PROBLEMS: SET B P4-1B Pevnick Inc. began operations as a detective agency on January 1, 2015. The trial Prepare worksheet, financial balance columns of the worksheet for Pevnick Inc. at March 31 are as follows. statements, and adjusting and closing entries. (LO 1, 2, 3, 6) (a) Adjusted trial balance $59,100 PEVNICK INC. Worksheet For the Quarter Ended March 31, 2015 (b) Net income $8,280 Total assets $50,330 Account Titles 208 4 Completing the Accounting Cycle Cash Accounts Receivable Supplies Prepaid Insurance Equipment Trial Balance Dr. 11,400 5,620 1,050 2,400 30,000 Account Titles Notes Payable Accounts Payable Common Stock Dividends Cr. Service Revenue Salaries and Wages Expense Travel Expense Rent Expense Miscellaneous Expense Trial Balance Dr. 600 2,200 1,300 1,200 200 55,970 XLS Cr. 10,000 12,350 20,000 13,620 55,970 Other data: 1. Supplies on hand total $280. 2. Depreciation is $800 per quarter. 3. Interest accrued on 6-month note payable, issued January 1, $300. 4. Insurance expires at the rate of $200 per month. 5. Services performed but unbilled at March 31 total $2,030. Instructions (a) Enter the trial balance on a worksheet and complete the worksheet. (b) Prepare an income statement and a retained earnings statement for the quarter and a classified balance sheet at March 31. (e) Journalize the adjusting entries from the adjustments columns of the worksheet. (d) Journalize the closing entries from the financial statement columns of the worksheet.
PROBLEMS: SET B P4-1B Pevnick Inc. began operations as a detective agency on January 1, 2015. The trial Prepare worksheet, financial balance columns of the worksheet for Pevnick Inc. at March 31 are as follows. statements, and adjusting and closing entries. (LO 1, 2, 3, 6) (a) Adjusted trial balance $59,100 PEVNICK INC. Worksheet For the Quarter Ended March 31, 2015 (b) Net income $8,280 Total assets $50,330 Account Titles 208 4 Completing the Accounting Cycle Cash Accounts Receivable Supplies Prepaid Insurance Equipment Trial Balance Dr. 11,400 5,620 1,050 2,400 30,000 Account Titles Notes Payable Accounts Payable Common Stock Dividends Cr. Service Revenue Salaries and Wages Expense Travel Expense Rent Expense Miscellaneous Expense Trial Balance Dr. 600 2,200 1,300 1,200 200 55,970 XLS Cr. 10,000 12,350 20,000 13,620 55,970 Other data: 1. Supplies on hand total $280. 2. Depreciation is $800 per quarter. 3. Interest accrued on 6-month note payable, issued January 1, $300. 4. Insurance expires at the rate of $200 per month. 5. Services performed but unbilled at March 31 total $2,030. Instructions (a) Enter the trial balance on a worksheet and complete the worksheet. (b) Prepare an income statement and a retained earnings statement for the quarter and a classified balance sheet at March 31. (e) Journalize the adjusting entries from the adjustments columns of the worksheet. (d) Journalize the closing entries from the financial statement columns of the worksheet.
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter21: Accounting For Accruals, Deferrals, And Reversing Entries
Section: Chapter Questions
Problem 1AP
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Can you help me with my homework? I don’t understand it all. I have a picture of it on the attached link.
Transcribed Image Text:208
PROBLEMS: SET B
P4-1B Pevnick Inc. began operations as a detective agency on January 1, 2015. The trial Prepare worksheet, financial
balance columns of the worksheet for Pevnick Inc. at March 31 are as follows.
statements, and adjusting
and closing entries.
PEVNICK INC.
Worksheet
(LO 1, 2, 3, 6)
For the Quarter Ended March 31, 2015
(a) Adjusted trial balance
$59,100
4 Completing the Accounting Cycle
(b) Net income $8,280
Total assets $50,330
Account Titles
Cash
Accounts Receivable
Supplies
Prepaid Insurance
Equipment
Complete worksheet prepare
Trial Balance
Dr.
11,400
5,620
1,050
2,400
30,000
Account Titles
Notes Payable
Accounts Payable
Common Stock
Dividends
Cr.
Service Revenue
Salaries and Wages Expense
Travel Expense
Rent Expense
Miscellaneous Expense
Trial Balance
Dr.
600
2,200
1,300
1,200
200
55,970
4. Insurance expires at the rate of $200 per month.
5. Services performed but unbilled at March 31 total $2,030.
XLS
Cr.
10,000
12,350
20,000
13,620
Other data:
1. Supplies on hand total $280.
2. Depreciation is $800 per quarter.
3. Interest accrued on 6-month note payable, issued January 1, $300.
55,970
Instructions
(a) Enter the trial balance on a worksheet and complete the worksheet.
(b) Prepare an income statement and a retained earnings statement for the quarter and a
classified balance sheet at March 31.
(c) Journalize the adjusting entries from the adjustments columns of the worksheet.
(d) Journalize the closing entries from the financial statement columns of the worksheet.
P4-28 The adjusted trial balance columns of the worksheet for Greenwood Company are
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