BE4-12The following selected accounts appear in the adjusted trial balance for Baden Company. Indicate the financial sta...

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xacc/290-The following selected accounts appear in the adjusted

April 14, 2018

BE4-12

The following selected accounts appear in the adjusted trial balance for Baden Company. Indicate the financial statement on which each account would be reported.

Identify financial statement for selected accounts.

(LO 6), K


  • (a)Accumulated Depreciation.
  • (b)Depreciation Expense.
  • (c)Retained Earnings (beginning).
  • (d)Dividends.
  • (e)Service Revenue.
  • (f)Supplies.
  • (g)Accounts Payable.

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BE4-13
Using the data in BE4-12, identify the accounts that would be included in a post-closing trial balance.

Identify post-closing trial balance accounts.

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BE4-15

The required steps in the accounting cycle are listed in random order below. List the steps in proper sequence.

List required steps in the accounting cycle sequence.

(LO 8), K


  • (a)Prepare a post-closing trial balance.
  • (b)Prepare an adjusted trial balance.
  • (c)Analyze business transactions.
  • (d)Prepare a trial balance.
  • (e)Journalize the transactions.
  • (f)Journalize and post closing entries.
  • (g)Prepare financial statements.
  • (h)Journalize and post adjusting entries.
  • (i)Post to ledger accounts.

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E4-13

This is a partial adjusted trial balance of Barone Company.

Analyze adjusted data.

(LO 1, 4, 5, 6), AN


BARONE COMPANY

Adjusted Trial Balance

January 31, 2014

Debit

Credit

Supplies

$ 700

Prepaid Insurance

1,560

Salaries and Wages Payable

$1,060

Unearned Service Revenue

750

Supplies Expense

950

Insurance Expense

520

Salaries and Wages Expense

1,800

Service Revenue

4,000

Instructions

Answer these questions, assuming the year begins January 1.

  • (a)If the amount in Supplies Expense is the January 31 adjusting entry, and $300 of supplies was purchased in January, what was the balance in Supplies on January 1?
  • (b)If the amount in Insurance Expense is the January 31 adjusting entry, and the original insurance premium was for 1 year, what was the total premium and when was the policy purchased?
  • (c)If $2,500 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2013?
  • (d)If $1,800 was received in January for services performed in January, what was the balance in Unearned Service Revenue at December 31, 2013?

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E4-14

A partial adjusted trial balance for Barone Company is given in E4-13.

Prepare closing entries.

(LO 7), AP

Instructions

Prepare the closing entries at January 31, 2014.

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E4-16

The trial balances shown below are before and after adjustment for Bere Company at the end of its fiscal year.

Prepare adjusting entries from analysis of trial balance.

(LO 4, 5, 6), AP



BERE COMPANY

Trial Balance

August 31, 2014

Before Adjustment

After Adjustment

Dr.

Cr.

Dr.

Cr.

Cash

$10,900

$10,900

Accounts Receivable

8,800

9,400

Supplies

2,500

500

Prepaid Insurance

4,000

2,500

Equipment

16,000

16,000

Accumulated Depreciation—Equipment

$ 3,600

$ 4,800

Accounts Payable

5,800

5,800

Salaries and Wages Payable

0

1,100

Unearned Rent Revenue

1,800

800

Common Stock

10,000

10,000

Retained Earnings

5,500

5,500

Dividends

2,800

2,800

Service Revenue

34,000

34,600

Rent Revenue

12,100

13,100

Salaries and Wages Expense

17,000

18,100

Supplies Expense

0

2,000

Rent Expense

10,800

10,800

Insurance Expense

0

1,500

Depreciation Expense

0

1,200

$72,800

$72,800

$75,700

$75,700


Instructions

Prepare the adjusting entries that were made.

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E4-18

The adjusted trial balance for Bere Company is given in E4-16.

Prepare closing entries.

(LO 7), AP


Instructions

Prepare the closing entries for the temporary accounts at August 31.










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