Question & Answer: 3·(20 points) (Adjusting Entries and Financial Statements) The following are the trial balance and the other information related to Yorkis P…..

3·(20 points) (Adjusting Entries and Financial Statements) The following are the trial balance and the other information related to Yorkis Perez, a consulting engineer YORKIS PEREZ, CONSULTING ENGINEER TRIAL BALANCE DECEMBER 31, 2014 Debit 44,500 Cash Accounts Receivable Allowance For Doubtful Accounts Inventory Prepaid Insurance Equipment Accumulated Depreciation-Equipment Unearned Revenue Notes Payable Owners Capital Service Revenue Rent Expense Salaries and Wages Expense Utilities Expenses Office Expense 49,600 $750 1,960 25,000 6,250 15,000 7,200 35,010 100,000 9,750 30,500 1,080 $164,210 $164,210 Note: none of the below adjustments/transactions have been recorded. They are NOT reflected in the above trial balance. Youll need to add some accounts as you record the adjustments/transactions below: 1. Provided $10,000 of the services related to the unearned revenue reflected in the trial balance. Record the adjustment. 2. Services performed for clients that were not recorded by December 31, $4,900. Record the accrued revenue. 3. Bad debt expense for the year is $1,430. Record baddebt expense. 4. Insurance expired during the year $600. Record the adjustment 5. Equipment has a 10-year useful life and no salvage value. Record depreciation expense. 6. The company took out a loan from the bank (this transaction was already recorded). It was a 90-day, 10% note for $7,200 taken out on December 1, 2014. Record the accrued interest expense for the month of December 7. Rent of the building is $750 per month. The company paid for 5 months ent on December 1, 2014 (that included Decembers rent. Record this transaction as of December 31, 2014. 8. Office siand wages earned but unpaid December 31, 2014, $2,510. Record accrued salaries and wages. 9. The owner of the company withdrew $8,000 cash for personal use. Instructions From the trial balance and other information given, prepare adjusting/journal entries as of December 31, 2014 (items 1-9 above]. (b) Prepare an income statement for 2014, a statement of owners equity, and a classified balance sheet. The statements should reflect all the adjustments recorded above.

3·(20 points) (Adjusting Entries and Financial Statements) The following are the trial balance and the other information related to Yorkis Perez, a consulting engineer YORKIS PEREZ, CONSULTING ENGINEER TRIAL BALANCE DECEMBER 31, 2014 Debit 44,500 Cash Accounts Receivable Allowance For Doubtful Accounts Inventory Prepaid Insurance Equipment Accumulated Depreciation-Equipment Unearned Revenue Notes Payable Owner’s Capital Service Revenue Rent Expense Salaries and Wages Expense Utilities Expenses Office Expense 49,600 $750 1,960 25,000 6,250 15,000 7,200 35,010 100,000 9,750 30,500 1,080 $164,210 $164,210 Note: none of the below adjustments/transactions have been recorded. They are NOT reflected in the above trial balance. You’ll need to add some accounts as you record the adjustments/transactions below: 1. Provided $10,000 of the services related to the unearned revenue reflected in the trial balance. Record the adjustment. 2. Services performed for clients that were not recorded by December 31, $4,900. Record the accrued revenue. 3. Bad debt expense for the year is $1,430. Record baddebt expense. 4. Insurance expired during the year $600. Record the adjustment 5. Equipment has a 10-year useful life and no salvage value. Record depreciation expense. 6. The company took out a loan from the bank (this transaction was already recorded). It was a 90-day, 10% note for $7,200 taken out on December 1, 2014. Record the accrued interest expense for the month of December 7. Rent of the building is $750 per month. The company paid for 5 month’s ent on December 1, 2014 (that included December’s rent. Record this transaction as of December 31, 2014. 8. Office siand wages earned but unpaid December 31, 2014, $2,510. Record accrued salaries and wages. 9. The owner of the company withdrew $8,000 cash for personal use. Instructions From the trial balance and other information given, prepare adjusting/journal entries as of December 31, 2014 (items 1-9 above]. (b) Prepare an income statement for 2014, a statement of owner’s equity, and a classified balance sheet. The statements should reflect all the adjustments recorded above.

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