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acc_211chptr3challenge2-aquaticsystemsnewalos_0 Aquatic Services

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Question;ADJUSTING;JOURNAL ENTRIES AND THE TRIAL BALANCE;Below;is the unadjusted trial balance;for Aquatic Services for the year ended;December 31, 2013. It was prepared using the unadjusted;t-accounts presented;on the following page.;Aquatic;Services;UnAdjusted;Trial Balance;December 31, 2013;Debit;Credit;Cash;38,860;Accounts Receivable;10,740;Office Supplies;1,200;Prepaid Rent;12,000;Office Equipment;75,000;Accumulated Depreciation;10,000;Accounts Payable;1,500;Salaries Payable;1,000;Unearned Revenue;14,500;Capital Stock;80,000;Dividends;1,000;Retained Earnings;13,650;Fees Earned;110,000;Depreciation Expense;0;Salaries Expense;45,000;Office Supplies Expense;7,650;Rent Expense;26,000;Utilities Expense;13,200;Totals;230,650;230,650;After;reviewing the unadjusted trial balance, you have identified 6 adjusting;entries that;need to be recorded prior;to preparing the financial statements for the fiscal year;ended December 31, 2010.;The details regarding those 6 adjusting entries are;listed on the following;page.;INSTRUCTIONS-;for the year ended December 31, 2013, do the following;1);Based on the information;provided, prepare the necessary adjusting journal;entries (be sure to;include an appropriate date and explanation for each).;2);Post the adjusting;entries you prepared to the ledger (t-accounts) and update the;balances in the ledger;(t-accounts).;3);Prepare an Adjusted Trial;Balance using the updated balances in the ledger;(t-accounts).;4);Using the Adjusted Trial;Balance, complete the attached financial statements.;5);If you did;not journalize and post the 6 adjusting entries;a);Would your ledger be;balanced?;b);Would the balances in the;ledger accounts be accurate?;c);Would your financial;statements be balanced?;d);Would your financial;statement be accurate?

 

Paper#37573 | Written in 18-Jul-2015

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