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(Solved) 08 Review the unadjusted trial balance below and prepare adjusting journal entries to record the various described below. Record in the space...


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Review the unadjusted trial balance below and prepare adjusting journal entries to record the various described items below.  Record in the space provided at the bottom of this spreadsheet.  After completing journal entries, complete the adjusted trial balance below.  Lastly complete the income statement, balance sheet and statement of retained earnings. The balance sheet must balance.  The accounting equation is Assets = Liabilities + Equity.

B-03.08 Review the unadjusted trial balance below and prepare adjusting journal entries to record the various described
below. Record in the space provided at the bottom of this spreadsheet. After completing journal entries, comp
adjusted trial balance below. Lastly complete the income statement and balance sheet. The balance sheet mu
balance. Save completed file with your name in the file name and submit to LEO. Belair Corporation
Unadjusted Trial Balance
January 31, 2015
Debits
Cash $ Accounts receivable 37,500 $ - 12,410 - Prepaid insurance 2,400 - Supplies 7,113 - 35,000 - Accumulated depreciation - 10,000 Accounts payable - 7,569 Unearned revenue - 8,500 Loan payable - 15,000 Capital stock - 24,000 Retained earnings, Jan. 1 - 15,457 Revenues - 43,995 Salary expense 12,098 - Rent expense 13,000 - Office expense 2,500 - Dividends 2,500 - 124,521 $ 124,521 Equipment $ 1 Credits Belair Corporation's equipment had an original life of 140 months, and the straight-line depreciation
of January 1, the equipment was 40 months old. The equipment will be worthless at the end of its us B-03.08 2 As of the end of the month, Belair Corporation has provided services to customers for which the earn
complete. Formal billings are normally sent out on the first day of each month for the prior month's w
unbilled work is $25,000. 3 Utilities used during January, for which bills will soon be forthcoming from providers, are estimated a 4 A review of supplies on hand at the end of the month revealed items costing $3,500.
The $2,400 balance in prepaid insurance was for a 6-month policy running from January 1 to June 30 5 6 The unearned revenue was collected in December of 2014. 60% of that amount was actually earned
remainder to be earned in February.
The loan accrues interest at 1% per month. No interest was paid in January. 7
8 Previously declared and recorded dividend of $2,500 was paid 1 ACCOUNT
Depreciation Expense
Accumulated Depreciation JE # DEBIT
3,000 2 Accounts Receivables
Revenues 25,000 3 Utilities Expense
Utilities Payable 1,500 4 Supplies Expense
Supplies 3,613 5 Insurance Expense
Prepaid Insurance 6 Unearned Revenue
Revenues 5,100 7 Interest Expense
Interest Payable 150 400 B-03.08 8 No entry Belair Corporation
Adjusted Trial Balance
January 31, 2015 Cash
Accounts receivable
Prepaid insurance
Supplies
Equipment
Accumulated depreciation
Accounts payable
Interest Payable
Unearned revenue
Loan payable
Capital stock
Retained earnings
Revenues
Salary expense
Rent expense
Office expense
Supplies expense
Insurance expense
Interest expense
Utilities expense
Depreciation expense
Dividends
Utlities Payable $ Debits
37,500
37,410
2,000
3,500
35,000 Credits 13,000
7,569
150
3,400
15,000
24,000
15,457
74,095
12,098
13,000
2,500
3,613
400
150
1,500
3,000
2,500
$ 154,171 Belair Corporation
Income Statement
For the month ended January 31, 2015 1,500
$ 154,171 B-03.08 Revenues
Less: Expenses
Salary expense
Rent expense
Office expense
Supplies expense
Insurance expense
Interest expense
Utilities expense
Depreciation expense
Dividends
Net Income 74,095.00
12,098
13,000
2,500
3,613
400
150
1,500
3,000
2,500 38,761
35,334 Belair Corporation
Balance Sheet
January 31, 2015 Assets
Current assets
Cash
Accounts receivable
Prepaid insurance
Supplies $
$
$
$ 37,500
37,410
2,000
3,500 Total current assets
Non-Current assets
Equipment
Less: Accumulated depreciation 80,410
35,000
(13,000) Total non-current assets
Total assets 22,000
### Liabilities and shareholder's equity
Liabilities
Current liabilities
Accounts payable
Interest Payable
Unearned revenue
Utlities Payable $
$
$
$ 7,569
150
3,400
1,500 B-03.08 Total current liabilities
Non-current liabilities
Loan payable 12,619
$ 15,000 Total non-current liabilities $ 15,000 Shareholders equity
Capital stock 24,000 Retained earnings 50,791 Total stockholders equity
Total liabilities and stockholders equity 74,791
### Note : It has been assumed that, Dividend paid has been already adjusted in the trial bala ntries to record the various described items
ter completing journal entries, complete the
balance sheet. The balance sheet must hs, and the straight-line depreciation method is used. As
t will be worthless at the end of its useful life. B-03.08 B-03.08 vices to customers for which the earnings process is
of each month for the prior month's work. January's ming from providers, are estimated at $1,500. tems costing $3,500.
cy running from January 1 to June 30. % of that amount was actually earned in January, with the d in January. CREDIT
3,000 25,000 1,500 3,613 400 5,100 150 B-03.08 B-03.08 B-03.08 already adjusted in the trial balance.

 


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