ACO01 - Lecture 5 - Completing the Accounting Cycle [Compatibility Mode]

April 28 the company paid 1800 cash for two weeks

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Unformatted text preview: inor repairs to the company’s computer. April 30 The company paid $650 cash for this month’s telephone bill. April 30 Stafford withdrew $1,500 cash from the company for personal use. 57 19 Required: 1. Use the balance column format to set up each ledger account listed in its chart of accounts. 2. Prepare journal entries to record the transactions for April and post them to the ledger accounts. The company records prepaid and unearned items in balance sheet accounts. 3. Prepare an unadjusted trial balance as of April 30. 4. Use the following information to journalize and post adjusting entries for the month: a. Two-thirds of one month’s insurance coverage has expired. b. At the end of the month, $700 of office supplies are still available. c. This month’s depreciation on the computer equipment 58 is $600. Required 4. Use the following information to journalize and post adjusting entries for the month: d. Employees earned $320 of unpaid and unrecorded salaries as of month-end. e. The company earned $1,650 of commissions that are not yet billed at month-end. 5. Prepare the income statement and the statement of owner’s equity for the month of April and the balance sheet at April 30, 2011. 6. Prepare journal entries to close the temporary accounts and post these entries to the ledger. 7. Prepare a post-closing trial balance. 59 20...
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This document was uploaded on 02/27/2014.

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