusting Entries- Student Template 1. Create journal entries for the following adjustment entries: M. Received $1,500 cash from a customer for 3 months of service N. Employees are paid $2,250 every Friday for a 5-day work week. April 30, 2021 is a Wednesday. O. Record use of 1 month’s prepaid auto insurance ($900 for 3 months). P. On April 30, 2021, the supplies on hand is $45 (On April 1, 2021 it was $350). Q, Depreciation for the current month includes equipment ($750) and trucks ($450). Make a compound entry. Journal Entry ACCOUNT DEBIT CREDIT M. N. O. P. Q. Page 1 of 8 2. Post the transaction to the ledger.

Your general ledger cash balance uses a full ledger sheet; use the T Chart for all other accounts. (Transactions a–l are from IP2. However, amounts have been changed.) Colorado Service Center General Ledger Account: Cash Account Number: 101 Balance Trans . 1 Description DEBIT Open Balance 35,000 49,000 CREDIT DEBIT 35,000 84,000 2 a. Notes Payable 3 b. Land 4 d. Service Revenue 5 f. Payment on account 3,275 6 g. Expenses 6,000 7 h. Received payment 8 i. Prepaid Auto Insurance 9 k. Harper, drawing l. Maintenance Expense 1 0 1 1 1 2 1 3 26,500 Bal Bal. 61.800 58,525 3,100 52,525 55,625 900 54,725 3,500 51,225 50,995 230 Truck Ba l Bal . 17,500 57,500 4.300 Equipment CREDIT Accum. deprec. equipment 29,000 Accum. deprec. truck . Bal. Bal . Page 2 of 8 Accounts receivable Bal. 4,200 c. 5,560 h. Supplies 3,100 e. Bal . Bal. Land b. Prepaid auto insurance 26,500 i. 900 Bal . Bal. Accounts payable f. 350 3,275 Bal. e. Notes payable 5,700 a. 49,000 350 Bal . Bal. Salary payable Utilities payable j. 255 Bal . Bal. Unearned service revenue Service revenue c. 5,560 Page 3 of 8 d. Bal . Bal. Harper, capital Bal. Harper, drawing 80,000 k. Deprec. expense – equipment Deprec. expense – truck Bal . Bal. Insurance expense Rent expense g. Bal . Bal. Salary expense Supplies expense Bal . Maintenance expense 230 Bal. 2,000 4,000 Bal. l. 3,500 Bal . Bal. g. 4,300 Utilities expense j. Bal . 255 Page 4 of 8 3. Prepare the adjusted trial balance of Colorado Service Center at April 30, 2021. Colorado Service Center Adjusted Trial Balance April 30, 2021 ACCOUNT DEBIT CREDIT Cash Equipment Truck Accum. deprec. equipment Accum. deprec. truck Accounts receivable Supplies Land Prepaid auto insurance Accounts payable Notes payable Salary payable Utilities payable Unearned Service Revenue Harper, capital Harper, drawing Service revenue Depreciation expense – Equip Depreciation expense – Truck Insurance expense Rent expense Page 5 of 8 Salary expense Supplies expense Maintenance Expense Utilities expense Total 4.

Complete the end of the accounting cycle for Colorado Service Center by creating the income statement, statement of owner’s equity, and balance sheet for the month ending April 30, 2021. Income Statement Revenue: Expenses: Total Expenses Net Income Statement of Owner’s Equity Page 6 of 8 Harper, capital – April 1, 2021 Less: Harper, drawing Balance Sheet Assets Liabilities Equipment Less: Accum. Dep. Total Liabilities Truck Less: Accum. Dep. Total Assets Owner’s Equity Total Liabilities & OE 131,600 Page 7 of 8 Page 8 of 8

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