1 / 10

Group 7 AP 4-7 (page 219)

Group 7 AP 4-7 (page 219). Heather Broadwell Jimmy Ha Linda Yin William Quan Brittany Spangler. Austin Co. Unadjusted Trial Balance As of the end of the annual accounting period, December 31, 2007. #1 Record the 2007 adjusting entries. A)Depreciation expense for 2007, $3,000

carter-fernandez
Download Presentation

Group 7 AP 4-7 (page 219)

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Group 7AP 4-7 (page 219) Heather Broadwell Jimmy Ha Linda Yin William Quan Brittany Spangler

  2. Austin Co.Unadjusted Trial BalanceAs of the end of the annual accounting period, December 31, 2007

  3. #1 Record the 2007 adjusting entries

  4. A)Depreciation expense for 2007, $3,000 B)Insurance expired during 2007, $450 C) Wages earned by employees but not yet paid on December 31,2007, $1,100

  5. D) The supplies count on December 31, 2007, reflected $600 remaining on hand to be used in 2008 E) Income tax expense was $2,950 f) $5,000 Note payable: 2 years; 12% interest due each Dec. 31 $5,000 x 12% = $600

  6. #2 Prepare an income statement and a classified balance sheet for 2007 to include the effects of the preceding five transactions

  7. #3 Record the 2007 closing entry

More Related