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IT/205 205-Prepare a trial balance using the journal entries

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IT/205 205-Prepare a trial balance using the journal entries

E3-13, part b found on page 143 of our e-textbookPrepare a trial balance using the journal entries provided after posting to T-accounts. You did the T-accounts in week 2’s assignment.Remember that the total of the numbers in the debit column has to equal the total of the numbers in the credit columnEberle, Inc.Trial BalanceAugust 31, 2014DebitCreditCashAccounts ReceivableEquipmentNotes PayableCommon StockService Revenue00BE4-4 found on page 202 of our e-textbookBelow is an excerpt from Foley Advertising Company’s unadjusted trial balance. It is not the complete trial balance and is just displayed this way for teaching purpoAlso below are the T-accounts that correspond to this unadjusted trial balance.Foley Advertising CompanyTrial BalanceDecember 31, 20xxDebitSuppliesSupplies expenseCredit8,800088000An inventory of supplies is taken and it is determined that there are actualy $1,100 of supplies on hand instead of the $8,800 shown on the trial balance above.You need to make an adjustment to get the supplies account on the trial balance above to show $1,100 instead of $8,800.Fill in the journal entry below to adjust the supplies amount from $8,800 to $1,100.DebitCreditSuppliesSupplies ExpenseNext, show the adjusting journal entries effect on the T-accounts below and show the correct ending balance in each T-account below after the adjustment is madeDec. 31,Dec. 31,UnadjustedAdjustmentAdjusted BalanceSupplies8800Dec 31, UnadjustedAdjustmentDec 31, Adjusted BalanceSupplies Expense0teaching purposes.above.stment is made.BE4-8 found on page 202 of our e-textbookYou have the following accounts to pick from to make the three journal entries below: Service Revenue, Accounts Receivable, Interest Expense, Interest PayableSalaries and Wages Expense, and Salaries and Wages Payable.a) Prepare the adjusting journal entry needed to accrue $300 interest on the note payable for Beltran Company at December 31:DebitCreditb) Prepare the adjusting journal entry needed to accrue $1,700 of services that have been performed by Beltran Company at December 31 but have not been billed toDebitCreditc) Prepare the adjusting journal entry needed to accrue $780 of salaries that employees of Beltran Company have earned but have not been paid yet at December 31:DebitCreditble,d to the customer:31:E4-5 found on page 205 of our e-textbookIn this exercise you are determining the net earnings/net income for Ramirez company in its first year of operations on both the cash basis and accrual (GAAP) basiRamirez Company has recorded $28,000 in service revenue but has only received $22,000 of it in cash from its customers in the first year of its operations.Ramirez Company has incurred $15,800 of operating costs. Of this $15,800, they have only paid cash out of $12,000 in the first year of its operations.Ramirez Company prepaid for $2,400 of insurance in its first year of operations, but the insurance really covers liability in the future, in the second year of operationa)Calculate Ramirez Company’s net earnings/net income in the first year of it operations on both the cash basis and the accrual (GAAP) basis of accounting. Rememberthat revenue and expenses under the cash basis are only recorded when cash is received or paid out. Revenue and expenses under the accrual basis are recordedwhen the revenue is earned and when the expenses are actually due instead of when they are paid in cash. You will provide two answers.b)Which basis of accounting do you think provides the most useful information for decision-makers? Why?GAAP) basis of accounting.s.of operations. They chose to pay in advance.ememberorded



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