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ACCT-Woods corporation




Question;Question 2Woods corporationUnadjusted Trial BalanceDecember 31, 2014Requirements:a) Journalize the following adjusting entries as of 12/31/2014. Assume that all adjustments aremade on a monthly basis. Woods corporation fiscal year ends on 1/31b) Post the adjusting entries to the unadjusted trial balance and prepare the adjusted trial balance.A) The equipment was purchased on January 1 of this year. It has a 10 year life. There is nosalvage value. Use the straight line method.B) The amount of supplies on hand as of December 31 is $1000.00C) Fees earned and unbilled $ 1,200D) Additional fees earned (collected in prior periods) $ 800.00E) Wages incurred and not paid $ 700F) Rent was prepaid on February 1 of this year for one year in the amount of $3000Account title Debit CreditCash 18,570Accounts Receivables 11,900Supplies 1,820Prepaid Rent 750Equipment 12,000Accumulated Depreciation 1,100Accounts payable 1,050Unearned Fees 2,800Capital 37,800Dividends 1400Fees earned 51450Wages Expense 28210Rent expense 2250Utilities expense 16040Miscellaneous Expenses 1260Total $94,200 $94,200Question 3M&D IncAdjusted Trial Balance12/31/14Complete the income statement and balance sheets columns of the worksheet using the followinginformation.Account title Debit CreditCash 15,200Accounts Receivable 200Supplies 1000Prepaid insurance 550Equipment 5000Accumulated Depreciation 40Notes Payable 5000Accounts Payable 2500Unearned Service revenue 800Salaries & wages payable 1200Interest payable 50Owner's capital 10000Owner's drawing 500Service revenue 10600Salaries & wages expense 5200Supplies expenses 1500Rent expense 900Insurance expense 50Interest expense 50Depreciation expense 40Total 30,190 30,190Question 4Harvest incorporatedAdjusted Trial BalanceDecember 31, 2014Account title Debit CreditCash $6,700Accounts Receivable 600Supplies 1,000Prepaid rent 900Equipment 15,000Accumulated Depreciation 850Notes Payable 5,000Accounts Payable 1,510Unearned rent revenue 500Salaries & wages payable 400Interest payable 50Owner's capital 14,000Owner's drawing 600Service revenue 14,200Salaries & wages expense 9,400Supplies expenses 200Rent expense 1,500Utilities expense 510Interest expense 50Depreciation expense 850Rent revenue 800Total $37,310 $37,310Requirements:a) Prepare an income statement for the year ending 12/31/2014.b) Prepare a balance sheet as of 12/31/2014.


Paper#37715 | Written in 18-Jul-2015

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