question 1. Following are transactions for March for Spruce Corporation:
| Mar 1 | Received $19,000 cash from shareholders in exchange for shares of common stock. |
| 2 | Paid $4,200 cash for March rent for office space. |
| 4 | Borrowed $5,000 cash from the bank and signed a promissory note for the balance due. |
| 6 | Purchased a 1-year insurance policy costing $3,900 for cash. |
| 9 | Purchased supplies costing $2,300 on account from Green Suppliers. |
| 11 | Purchased equipment costing $22,000. Paid $4,000 cash and signed a promissory note for the remainder due. |
| 13 | Received an $1,800 cash advance from a customer for services to be performed for the customer beginning on April 1. |
| 19 | Made a $2,300 cash payment on account to Green Suppliers (related to the March 9 transaction). |
| 20 | Performed services and received $6,300 cash from customers. |
| 22 | Declared and paid $700 cash dividends to shareholders. |
| 24 | Performed services and billed customers $9,600. |
| 29 | Paid cash for employees’ salaries for March $3,700. |
| 30 | Received an $1,100 utility bill for March–the bill will be paid in April. |
| 31 | Received $7,100 cash on account from previously billed customers. |
with this informationmake a general journal, general ledure and a trial balance sheet
———-question 2
Following is the trial balance of Magnolia Corporation on December 31:
|
Magnolia Corporation Trial Balance December 31, 2021 |
||
| Accounts | Dr | Cr |
| Cash | 8,700 | |
| Accounts Receivable | 6,400 | |
| Supplies | 3,410 | |
| Prepaid Insurance | 3,240 | |
| Equipment | 28,000 | |
| Accumulated Depreciation-Equipment | 4,000 | |
| Accounts Payable | 5,200 | |
| Notes Payable | 12,000 | |
| Unearned Service Revenue | 2,250 | |
| Common Stock | 15,000 | |
| Retained Earnings | 6,700 | |
| Dividends Declared | 5,000 | |
| Service Revenue | 48,900 | |
| Salaries Expense | 25,200 | |
| Advertising Expense | 10,400 | |
| Utilities Expense | 3,700 | |
| Totals | 94,050 | 94,050 |
The additional following information is available on December 31:
- Depreciation on the equipment is $4,000 per year.
- Accrued interest on the notes payable as of December 31 is $960.
- On February 1, 2021, Magnolia had purchased a 1-year insurance policy costing $3,240. The effective date of the policy was February 1, 2021.
- Services performed for customers but unrecorded as of December 31, are $3,900.
- Supplies costing $210 remain on hand on December 31.
- Accrued salaries on December 31 are $2,100.
- On September 1, 2021, Magnolia had received a $2,250 cash advance from a customer for 9 months of services to be performed for the customer beginning on September 1, 2021.———–Prepare the required adjusting journal entries for December 31, 2021 in the attached general journal file, assuming that Magnolia prepares adjusting entries annually (once each year) on December 31—–
- question 3————–Following is the trial balance of Magnolia Corporation on December 31:
Magnolia CorporationTrial BalanceDecember 31, 2021 Accounts Dr Cr Cash 8,700 Accounts Receivable 6,400 Supplies 3,410 Prepaid Insurance 3,240 Equipment 28,000 Accumulated Depreciation-Equipment 4,000 Accounts Payable 5,200 Notes Payable 12,000 Unearned Service Revenue 2,250 Common Stock 15,000 Retained Earnings 6,700 Dividends Declared 5,000 Service Revenue 48,900 Salaries Expense 25,200 Advertising Expense 10,400 Utilities Expense 3,700 Totals 94,050 94,050 The additional following information is available on December 31:
- Depreciation on the equipment is $4,000 per year.
- Accrued interest on the notes payable as of December 31 is $960.
- On February 1, 2021, Magnolia had purchased a 1-year insurance policy costing $3,240. The effective date of the policy was February 1, 2021.
- Services performed for customers but unrecorded as of December 31, are $3,900.
- Supplies costing $210 remain on hand on December 31.
- Accrued salaries on December 31 are $2,100.
- On September 1, 2021, Magnolia had received a $2,250 cash advance from a customer for 9 months of services to be performed for the customer beginning on September 1, 2021.
RequiredPrepare the required adjusting journal entries for December 31, 2021 in the attached general journal file, assuming that Magnolia prepares adjusting entries annually (once each year) on December 31. —————————————- question 4————–Following is the adjusted trial balance of Elm Corporation on December 31, 2021:
Elm CorporationAdjusted Trial BalanceDecember 31, 2021 Accounts Dr Cr Cash 7,600 Accounts Receivable 6,800 Supplies 1,400 Prepaid Insurance 900 Equipment 37,000 Accumulated Depr.-Equipment 12,000 Buildings 45,000 Accumulated Depr.-Buildings 15,000 Land 8,000 Accounts Payable 8,300 Notes Payable (90 day) 1,500 Salaries Payable 1,200 Interest Payable 900 Unearned Cleaning Revenue 2,400 Notes Payable (25 year) 17,000 Common Stock 24,000 Retained Earnings 19,300 Dividends Declared 9,000 Maintenance Revenue 54,700 Cleaning Revenue 62,300 Salaries Expense 48,900 Advertising Expense 12,600 Interest Expense 1,200 Supplies Expense 18,300 Insurance Expense 6,900 Depreciation Expense 5,600 Utilities Expense 9,400 Totals 218,600 218,600 Required:
- Compute the following amounts:
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- Total Revenues
- Total Expenses
- Net Income
- Total Retained Earnings
- Total Current Assets
- Total Property, Plant, and Equipment Assets
- Total Assets
- Total Current Liabilities
- Total Long-Term Liabilities
- Total Liabilities
- Total Stockholders’ Equity
- Total Liabilities and Stockholders’ Equity
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- Prepare the required closing entries in the attached general journal. You will upload your saved journal in Question 4.Post your closing entries to the attached T-accounts. You will upload your saved T-accounts in Question 4.—
- On the post-closing trial balance, the total debits will be
- On the post-closing trial balance, the total credits will be
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