PLEASE DO ONLY THE \"JOURNAL\" SECTION. I ALREADY HAVE ANSWERS TO ALL THE OTHER
ID: 2527253 • Letter: P
Question
PLEASE DO ONLY THE "JOURNAL" SECTION. I ALREADY HAVE ANSWERS TO ALL THE OTHER ONES!!!
Beacon Signals Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. Beacon Signals Company prepared the following end-ofperiod spreadsheet at December 31, 2019, fiscal year:
Required:
1. Prepare an income statement for the year ended December 31. If a net loss has been incurred, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons (:) on the income statement.
Score: 136/136
Beacon Signals Company
Income Statement
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2. Prepare a statement of owner’s equity for the year ended December 31. No additional investments were made during the year. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items.
Score: 54/54
Beacon Signals Company
Statement of Owner’s Equity
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3. Prepare a balance sheet as of December 31. Fixed assets must be entered in order according to account number. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons (:) or the word "Less" on the balance sheet; they will automatically insert where necessary.
Score: 177/177
Beacon Signals Company
Balance Sheet
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Liabilities
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Owner’s equity
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4. Based upon the end-of-period spreadsheet, journalize the closing entries. If you are unsure of account titles, see the chart of accounts.
Question not attempted.
PAGE 11
JOURNAL
ACCOUNTING EQUATION
Score: 0/171
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Closing Entries
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Beacon Signals Company End-of-Period Spreadsheet For the Year Ended December 31, 2019 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 13,000.00 13,000.00 Accounts Receivable 40,500.00 (a) 12,500.00 53,000.00 Prepaid Insurance 4,200.00 (b) 3,000.00 1,200.00 Supplies 3,000.00 (c) 2,250.00 750.00 Land 98,000.00 98,000.00 Building 500,000.00 500,000.00 Accumulated Depreciation-Building 255,300.00 (d) 9,000.00 264,300.00 Equipment 121,900.00 121,900.00 Accumulated Depreciation-Equipment 100,100.00 (e) 4,500.00 104,600.00 Accounts Payable 15,700.00 15,700.00 Salaries and Wages Payable (f) 4,900.00 4,900.00 Unearned Rent 2,100.00 (g) 1,300.00 800.00 Sarah Colin, Capital 238,100.00 238,100.00 Sarah Colin, Drawing 10,000.00 10,000.00 Fees Earned 388,700.00 (a) 12,500.00 401,200.00 Rent Revenue (g) 1,300.00 1,300.00 Salaries and Wages Expense 163,100.00 (f) 4,900.00 168,000.00 Advertising Expense 21,700.00 21,700.00 Utilities Expense 11,400.00 11,400.00 Depreciation Expense-Building (d) 9,000.00 9,000.00 Repairs Expense 8,850.00 8,850.00 Depreciation Expense-Equipment (e) 4,500.00 4,500.00 Insurance Expense (b) 3,000.00 3,000.00 Supplies Expense (c) 2,250.00 2,250.00 Miscellaneous Expense 4,350.00 4,350.00 1,000,000.00 1,000,000.00 37,450.00 37,450.00 1,030,900.00 1,030,900.00Explanation / Answer
Answers
Items of Income Statement with Credit balances are debited,
Items of Income Statement with debit balances are credited,
Difference in journal entry is debited or credited as the case may be to CAPITAL a/c
Drawing balance is credited and Capital account is debited for closing Drawings account.
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
ASSETS
LIABILITIES
EQUITY
1
31-Dec-19
Fees Earned
$ 4,01,200.00
$ (4,01,200.00)
2
Rent Revenue
$ 1,300.00
$ (1,300.00)
3
Sarah Colin, Capital
$ 1,69,450.00
$ 1,69,450.00
4
Salaries and Wages Expense
$ 1,68,000.00
$ 1,68,000.00
5
Advertising Expense
$ 21,700.00
$ 21,700.00
6
Utilities Expense
$ 11,400.00
$ 11,400.00
7
Depreciation Expense-Building
$ 9,000.00
$ 9,000.00
8
Repairs Expense
$ 8,850.00
$ 8,850.00
9
Depreciation Expense-Equipment
$ 4,500.00
$ 4,500.00
10
Insurance Expense
$ 3,000.00
$ 3,000.00
11
Supplies Expense
$ 2,250.00
$ 2,250.00
12
Miscellaneous Expense
$ 4,350.00
$ 4,350.00
13
14
31-Dec-19
Sarah Colin, Capital
$ 10,000.00
$ (10,000.00)
15
Sarah Colin, Drawing
$ 10,000.00
$ 10,000.00
TOTAL
$ 4,12,500.00
$ 4,12,500.00
$ -
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
ASSETS
LIABILITIES
EQUITY
1
31-Dec-19
Fees Earned
$ 4,01,200.00
$ (4,01,200.00)
2
Rent Revenue
$ 1,300.00
$ (1,300.00)
3
Sarah Colin, Capital
$ 1,69,450.00
$ 1,69,450.00
4
Salaries and Wages Expense
$ 1,68,000.00
$ 1,68,000.00
5
Advertising Expense
$ 21,700.00
$ 21,700.00
6
Utilities Expense
$ 11,400.00
$ 11,400.00
7
Depreciation Expense-Building
$ 9,000.00
$ 9,000.00
8
Repairs Expense
$ 8,850.00
$ 8,850.00
9
Depreciation Expense-Equipment
$ 4,500.00
$ 4,500.00
10
Insurance Expense
$ 3,000.00
$ 3,000.00
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Supplies Expense
$ 2,250.00
$ 2,250.00
12
Miscellaneous Expense
$ 4,350.00
$ 4,350.00
13
14
31-Dec-19
Sarah Colin, Capital
$ 10,000.00
$ (10,000.00)
15
Sarah Colin, Drawing
$ 10,000.00
$ 10,000.00
TOTAL
$ 4,12,500.00
$ 4,12,500.00
$ -
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