(Solution) 101 104 126 128 167 168 173 174 183 201 203 208 210 213 233 251 301 302 401 406 407 409 606 612 623 633 637 640 652 682 683 684 688 690 GIOVANNI... | Snapessays.com


(Solution) 101 104 126 128 167 168 173 174 183 201 203 208 210 213 233 251 301 302 401 406 407 409 606 612 623 633 637 640 652 682 683 684 688 690 GIOVANNI...


this homework assignment is difficult and i need help doing it.GIOVANNI COMPANY

 

Adjusted Trial Balance

 

December 31, 2011

 

No.

 

Account Title

 

Debit

 

Credit

 

101

 

Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

$ 6,400

 

104

 

Short- term investments . . . . . . . . . . . . . . . . . . . .

 

10,200

 

126

 

Supplies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

3,600

 

128

 

Prepaid insurance . . . . . . . . . . . . . . . . . . . . . . . . . .

 

800

 

167

 

Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,000

 

168

 

Accumulated depreciation— Equipment . . . . . . .

 

$

 

3,000

 

173

 

Building . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90,000

 

174

 

Accumulated depreciation— Building . . . . . . . . .

 

9,000

 

183

 

Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

28,500

 

201

 

Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . .

 

2,500

 

203

 

Interest payable . . . . . . . . . . . . . . . . . . . . . . . . . .

 

1,400

 

208

 

Rent payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

200

 

210

 

Wages payable . . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

1,180

 

213

 

Property taxes payable . . . . . . . . . . . . . . . . . . . . . .

 

2,330

 

233

 

Unearned professional fees . . . . . . . . . . . . . . . . . .

 

650

 

251

 

Long- term notes payable . . . . . . . . . . . . . . . . . . . .

 

32,000

 

301

 

J. Giovanni, Capital . . . . . . . . . . . . . . . . . . . . . . . . .

 

91,800

 

302

 

J. Giovanni, Withdrawals . . . . . . . . . . . . . . . . . . . . 14,500

 

401

 

Professional fees earned . . . . . . . . . . . . . . . . . . . .

 

57,000

 

406

 

Rent earned . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

6,600

 

407

 

Dividends earned . . . . . . . . . . . . . . . . . . . . . . . . . .

 

1,500

 

409

 

Interest earned . . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

1,120

 

606

 

Depreciation expense— Building . . . . . . . . . . . . . .

 

2,000

 

612

 

Depreciation expense— Equipment . . . . . . . . . . . .

 

1,000

 

623

 

Wages expense . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

17,500

 

633

 

Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

5,200

 

637

 

Insurance expense . . . . . . . . . . . . . . . . . . . . . . . . .

 

1,425

 

640

 

Rent expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

1,800

 

652

 

Supplies expense . . . . . . . . . . . . . . . . . . . . . . . . . .

 

900

 

682

 

Postage expense . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

310

 

683

 

Property taxes expense . . . . . . . . . . . . . . . . . . . . .

 

3,825

 

684

 

Repairs expense . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

1,579

 

688

 

Telephone expense . . . . . . . . . . . . . . . . . . . . . . . .

 

921

 

690

 

Utilities expense . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

1,820

 

Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

$210,280

 

$210,280

 

J. Giovanni invested $30,000 cash in the business during year 2011 (the December 31, 2010,

 

credit balance of the J. Giovanni, Capital account was $ 61,800).

 

Required:

 

1. Prepare the income statement and the statement of owner’s equity for the calendar year 2011

 

and the classified balance sheet at December 31, 2011.

 

2. Prepare the necessary closing entries at December 31, 2011.

 


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