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[Solved] Kristi Williams offers family counseling services specializing in financial and marital problems. A chart of accounts and a trial balance taken on December 31, 20--, follow. $15.49   Add to cart

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[Solved] Kristi Williams offers family counseling services specializing in financial and marital problems. A chart of accounts and a trial balance taken on December 31, 20--, follow.

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Kristi Williams offers family counseling services specializing in financial and marital problems. A chart of accounts and a trial balance taken on December 31, 20--, follow. Information for year-end adjustments is as follows: (a) Office supplies on hand at year-end amounted to $100. (...

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  • May 4, 2021
  • 5
  • 2020/2021
  • Other
  • Unknown

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By: luiscasarez663 • 6 months ago

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Kristi Williams offers family counseling services specializing in financial and marital problems.
A chart of accounts and a trial balance taken on December 31, 20--, follow.




.:.
Information for year-end adjustments is as follows:
(a) Office supplies on hand at year-end amounted to $100.
(b) On January 1, 20--, Williams purchased office equipment that cost $18,000. It has an
expected useful life of 10 years and no salvage value.

, (c) On July 1, 20--, Williams purchased computer equipment costing $6,000. It has an expected
useful life of three years and no salvage value. Assume that Williams computes depreciation to
the nearest full month.
(d) On December 1, 20--, Williams paid a premium of $600 for a six-month insurance policy.
REQUIRED
1. Prepare the work sheet for the year ended December 31, 20--.
2. Prepare adjusting entries in a general journal.


SOLUTION:


1.
Kristi Williams Family
Work
For Year Ended


TRIAL BALANCE ADJUSTMENTS
ACCOUNT TITLE
DEBIT CREDIT DEBIT CREDIT

Cash 8 7 3 0 00

Office Supplies 7 0 0 00 (a) 6 0 0 00


Prepaid Insurance 6 0 0 00 (d) 1 0 0 00

Office Equipment 18 0 0 0 00

Accum. Depr.—Office Equip. (b) 1 8 0 0 00

Computer Equipment 6 0 0 0 00

Accum. Depr.—Computer (c) 1 0 0 0 00
Equip.

Notes Payable 8 0 0 0 00

Accounts Payable 5 0 0 00

Kristi Williams, Capital 11 4 0 0 00

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