- Cash Accounts Receivable Supplies Prepaid Insurance 1 940 1 250 385 870 540 725 6 500 400 400 420 1 940 2 500 50 350 930 1 (122.1 KiB) Viewed 53 times
Dana Bowen Company End-of-Period Spreadsheet For the Year Ended April 30 Adjusted Trial Trial Balance Adjustments Balance Debit Credit Debit Credit Debit Credit Cash 7,170 17,170 Accounts Receivable 1,250 385 2,500 Prepaid Insurance 1,940 725 1,215 Supplies 870 540 330 Equipment 2,500 2,500 Accumulated Depreciation 130 310 Unearned Revenue 930590 340 Accounts Payable 870 870 Wages Payable 225 225 Dana Bowen, Capital 9,000 9,000 Dana Bowen, Drawing 350 350 Fees Eamed 2.900 2,725 5,620 Wage Expense 4001 225 645 Rent Expense 400 400 Supplies Expense 540 540 Insurance Expense 725 725 Depreciation Expense 130 130 Miscellaneous Expense 50 50 15,930 Totals 13,700 2,595 4,345 16,895 16,025 Dana Bowen Company Income Statement For the Year Ended April 30 Fees earned $5,625 Expenses: Insurance expense $725 Wages expense 6451 Supplies expense 540 Rent expense 400 Depreciation expense 1300 Miscellaneous expense 500 Total expenses 2.490 Net income $3.135
Dana Bowen Company Statement of Owner's Equity For the Year Ended April 30 Dana Bowen capital, May 1 $ 이 Investment $ 9,000 3,135 Net income for the period Less withdrawals (350) Total change in owner's equity 11,785) Dana Bowen, capital, April 30 $11.785
Dana Bowen Company Balance Sheet April 30 Assets Liabilities Current assets: Current liabilities: $7,170 Cash 1,635 330 1,215 Accounts payable Wages payable Unearned revenues Supplies Total liabilities S 8 70 225 340 330 $10,850 $ 1,435 Accounts receivable Supplies Prepaid insurance Total current assets Property, plant, & equipment: Equipment Less accumulated depr. $2,500 130 2,630 9,000 Owner's Equity Dana Bowen, capital Total liabilities and owner's equity Total assets $13,200 $10,435 Closing Entries: 5,625 5,625 2,490 s) Fees Eamed Income Summary t) Income Summary Wages Expense Rent Expense Supplies Expense Insurance Expense Depreciation Expense Miscellaneous Expense u Income Summary Dana Bowen, Capital v) Dana Bowen, Drawing Dana Bowen, Drawing 645 400 540 725 130 50 1,135 1,135 350 350
Dana Bowen Company Post-Closing Trial Balance April 30 Cash 7,170 Accounts Receivable 2,500 Prepaid Insurance 1,215 Supplies 330 Equipment 2,500 Accumulated Depreciation 310 Unearned Revenues 340 Accounts Payable 870 Wages Payable 225 11,785 Dana Bowen, Capital Total 13,715 13,530
Exercise 2 Dana Bowen Company is a small business owned by Dana Bowen. She provided us with the documents for the year ended April 30, 2022. She is concerned that there are a number of errors in all documents made by her accountants Required: Determine what those errors are and correctly recalculate amounts in all documents. 6,500 6,500 2,500 2,500 400 400 400 400 1,250 1,250 870 Journal Entries: a) Cash Dana Bowen, Capital b) Equipment Dana Bowen, Capital c) Rent Expense Cash d) Cash Fees Eamed e) Accounts Receivable Fees Eamed f) Supplies Accounts Payable g) Wages Expense Cash h) Prepaid Insurance Cash i) Cash Fees Eamed j) Miscellaneous Expense Cash k) Dana Bowen, Drawing Cash 1) Cash Unearned Revenue 870 420 420 1,940 1,940 2,500 2,500 50 50 350 350 930 930 Adjusting Entries: 540 540 385 385 725 725 m) Supplies Expense Supplies n) Accounts Receivable Fees Eamed o) Insurance Expense Prepaid Insurance p) Accumulated Depreciation Depreciation Expense q) Wages Expense Wages Payable r) Unearned Revenues Fees Eamed 130 130 225 225 590 590