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The Complete Accounting Cycle The post-closing tr...

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The Complete Accounting Cycle The post-closing trial balance of Joan Robin Editing as of December 31, 2009 is shown below. JOAN ROBIN EDITING Trial Balance December 31, 2009 Account Title Debit Credit Cash $ 1,850 Accounts Receivable 980 Prepaid Rent 480 Office Supplies Inventory 520 Office Equipment 10,700 Accumulated Depreciation ? Office Equipment $ 3,200 Accounts Payable 240 Salaries Payable 250 J. Robin, Capital ______ 10,840 Totals $14,530 $14,530 Transactions completed during 2010 are shown here. 1. Editing fees were $25, 100 in cash and $5,350 on account for the year. 2. Collections on accounts receivable were $5,650 for the year. 3. Prepaid rent in the amount of $4,180. 4. Office supplies were purchased amounting to $100 in cash and $125 on account. 5. Salaries amounted to $9,230 for the year, $250 of which was accrued from 2009. 6. Utilities expense of $2,290 was paid in cash. 7. Advertising of $1,025 was purchased on credit. 8. Accounts payable of $260 were paid. 9. Joan Robin withdrew $6,200. The following information should be used for making adjusting entries. (a) Depreciation on the office equipment is $780. (b) $2,610 of prepaid rent has expired by December 31. (c) Office supplies of $470 were used during the year. (d) Salaries earned but not paid were $345 on December 31. Required: A. Open T accounts for each of the accounts listed below. Insert beginning balances from the post-closing trial balance. 100 Cash 200 Accounts Payable 101 Accounts Receivable 201 Salaries Payable 102 Prepaid Rent 300 J. Robin, Capital 103 Office Supplies Inventory 301 J. Robin, Drawing 104 Office Equipment 350 Income Summary 105 Accumulated Depreciation-Office Equipment 400 Editing Fees 500 Salaries Expense 503 Depreciation Expense 501 Utilities Expense 504 Rent Expense 502 Advertising Expense 505 Office Supplies Expense B. Prepare journal entries to record the transactions completed in 2010. C. Post the entries to the T accounts. D. Prepare a 10-column worksheet. E. Prepare an income statement, a statement of changes in owner?s equity, and an unclassified balance sheet. F. Journalize and post the adjusting entries. G. Journalize and post the closing entries. H. Prepare a post-closing trial balance,Thanks for accepting my assignment would you be finished by the deadline,Hi good night thanks for the response but for the first transaction in 2010 for editing fees the figure is 25,100 and not $100 this was indicated by the tutor. can you please make the necessary adjustments an resend the file please

 

Paper#4282 | Written in 18-Jul-2015

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