PLEASE answer number 2 (worksheet) I am really struggling with it. Below is the
ID: 2412002 • Letter: P
Question
PLEASE answer number 2 (worksheet) I am really struggling with it.
Below is the unadjusted trial balance for Walton Anvils as of December 31, 2016, and the data for the adjustments. There is also an Excel Template for this problem that you may download and use (or you may use your own).
$ 69,200.00
$ 69,200.00
Adjustment Data
Requirements
1.Open T-accounts using the balances in the unadjusted trial balance.
2.Complete the worksheet for the year ended December 31, 2016.
3.Prepare the adjusting entries and post to the T-accounts.
4.Prepare the adjusted trial balance.
5.Prepare the income statement, the statement of retained earnings, and the classified balance sheet in report form.
6.Prepare the closing entries and post to the T-accounts.
7.Prepare a post-closing trial balance.
8.Calculate the current ratio for the company.
Walton Anvils Unadjusted Trial Balance December 31, 2016 Balance Account Title Debt Credit Cash $ 16,900.00 Accounts Receivable 17,500 Prepaid Rent 2,500 Office Supplies 1,900 Equipment 23,000 Accumulated Depreciation - Equipment $ 7,000.00 Accounts Payable 6,200.00 Salaries Payable Unearned Revenue 5,600.00 Common Stock 28,000.00 Retained Earnings 1,600.00 Dividends 4,500 Service Revenue 20,800.00 Salaries Expense 2,900 Rent Expense Depreciation Expense - Equipment Supplies Expense Total$ 69,200.00
$ 69,200.00
Explanation / Answer
Walton Anvils
Trial Balance
December 31st 2016
Unadjusted Balance
Adjustments
Balance after Adjustment
Account Title
Debt
Credit
Debt
Credit
Debt
Credit
Cash
$ 16,900.00
$ 16,900.00
Accounts Receivable
$ 17,500.00
$ 17,500.00
Prepaid Rent
$ 2,500.00
$ 200.00
$ 2,300.00
Office Supplies
$ 1,900.00
$ 1,400.00
$ 500.00
Equipment
$ 23,000.00
$ 23,000.00
Accumulated Depreciation - Equipment
$ 7,000.00
$ 380.00
$ 7,380.00
Accounts Payable
$ 6,200.00
$ 6,200.00
Salaries Payable
$ 210.00
$ 210.00
Unearned Revenue
$ 5,600.00
$ 3,800.00
$ 1,800.00
Common Stock
$ 28,000.00
$ 28,000.00
Retained Earnings
$ 1,600.00
$ 1,600.00
Dividends
$ 4,500.00
$ 4,500.00
Service Revenue
$ 20,800.00
$ 3,800.00
$ 24,600.00
Salaries Expense
$ 2,900.00
$ 210.00
$ 3,110.00
Rent Expense
$ 200.00
$ 200.00
Depreciation Expense - Equipment
$ 380.00
$ 380.00
Supplies Expense
$ 1,400.00
$ 1,400.00
Total
$ 69,200.00
$ 69,200.00
$ 69,790.00
$ 69,790.00
Adjusted Journal Entries
Transaction
Account Title
Debit
Credit
a
Unearned Revenue
$ 3,800.00
Service Revenue
$ 3,800.00
(Revenue Earned)
b
Rent Expense
$ 200.00
Prepaid Rent
$ 200.00
(Rent accrued deducted from prepaid rent)
c
Supplies Expenses
$ 1,400.00
Office Supplies
$ 1,400.00
(Office supplies used)
d
Depreciation Expense-Equipment
$ 380.00
Accumulated Depreciation -Equipment
$ 380.00
(Depreciation Charged)
e
Salaries
$ 210.00
Salaries Payable
$ 210.00
(salaries payable)
Walton Anvils
Trial Balance
December 31st 2016
Unadjusted Balance
Adjustments
Balance after Adjustment
Account Title
Debt
Credit
Debt
Credit
Debt
Credit
Cash
$ 16,900.00
$ 16,900.00
Accounts Receivable
$ 17,500.00
$ 17,500.00
Prepaid Rent
$ 2,500.00
$ 200.00
$ 2,300.00
Office Supplies
$ 1,900.00
$ 1,400.00
$ 500.00
Equipment
$ 23,000.00
$ 23,000.00
Accumulated Depreciation - Equipment
$ 7,000.00
$ 380.00
$ 7,380.00
Accounts Payable
$ 6,200.00
$ 6,200.00
Salaries Payable
$ 210.00
$ 210.00
Unearned Revenue
$ 5,600.00
$ 3,800.00
$ 1,800.00
Common Stock
$ 28,000.00
$ 28,000.00
Retained Earnings
$ 1,600.00
$ 1,600.00
Dividends
$ 4,500.00
$ 4,500.00
Service Revenue
$ 20,800.00
$ 3,800.00
$ 24,600.00
Salaries Expense
$ 2,900.00
$ 210.00
$ 3,110.00
Rent Expense
$ 200.00
$ 200.00
Depreciation Expense - Equipment
$ 380.00
$ 380.00
Supplies Expense
$ 1,400.00
$ 1,400.00
Total
$ 69,200.00
$ 69,200.00
$ 69,790.00
$ 69,790.00
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