The Pennsylvania State University ACCTG 211 Unit 3 Example Problem – 2015
The Pennsylvania State UniversityACCTG 211Unit three Instance Drawback – 2015A. Journalize every transaction and create an unadjusted TB1. (Date) Money $50,000Widespread Inventory $50,000Situation widespread inventory for money.2. (Date) Money $6,000A/R $49,000Service Income $55,000Offered providers and picked up a portion in money.three. (Date) Working Bills $27,000Money $27,000Paid working bills with money.four. (Date) Salaries Expense $22,000Money $22,000Paid 4 weeks of salaries to staff.5. (Date) Money $10,000Observe Payable $10,000Signed mortgage settlement (issued notice payable) to Candy Tooth Financial institution.B. Journalize any required changes at 05/31/12 and create an adjusted TBA1. 05/31/12 Salaries Expense $1,100Salaries Payable $1,100Adjusting entry to accrue for salaries expense incurred throughout fifth week of month however not but paid as of finish of month.($5,500 weekly wage / 5 days = $1,100 per day x 1 accrual day = $1,100)A2. 05/31/12 Curiosity Expense $100Money $100Adjusting entry to document interest-only cost on 05/31/12.($10,000 x 12% x 1/12 = $100)C. Put together an Earnings Assertion, Assertion of Stockholders’ Fairness, Stability Sheet, and Assertion of Money FlowsD. Journalize the Closing Course of at 05/31/12 and create a post-closing TB