To close the accounting cycle for Joe Smith's business, complete the following:
Journalize and post the adjusting entries for Joe's business. Make the following adjusting entries: (Note: you may need to create additional ledger accounts)
Adjustment for expired insurance
Adjustment for office supplies used (note: a physical inventory of supplies on Nov 30 showed $35 worth of supplies)
Adjustment for depreciation on the tools, reference materials, and truck used for the business. To keep things simple, Joe will use the straight-line depreciation method. The tools and reference materials are expected to have a useful life of 10 years. The tools are expected to have a salvage value of $50 at the end of 10 years. The reference materials are not expected to have a salvage value. The truck is expected to last 5 years and to have a salvage value of $2,500. (note: use individual depreciation accounts for each type of asset – 3 different accounts)
Adjustment for accrued interest on the truck loan. The annual interest rate on the loan is 6%.
Journalize and post the closing entries.
Prepare a post-closing trial balance.
Prepare the financial statements (income statement, statement of owner's equity, and balance sheet) for the first three months
Note: I have the first part of this assignment saved on my excel files I am just not understanding this part of it.
Caren Smith opened a medical practice. During July, the first month of operation, the business, titled Caren Smith, M.D., experienced the following events: Jul 6 Smith invested $55,000 in the business by opening a bank account in
comprehensive problem perpetual In this project, follow the steps of the accounting cycle to process given transactions in a business environment. Then, synthesize special journals, a trial balance, financial statements, and a
Journalize these transactions: Apr 1: K. Smart (owner of business) provided delivery service to D. Smith for $1200. D. Smith agreed to pay in 30 days Apr 2: D. Smith paid $400 on his account. April 14: D. Smith paid the balance
Final Project: Final Project • Resources: Appendix A • Due Date: Day 7 [post in the Individual forum] • Write a 700-1,050 word paper, using APA guidelines, based on following scenario. You want to start your own business.
Are these sentence's punctuated correctly? Mrs. Smith came to the hospital accompanied by her husband, Mr. Smith, and their youngest daughter. I will keep you informed, Dr. Smith, about Joe's status here in therapy. Terry
Write a 700- to 1,050-word paper, using APA guidelines, based on the scenario below. You want to start your own business. You found an investment group that is willing to give you the capital needed for the first year of your
Joe operates a business that locates and purchases specialized assets for clients, among other activities. Joe uses the accrual method of accounting but he doesn’t keep any significant inventories of the specialized assets that