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(Solved) Paula Judge owns Judge Creative Designs. The trial balance of the firm for January 31, 2016, the first month of operations, is shown below....


Paula Judge owns Judge Creative Designs. The trial balance of the firm for January 31, 2016, the first month of operations, is shown below.

End-of-the-month adjustments must account for the following items:

a. Supplies were purchased on January 1, 2016; inventory of supplies on January 31, 2016, is $1,550.

b. The prepaid advertising contract was signed on January 1, 2016 and covers a four-month period.

c. Rent of $2,050 expired during the month.

d. Depreciation is computed using the straight-line method. The equipment has an estimated useful life of 10 years with no salvage value.

1. Complete the worksheet for the month.

2.1 Prepare an income statement

2.2 Prepare a statement of owner’s equity.

2.3 Prepare a balance sheet.

3. Journalize and post the adjusting entries. Use the following accounts: Supplies, Prepaid Advertising, Prepaid Rent, Accumulated Depreciation-Equipment, Supplies Expense, Advertising Expense, Rent Expense and Depreciation Expense- Equipment.

JUDGE CREATIVE DESIGNS

Worksheet

Month Ended January 31, 2016

Account Name

Trial Balance

Adjustments

Adjusted Trial Balance

Income Statement

Balance Sheet

Debit

Credit

Debit

Credit

Debit

Credit

Debit

Credit

Debit

Credit

Cash

$    36,400

Accounts Receivable

13,500

Supplies

9,550

Prepaid Advertising

12,000

Prepaid Rent

24,600

Equipment

32,400

Accumulated Depreciation—Equip.

Accounts Payable

16,450

Paula Judge, Capital

60,900

Paula Judge, Drawing

7,900

Fees Income

71,450

Advertising Expense

Depreciation Expense—Equipment

Rent Expense

Salaries Expense

10,600

Supplies Expense

Utilities Expense

1,850

Sub-Totals

$    148,800

$    148,800

Totals

Paula Judge owns Judge Creative Designs. The trial balance of the firm for January 31, 2016, the first month of operations, is shown below.
End-of-the-month adjustments must account for the following items:
a. Supplies were purchased on January 1, 2016; inventory of supplies on January 31, 2016, is $1,550.
b. The prepaid advertising contract was signed on January 1, 2016 and covers a four-month period.
c. Rent of $2,050 expired during the month.
d. Depreciation is computed using the straight-line method. The equipment has an estimated useful life of 10 years with no salvage value.
1. Complete the worksheet for the month.
2.1 Prepare an income statement
2.2 Prepare a statement of owner’s equity.
2.3 Prepare a balance sheet.
3. Journalize and post the adjusting entries. Use the following accounts: Supplies, Prepaid Advertising, Prepaid Rent, Accumulated Depreciation-Equipment,
Supplies Expense, Advertising Expense, Rent Expense and Depreciation Expense- Equipment.
JUDGE CREATIVE DESIGNS
Worksheet
Month Ended January 31, 2016
Account Name
Trial Balance
Adjustments
Adjusted Trial Balance
Income Statement
Balance Sheet
Debit
Credit
Debit
Credit
Debit
Credit
Debit
Credit
Debit
Credit
Cash
$ 36,400 Accounts Receivable
13,500 Supplies
9,550 Prepaid Advertising
12,000 Prepaid Rent
24,600 Equipment
32,400 Accumulated Depreciation—Equip. Accounts Payable
16,450 Paula Judge, Capital
60,900 Paula Judge, Drawing
7,900 Fees Income
71,450 Advertising Expense Depreciation Expense—Equipment Rent Expense Salaries Expense
10,600 Supplies Expense Utilities Expense
1,850 Sub-Totals
$
$ Totals 148,800
148,800

 


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