Trial balance report basis for preparing adjusting entries

Assignment Help Financial Accounting

Reference no: EM131208002

The following transactions for Nielsen Architects occurred during December of the current year. Follow the step-by-step instructions to record the transactions, process the adjusting entries, and prepare the financial statements. You may click Info. on the toolbar for helpful check figures to audit your work.

Step 1: Start Integrated Accounting 8e.

Step 2: Open file IA8 Problem 08-A.

Step 3: Enter your name in the Your Name text box.

Step 4: Use Save As to save your file with a file name of 08-ABC Your Name (where 08-A identifies the problem, and BC represents Before Closing).

Step 5: Enter the following journal transactions directly into the General Journal tab.

Dec. 02 Purchased supplies on account from Lerner Supply Company, $315.00; Vendor Invoice No. 576.

03 Received cash on account from Foley Associates, Inc., covering Invoice No. 930 for $5,554.00.

04 Billed Rockmore Construction for consulting services, $4,025.00; Invoice No. 951.

06 Paid cash for electric bill, $136.13. Check No. 810.

08 Reimbursed a partner for business travel expense, $158.00. Check No. 811.

Note: Debit Travel Expense and credit Cash.

10 Paid cash on account to Riverview Media, Inc., $902.00. Check No. 812.

10 Billed Foley Associates, Inc. for consulting services, $3,250.00; Invoice No. 952.

12 Purchased supplies on account from Stolle Office Products, $148.50; Vendor Invoice No. 577.

16 Paid cash for advertising, $735.00. Check No. 813.

18 Paid cash on account to Stolle Office Products, $456.00. Check No. 814.

18 Billed Security Engineering Co. for consulting services, $4,800.00; Invoice No. 953.

18 Received cash on account from Security Engineering Co., covering Invoice No. 935 for $7,996.00.

20 Paid cash for telephone bill, $497.57. Check No. 815.

21 Purchased office equipment on account from Parker Office Products, $500.00; Vendor Invoice No. 578.

22 Reimbursed a partner for travel expenses, $315.00. Check No. 816.

23 Daniel Nielsen, a partner, withdrew cash for personal use, $2,450.00. Check No. 817.

23 Kari Nielsen, a partner, withdrew cash for personal use, $2,450.00. Check No. 818.

23 Glenn Weldon, a partner, withdrew cash for personal use, $2,100.00. Check No. 819.

28 Paid cash for miscellaneous expense, $65.00. Check No. 820.

28 Billed Randall Development Co. for consulting services, $2,500.00; Invoice No. 954.

30 Paid salaries expense, $1,810.62. Check No. 821.

31 Paid cash for rent expense, $935.00. Check No. 822.

Step 6: Display the journal entries and make corrections, if necessary.

Step 7: Display the trial balance.

Step 8: Display the schedule of accounts payable.

Step 9: Display the schedule of accounts receivable.

End-of-Month Activities

Use the following adjustment data for the month of December for Nielsen Architects and the trial balance report as the basis for preparing the adjusting entries.

Inventory of supplies on December 31 $2,105.00

Insurance expired during December $110.00

Depreciation on office equipment for December $228.74

Reference no: EM131208002

Questions Cloud

Prepare the journal entry for the issuance of the note : Intermediate accounting 8th edition On October 1, Eder Fabrication borrowed $70 million and issued a nine-month, 6% promissory note. Interest was payable at maturity. Prepare the journal entry for the issuance of the note and the appropriate adjustin..

The standard labor-hours per unit of output is closest : Furson Corporation makes a single product. In a recent period 6,540 units were made and there was an unfavorable labor efficiency variance of $26,500. Direct labor workers were paid $5 per hour and total wages were $190,000. The labor rate variance w..

What is the total cost of the building : On January 1, 2016, the Mason Manufacturing Company began construction of a building to be used as its office headquarters. The building was completed on September 30, 2017. What is the total cost of the building? Calculate the amount of interest exp..

How much interest will he earn after-tax for the second year : Matt recently deposited $35,250 in a savings account paying a guaranteed interest rate of 4.2 percent for the next 10 years. How much interest will he earn after-tax for the second year of his investment if he withdraws enough cash every year to pay ..

Trial balance report basis for preparing adjusting entries : Follow the step-by-step instructions to record the transactions, process the adjusting entries, and prepare the financial statements. You may click Info. on the toolbar for helpful check figures to audit your work. Use the following adjustment data f..

Prepare the journal entry to record transaction : On January 1, 2014, Robin Wright Inc. purchased land that had an assessed value of $362,000 at the time of purchase. A $656,000, zero-interest-bearing note due January 1, 2017, was given in exchange. There was no established exchange price for the la..

Product-level activities and customer-level activities : Garmin corporation- Activity-based costing exercise Garmin is a Kansas City Based company that designs and manufacturers GPS Navigation device. For this exercise, list at least 5 potential activities under each of these categories. 1. Unit Level Acti..

Treasury securities are highly liquid-free of default risk : Suppose Hillard Manufacturing sold an issue of bonds with a 10-year maturity, a $1,000 par value, a 10% coupon rate, and semiannual interest payments. Assume that the real risk-free rate, r*, is 2% and that inflation is expected to be 7% in Year 1, 5..

Using a perpetual inventory system : McCoy Warehouse distributes hardback books to retail stores and extends credit terms of 3/10, n/30 to all of its customers. During the month of June, the following merchandising transactions occurred. Journalize the transactions for the month of June..

User Account

All Pages