Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. given data: piter five years of operations educati

Given Data: Piter five years of operations Education Clinio showed the following post-closing balances at...

90.2K

Verified Solution

Question

Accounting

image
Given Data: Piter five years of operations Education Clinio showed the following post-closing balances at December 31, 2019 Cash 3,000 counts Receivat 5,500 Prepaid Rent 3.500 Office Equipmer 25,000 Accumulated Depreciation 15,000 Inearned Revenu 4.100 Leda Svenson Capital 17.900 Leda Svenson 0 Tutoring Revenue Rent Expense 0 preciation Expen vertising Expen 0 Required: Preparation Component: 1 Journalize and post the following uansactions that occurred during 2020. a. On Jan 15 provided $ 10,500 of tutoring services on account . On Feblo paid $ 2,500 for advertising that appeared in today's newspaper o On July 7. collected $11.000 from credit customers, d On Deo 10, the owner withdrew $4,400 cash for personal use. 12 Prepare an unadjusted uial balance as at December 31, 2020. 3 Journalize and post the adjusting entries on December 31, 2020, based on the following additional information a Annual depreciation on the office equipment is $ 12,500 b $3.440 of the balance in unearned revenue has been earned o The entire balance in prepaid tent has expired 4 Prepare an adjusted tral balance at December 31, 2020 S Prepare an income statement, statement of changes in equity and classified balance sheet

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students