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This problem will carry through over several chapters to enable students to build their accounting.. 1 answer below » This problem will carry through over several chapters to enable students to build their accounting skills using knowledge gained in previous chapters. In Chapter 5 “Why Is Financial Information Adjusted Prior to the Production of Financial Statements?”, Leon Jackson started Webworks, a Web site design and maintenance firm. At that time, an adjusted trial balance was prepared for June. Here are Webworks financial statements as of June 30. Document Preview: COMPREHENSIVE PROBLEM View complete question » This problem will carry through over several chapters to enable students to build their accounting skills using knowledge gained in previous chapters. In Chapter 5 “Why Is Financial Information Adjusted Prior to the Production of Financial Statements?”, Leon Jackson started Webworks, a Web site design and maintenance firm. At that time, an adjusted trial balance was prepared for June. Here are Webworks financial statements as of June 30. Document Preview: COMPREHENSIVE PROBLEM
This problem will carry through over several chapters to enable students to build their accounting skills using knowledge gained in previous chapters.
In
http://catalog.flatworldknowledge.com/bookhub/reader/5228?e=hoyle-ch05Chapter 5 “Why Is Financial Information Adjusted Prior to the Production of Financial Statements?”, Leon Jackson started Webworks, a Web site design and maintenance firm. At that time, an adjusted trial balance was prepared for June.
Here are Webworks financial statements as of June 30.
Figure 7.24
Figure 7.25
Figure 7.26
The following events occur during July:
Webworks purchases additional equipment for $4,000 cash.
Webworks purchases supplies worth $90 on account.
Webworks pays off accounts payable and salaries payable from June.
Webworks starts and completes four more sites and bills clients for $1,800.
In June, Webworks received $500 in advance to design a restaurant Web site. Webworks completes this site during July.
Webworks collects $1,200 in accounts receivable.
Webworks pays Nancy Po (the company employee hired in June) $500 for her work during the first three weeks of July.
Webworks receives $200 in advance to work on a Web site for a local dry cleaner and $300 in advance to work on a Web site for a local animal hospital. Work will not begin on these Web sites until August.
Leon’s parents decide to charge rent after seeing how successful the business is and how much space it is taking up in their house. They all agree that rent will be $200 per month. Webworks pays $600 for July, August, and September.
Webworks pays taxes of $300 in cash.
Required:
Prepare journal entries for the previous events.
Post the journal entries to T-accounts.
Prepare an unadjusted trial balance for Webworks for July.
Prepare adjusting entries for the following and post them to T-accounts.
Webworks owes Nancy Po $200 for her work during the last week of July.
Leon’s parents let him know that Webworks owes $150… Attachments: Q-Attachment…..docx View less » Jul 28 2015 04:35 PM
