ACCT220 Week 2 Homework Problems

8/20/2019 ACCT220 Week 2 Homework Problems

1/22

Click to BUY:

http://onlinehomework.guru/acct220-

week-2-homework-problems/

ACCT220 Week 2 Homework Problems

Review the unadjusted trial balance below and prepare adjusting journal entries torecord the various described items

below. Record in the space provided at the bottom of this spreadsheet. After completing journal entries, complete the

adjusted trial balance below. Lastly complete the income statement, balance sheet and statementof retained earnings.

The balance sheet must balance. The accounting equation is Assets = Liabilities !quity.

"altimore #orporation

http://onlinehomework.guru/acct220-week-2-homework-problems/http://onlinehomework.guru/acct220-week-2-homework-problems/http://onlinehomework.guru/acct220-week-2-homework-problems/http://onlinehomework.guru/acct220-week-2-homework-problems/


2/22

$nadjusted Trial "alance

%anuary &', ()'*

+ebits #redits

#ash &- )) /

Accountsreceivable

'( 0') /

1repaid insurance ( 0)) /

2upplies inventory - ''& /

!quipment & ))) /

Accumulated / ') )))


3/22

depreciation

Accounts payable / - *3

2alaries payable / /

4nterest payable / /

$nearned revenue / 5 ))

Loan payable / '' ))

#apital stoc6 / ( )))

Retained earnings,%an. '

/ ' 0-

Revenues / 0& 33

+epreciation / /


4/22

e7pense

4nterest e7pense / /

4nsurance e7pense / /

8ffice e7pense ( )) /

Rent e7pense '& ))) /

2alary e7pense '( )35 /

2upplies e7pense / /

$tilities e7pense / /

'(( )(' '(( )('


5/22

'"elair #orporation9s equipment had an original life of '0) months, and the straight/linedepreciation method is used.

As of %anuary ', the equipment was 0) months old. The equipment will be worthlessat the end of its useful life.

( As of the end of the month, "elair #orporation has provided services to customers for which theearnings process is complete.

:ormal billings are normally sent out on the first day of each month for the prior month9s wor6. %unbilled wor6 is (,))).


6/22

&$tilities used during %anuary, for which bills will soon be forthcoming from providers,are estimated at ',)).

0 A review of supplies on hand at the end of the month revealed itemscosting &,)).

The (,0)) balance in prepaid insurance was for a */month policy runningfrom %anuary ' to %une &).

*The unearned revenue was collected in +ecember of ()'0. *); of that amount was actually earremainder to be earned in :ebruary.

-The loan accrues interest at '; per month.


7/22

5 At month end, salaries of (,'() have been earned butnot paid.

%!

A##8$


8/22

(

&

0


9/22

*


10/22

-

5


11/22


Adjusted Trial "alance

%anuary &', ()'*

+ebits #redits

#ash


12/22

Accounts

receivable

1repaid insurance

2upplies inventory

!quipment

Accumulateddepreciation

Accounts payable

2alaries payable

4nterest payable


13/22

$nearned revenue

Loan payable

#apital stoc6

Retained earnings,%an. '

Revenues

+epreciatione7pense

4nsurance e7pense

4nterest e7pense

8ffice e7pense


14/22

Rent e7pense

2alary e7pense

2upplies e7pense

$tilities e7pense

/ /



15/22

4ncome 2tatement

:or the month ended %anuary &', ()'*


16/22


17/22


"alance 2heet

%anuary &', ()'*


18/22


19/22


20/22


2tatement of Retained !arnings

As of %anuary &', ()'


21/22


22/22

Documents

ACCT220 Week 2 Homework Problems