User Account

All Pages

Prepare the unadjusted trial balance at december

Assignment Help Accounting Basics
Reference no: EM131803341

Jacksonvill Financial Service Co.which specializes in ppliance repairservice is owned and operated by Cindy Latty. Jacksonville Fanancial service compant accounting clerk. Prepare the unadjusted trial balance at December 31 2010 as below. 

Jacksonville Fanancial Service Co. Unadjusted Trial Balance December 31,2010

 Debit balance      Credit balance

Cash                                                              $10200

Account receivable                                          $34750

Pre paid insurance                                           $6000

Supplies                                                           $1725

Land                                                               $50000

Building                                                           $ 80750

Accumulated depreciation Building                                                 $37850

Equipment                                                      $45000

Accumulated depriciation Equipment                                               $17650

Account payable                                                                            $3750

Unearned rent                                                                               $3600

Cindy Latty capital                                                                         $103550

Cindy Latty Drawing                                      $8000

Fees earned                                                                                   $158600

salaries and wages expense                             $56850

Utilities expense                                             $14100

Adversiting expense                                        $7500

repair expense                                                $6100

Miscelleneous Expense                                    $4025

The data needed to be determine year ended adjusted are as follow

a. depreciation of building for the year ended $2100

b. depreciation of equipment for the year $3000

c. accrued salaries and wages at dec 31 $800

d.Unexpired inurance at december 31, $1500

e. fees earned but unbilled on Dec.31, $2150

f. Supplies on hand at dec31, $600

g. Rent unearned at december 31, $1500

Instruction

1. Journalize the adjusting entries. add additional accounts as needed

2. Determine the balances of the accounts affected by the adjusting entries and prepare an adjusting trial balance

Reference no: EM131803341

Questions Cloud

What activities should be planned to begin change process : What employees or employee groups should be key stakeholders in the change and why? What initial activities should be planned to begin the change process?
Analyze unsuccessful change initiative from your experience : Analyze an unsuccessful change initiative from your own experiences and why it did not achieve its intended objectives.
Determine the allocated factory overhead cost for the month : Determine the Allocated Factory Overhead cost for the month of August for Ford using the following information
Calculate the present value of the tax related incremental : Calculate the present value of the tax related incremental cash flows in 2013 if Antel switches to the new capital structure by the end of 2012.
Prepare the unadjusted trial balance at december : Determine the balances of the accounts affected by the adjusting entries and prepare an adjusting trial balance
Valuation of the new project : Would the WACC using this asset beta be higheror lower than Antel's WACC? Which WACC would you recommendAntel to use in the valuation of the new project?
Explain the set of steps in the od action research model : Describe the set of steps in the OD Action Research Model, Appreciative Inquiry, and Kotter's Eight Step Model. What kinds of communications might be needed?
What is the wacc of antel : Assume that Antel is currently at its target capital structure and it invests any excess cash in risk free assets. 2. What is the WACC of Antel?
Calculate the npvof the new project line : Suppose that Antel uses a weighted average cost of capital of10 % as a benchmark for its new chip projects. Calculate the NPVof the new project line.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd