Financial Accounting Preparing Adjusted Trial Balance Assignment Homework Help
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DESCRIPTION OF THE BUSINESS
Sophia LeBron’s vast experience in interior design provided her the opportunity to open a business of her own. She organized a corporation named My Place, House of Décor that offers decorating services to customers but subcontracts the manufacture of the merchandise needed. These subcontractors are to deal directly with the customers. After three months of successful operations, Sophia thought it would be an excellent idea to expand her business into the sale of antique furniture. She started buying merchandise inventory from a company named Golden Antiques for resale to retail stores.
TRANSACTIONS FOR MARCH
Mar. 3 Issued Check No. 116 for $7,500 for the current month’s advertising.
6 Issued Check No. 117 for $2,000 for March office rent.
8 Received $11,500 from Ruth Garcia for services rendered to decorate her living room.
13 Performed decorating services on account for Nancy’s Accounting Firm for $8,600 (net 30).
Mar. 20 Performed decorating services on account for La Epoca Beauty Boutique for $18,000 (net 90).
26 Performed decorating services on account for Andrea’s Gourmet Food for $4,300 (net 30).
30 Issued Check No. 118 for $280 to pay the utilities bill for the month.
30 Issued Check No. 119 for $300 in payment of the telephone bill for the month.
30 Issued Check No. 120 for $240 for postage.
30 Issued Check No. 121 for $550 for business automobile expenses.
a) Expired insurance for the period, $500.
b) Supplies on hand at the end of the month, $250.
c) Accrued salary expense (earned but not paid) owed to Sophia LeBron, $5,600. (Credit Accrued Salaries. Payroll taxes are not considered in this entry. Transactions in later months will show you how to journalize payroll tax deductions and expenses.)
d) Provision for uncollectible accounts estimated at 3.0% of March credit sales, $927.
1) Journalize the transactions listed below and on the next page and post to the ledger accounts. Omit explanations.
2) Prepare an unadjusted trial balance.
3) Journalize the adjusting entries and post to the general ledger.
4) Prepare an adjusted trial balance.
5) Prepare a schedule of accounts receivable.
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6) Prepare an income statement for the three months ended March 31, 20–. If not completing the optional requirements below, use only the year-to-date amount column to complete your statement.
Optional: Prepare the statement for both the month of March and the year to date. Balances in the income and expense accounts currently reflect year-to-date activity. Complete the year-todate income statement first. To calculate March figures, subtract year-to-date figures of February’s income statement from March’s year-to-date figures.
Optional: Include vertical analysis figures in the statement by calculating the percent of each line item to total revenue.
Note: If working the set with General Ledger software, the generated statement will automatically include monthly and year-to-date figures and include percentages for vertical analysis.
7) Prepare a retained earnings statement for the three months ended March 31, 20–.
8) Prepare a balance sheet as of March 31, 20–.
9) Complete the analysis test for March.
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