Weygandt Financial Accounting 10e Help I System Announcement

Weygandt, Financial Accounting, 10e Help I System Announcements Problem 3-1A Pina Colada started her own consulting firm, Pina Colada Corp., on May 1, 2019. The trial balance at May 31 is as follows. Pina Colada Corp. Trial Balance May 31, 2019 unt Number Debit Credit 101 112 126 130 149 201 209 311 400 726 729 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accounts Payable Unearned Service Revenue Common Stock Service Revenue Salaries and Wages Expense Rent Expense $4,600 5,900 2,200 2,400 10,200 $ 4,600 2,000 15,800 7,500 3,400 1,200 $29,900 $29,900 In addition to those accounts listed on the trial balance, the chart of accounts for Pina Colada Corp. also contains the following acc 150 Accumulated Depreciation-Equipment, No. 212 Salaries and Wages Payable, No. 631 Supplies Expense, No. 717 Depreciation Expense, and No. 732 Utilities Expense. test/aglist.uniid-asnmt2162723 N10019

Solution

Pina Colada Adjusted Journal Entries May 31st Date Explaination Debit Credit May 31st Supplies Expenses $      1,100.00    To Supplies $                                1,100.00 (Being amount of supplies expenses) May 31st Utility Expenses $          200.00    To Utility Expenses Payable $                                    200.00 (Being amount of Utilities Expenses incurred but not paid) May 31st Insurance Expenses $      1,200.00     To Prepaid Insurance $                                1,200.00 (Being amount of Insurance Expenses) May 31st Unearned Service Revenue=($2000-$400) $      1,600.00    To Service Revenue $                                1,600.00 (Being amount of Service performed against which advance already received) May 31st Salary A/c $      2,000.00    To Salary Payable $                                2,000.00 (Being amount of salary payable) May 31st Depreciation=($170*12) $      2,040.00     To Accumulated Depreciation $                                2,040.00 (Being amount of accumulated Depreciation) May 31st Accounts Receivable $      1,700.00    To Service Revenue $                                1,700.00 (Being amount of service revenue ) Supplies Expenses A/c Partiular Amount (Dr) Particular Amount (Cr) To Supplies $      1,100.00 By Balance C/d $    1,100.00 Total $      1,100.00 Total $    1,100.00 Supplies Expenses A/c Partiular Amount (Dr) Particular Amount (Cr) To Unadjusted Balance $      2,200.00 By Supplies A/c $    1,100.00 By Balance C/d $    1,100.00 Total $      2,200.00 Total $    2,200.00 Utility Expenses A/c Partiular Amount (Dr) Particular Amount (Cr) To Utility Payable $          200.00 By Balance C/d $        200.00 Total $          200.00 Total $        200.00 Utility Expenses Payable A/c Partiular Amount (Dr) Particular Amount (Cr) To Balance c/d $          200.00 By Utility Expenses $        200.00 Total $          200.00 Total $        200.00 Insurance Expenses Partiular Amount (Dr) Particular Amount (Cr) To Unadjusted balance $      2,400.00 By Prepaid Insurance $    1,200.00 By Balance C/d $    1,200.00 Total $      2,400.00 Total $    2,400.00 Prepaid insurance Partiular Amount (Dr) Particular Amount (Cr) To Balance C/d $      1,200.00 By Insurance $    1,200.00 Total $      1,200.00 Total $    1,200.00 Unearnd Service Revenue Partiular Amount (Dr) Particular Amount (Cr) To Service Revenue $      1,600.00 By Unadjusted Balance $    2,000.00 By Balance C/d $          400.00 Total $      2,000.00 Total $    2,000.00 Service Revenue Partiular Amount (Dr) Particular Amount (Cr) To Balance C/d $    10,800.00 By Unadjusted Balance $    7,500.00 By Unearned service Revenue $    1,600.00 By Accounts Receivable $    1,700.00 Total $    10,800.00 Total $ 10,800.00 Salaries Expenses Partiular Amount (Dr) Particular Amount (Cr) To Unadjusted Balance $      3,400.00 By Balance C/d $    5,400.00 To Salary Payable $      2,000.00 Total $      5,400.00 Total $    5,400.00 Salaries Payable Partiular Amount (Dr) Particular Amount (Cr) To Balance C/d $      2,000.00 By Salary $    2,000.00 Total $      2,000.00 Total $    2,000.00 Depreciation A/c Partiular Amount (Dr) Particular Amount (Cr) To Accumulated Depreciation $      2,040.00 By Balance C/d $    2,040.00 Total $      2,040.00 Total $    2,040.00 Accumulated Depreciation A/c Partiular Amount (Dr) Particular Amount (Cr) To Balance C/d $      2,040.00 By Depreciation $    2,040.00 Total $      2,040.00 Total $    2,040.00 Accounts Receivable A/c Partiular Amount (Dr) Particular Amount (Cr) To Unadjusted Balance $      5,900.00 By Balance c/d $    7,600.00 To Service Revenue $      1,700.00 Total $      7,600.00 Total $    7,600.00 Pina Colada Trial Balance May 31st Unadjusted Trial Balance Adjustments Adjusted Trial Balance Particular Debit Credit Debit Credit Cash $      4,600.00 $      4,600.00 Accounts Receivable= $      5,900.00 $    1,700.00 $      7,600.00 Supplies=($2200-$1100) $      2,200.00 $    1,100.00 $      1,100.00 Prepaid Insurance($2400-$1200) $      2,400.00 $    1,200.00 $      1,200.00 Office Equipment $    10,200.00 $    10,200.00 Accumulated Depreciation- Equipment $    2,040.00 $         2,040.00 Accounts Payable($9100+$900) $                                4,600.00 $         4,600.00 Salary Payable $    2,000.00 $         2,000.00 Utility Expenses Payable $        200.00 $             200.00 Unearned service Revenue $                                2,000.00 $    1,600.00 $             400.00 Common Stock $                              15,800.00 $       15,800.00 Service Revenue $                                7,500.00 $    3,300.00 $       10,800.00 Salaries & Wages Expenses $      3,400.00 $    2,000.00 $      5,400.00 Depreciation $    2,040.00 $      2,040.00 Rent Expense $      1,200.00 $      1,200.00 Supplies Expesnes $    1,100.00 $      1,100.00 Insurance Expenses $    1,200.00 $      1,200.00 Utility Expenses $        200.00 $          200.00 Total $    29,900.00 $                              29,900.00 $    9,840.00 $    9,840.00 $    35,840.00 $       35,840.00