Professional Documents
Culture Documents
1
ACCT101_YUNLEE_SOLUTIONS_Ch03
2
ACCT101_YUNLEE_SOLUTIONS_Ch03
Requirement 2
Demon Deacons Corporation
Adjusted Trial Balance
December 31, 2024
Accounts Debit Credit
Cash $ 10,000
Accounts Receivable 15,000
Prepaid Rent 4,800
Supplies 800
Deferred Revenue $ 2,250
Salaries Payable 700
Common Stock 11,000
Retained Earnings 6,000
Service Revenue 51,950
Salaries Expense 35,700
Rent Expense 2,400
Supplies Expense 3,200
Totals $71,900 $71,900
3
ACCT101_YUNLEE_SOLUTIONS_Ch03
Requirement 2
Retained Earnings
30,000
40,000 56,000
3,000
43,000 End. Bal.
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ACCT101_YUNLEE_SOLUTIONS_Ch03
5
ACCT101_YUNLEE_SOLUTIONS_Ch03
6
ACCT101_YUNLEE_SOLUTIONS_Ch03
7
ACCT101_YUNLEE_SOLUTIONS_Ch03
8
ACCT101_YUNLEE_SOLUTIONS_Ch03
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ACCT101_YUNLEE_SOLUTIONS_Ch03
1. August 16.
2. January 27.
3. April 2.
4. Revenue would be recognized as each magazine is delivered.
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ACCT101_YUNLEE_SOLUTIONS_Ch03
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ACCT101_YUNLEE_SOLUTIONS_Ch03
12
ACCT101_YUNLEE_SOLUTIONS_Ch03
13
ACCT101_YUNLEE_SOLUTIONS_Ch03
Requirement 2
Fightin’ Blue Hens Corporation
Statement of Stockholders’ Equity
For the period ended December 31, 2024
Total
Common Retained Stockholders’
Stock Earnings Equity
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ACCT101_YUNLEE_SOLUTIONS_Ch03
15
ACCT101_YUNLEE_SOLUTIONS_Ch03
16
ACCT101_YUNLEE_SOLUTIONS_Ch03
17
ACCT101_YUNLEE_SOLUTIONS_Ch03
Supplies Expense
0
(c) 1,300
1,300
18
ACCT101_YUNLEE_SOLUTIONS_Ch03
19
ACCT101_YUNLEE_SOLUTIONS_Ch03
Requirement 4
Crimson Tide Music Academy
Income Statement
For the year ended December 31, 2024
Revenues:
Service $45,500
Interest 800
Total revenues 46,300
Expenses:
Salaries 26,600
Rent 5,400
Supplies 1,300
Utilities 2,600
Total expenses 35,900
Net income (Loss) $10,400
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ACCT101_YUNLEE_SOLUTIONS_Ch03
21
ACCT101_YUNLEE_SOLUTIONS_Ch03
22
ACCT101_YUNLEE_SOLUTIONS_Ch03
Requirement 7
Crimson Tide Music Academy
Post-Closing Trial Balance
December 31, 2024
Accounts Debit Credit
Cash $ 10,300
Accounts Receivable 9,500
Interest Receivable 800
Supplies 700
Prepaid Rent 1,800
Land 78,000
Notes Receivable 20,000
Accounts Payable $ 7,700
Salaries Payable 2,100
Deferred Revenue 2,000
Utilities Payable 200
Common Stock 79,000
Retained Earnings 30,100
Total $121,100 $121,100
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ACCT101_YUNLEE_SOLUTIONS_Ch03
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ACCT101_YUNLEE_SOLUTIONS_Ch03
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ACCT101_YUNLEE_SOLUTIONS_Ch03
26
ACCT101_YUNLEE_SOLUTIONS_Ch03
Requirement 5
December 31 Debit Credit
Insurance Expense 7,000
Prepaid Insurance 7,000
(Reduce prepaid insurance due to passage of time)
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ACCT101_YUNLEE_SOLUTIONS_Ch03
28
ACCT101_YUNLEE_SOLUTIONS_Ch03
29
ACCT101_YUNLEE_SOLUTIONS_Ch03
Zips Storage
Balance Sheet
December 31, 2024
Assets Liabilities
Current assets: Current liabilities:
Cash $103,800 Accounts Payable $ 4,500
Accounts receivable 16,100 Deferred Revenue 6,900
Prepaid Insurance 5,000 Total current liabilities 11,400
Supplies 2,900 Stockholders’ Equity
Total current assets 127,800 Common stock 170,000
Long-term assets: Retained earnings 94,400 *
Land 148,000 Total stockholders’ equity 264,400
Total liabilities and
Total assets $275,800 stockholders’ equity $275,800
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ACCT101_YUNLEE_SOLUTIONS_Ch03
31
ACCT101_YUNLEE_SOLUTIONS_Ch03
32
ACCT101_YUNLEE_SOLUTIONS_Ch03
Zips Storage
Post-Closing Trial Balance
December 31, 2024
Accounts Debit Credit
Cash $103,800
Accounts Receivable 16,100
Prepaid Insurance 5,000
Supplies 2,900
Land 148,000
Accounts Payable $ 4,500
Deferred Revenue 6,900
Common Stock 170,000
Retained Earnings 94,400
Total $275,800 $275,800
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