Financial Assignment Solutions

Financial Assignment Solutions - P4-3BHoffman Body Spa...

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Unformatted text preview: P4-3BHoffman Body Spa: Adjusting entries, T-accounts, and closing entriesa.DateJournal EntryDRCRDec 31Amortization expense$2,080Accumulated amortization$2,080To record depreciation on hot tub.Dec 31Unearned service revenue1,200Service revenue1,200To record revenue earned from gift certificates.Dec 31Wages expense200Wages payable200To record wages owed.Dec 31Taxes expense900Taxes payable900To record taxes owed.b.ServicerevenueUnearnedservice revenueWagespayable$34,3201,200(2)$3,250$2,550 1,200 (2) 200 (3)$35,520$2,050$2,750TaxesexpenseAmortizationexpenseWagesexpense$3,298 $1,625$10,400(4) 900(1) 2,080(3) 200$4,198 $3,705$10,600InsuranceexpenseTaxespayableAccumulateddepreciation1,850$900 (4)$2,0002,080 (1)$1,850$900$4,080c.DateClosing Journal EntryDRCR12/31Service revenue$35,520Retained earnings$35,52012/31Retained earnings20,353Taxes expense4,198Amortization expense3,705Wages expense10,600Insurance expense...
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Financial Assignment Solutions - P4-3BHoffman Body Spa...

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