option 2 preparing adjusting entries
Note: The template required for this assignment is attached.
Option #2: Preparing Adjusting Entries, Closing Entries and a Post-Closing Trial Balance
Complete Part 1 and Part 2.
Part 1
Shown below is Johnson Travel Agency’s adjusted trial balance as of the end of its annual accounting period:
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Johnson Travel Agency’s Adjusted Trial Balance December 31 |
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Account Name |
DR. |
CR. |
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Cash |
$ 52,000 |
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Accounts receivable |
18,900 |
|
|
Office equipment |
31,500 |
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|
Accumulated depreciation—Office equipment |
$7,500 |
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Notes payable |
11,260 |
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|
Capital stock |
42,500 |
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|
Dividends |
2,500 |
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|
Fees earned |
98,000 |
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Salaries expense |
45,200 |
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Rent expense |
2,300 |
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Depreciation expense—Office equipment |
3,160 |
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Office supplies expense |
3,700 |
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|
Totals |
$159,260 |
$159,260 |
Required: Using the template in the Module 3 folder, prepare the following:
(a) Prepare the necessary closing entries.
(b) Prepare a post-closing trial balance.
Part 2
Determine if the following transactions for Everon Corporation require an adjustment. If an adjusting entry is required, give the correct entry. Where applicable, write the original entry first and then the adjusting entry.
- At the beginning of the month, Everon agreed to perform services for the next four months for Maston, Inc. for $25,000 per month. Ford paid Michigan $100,000 cash in advance. One month has now passed.
- Everon pays its employees every two weeks. At the end of the month, Everon owes its employees $75,000 but will not pay them until the following week.
- Everon paid $60,000 cash for rent at the beginning of the month by debiting prepaid rent and crediting cash. This amount covered six months of occupancy, but only one month has passed.
- At the beginning of the year, Everon bought supplies from Douglas Implements for $4,500 cash per month for twelve months. A physical count at year-end revealed supplies worth $1,500 were still left over. Complete the original journal entry followed by the adjusting entry.
Review the grading rubric to understand how you will be graded on this assignment.
Note: The template required for this assignment is attached.
Rubric
ACT300 Mod 3 CT
| Criteria | Ratings | Pts | ||||
|---|---|---|---|---|---|---|
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This criterion is linked to a Learning OutcomeRequirements |
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10.0 pts |
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This criterion is linked to a Learning OutcomeContent |
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20.0 pts |
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This criterion is linked to a Learning OutcomeCritical Analysis |
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10.0 pts |
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This criterion is linked to a Learning OutcomeProblem Solving |
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10.0 pts |
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This criterion is linked to a Learning OutcomeDemonstrates college-level proficiency in organization, grammar and style. |
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10.0 pts |
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Total Points: 60.0 |
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