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Accounting
One more time help please. Thanks in advance. The following are the financial statements of Nosker Company. NOSKER COMPANY Comparative Balance Sheets December 31 Assets 2017 2016 Cash $36,400 $19,600 Accounts receivable 33,000 19,200 Inventory 31,000 20,400 Equipment 59,400 77,600 Accumulated depreciation—equipment (29,800 ) (23,700 ) Total $130,000 $113,100 Liabilities and Stockholders' Equity Accounts payable $28,700 $ 16,100 Income taxes payable 7,100 8,000 Bonds payable 26,300 32,500 Common stock 18,200 13,600 Retained earnings 49,700 42,900 Total $130,000 $113,100 NOSKER COMPANY Income Statement For the Year Ended December 31, 2017 Sales revenue $242,100 Cost of goods sold 175,500 Gross profit 66,600 Operating expenses 23,900 Income from operations 42,700 Interest expense 2,400 Income before income taxes 40,300 Income tax expense 8,100 Net income $32,200 Additional data: 1. Dividends declared and paid were $25,400. 2. During the year equipment was sold for $8,700 cash. This equipment cost $18,200 originally and had a book value of $8,700 at the time of sale. 3. All depreciation expense, $15,600, is in the operating expenses. 4. All sales and purchases are on account. Further analysis reveals the following. 1. Accounts payable pertain to merchandise suppliers. 2. All operating expenses except for depreciation were paid in cash. Warning Don't show me this message again for the assignment Ok Cancel Your answer is partially correct. Try again. Prepare a statement of cash flows for Nosker Company using the direct method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) NOSKER COMPANY Statement of Cash Flows For the Month Ended December 31, 2017December 31, 2017For the Year Ended December 31, 2017EAT_1417141783875_1_9092738347004832 Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in Cash30744990_0_5559452828615665_dropdown_204_resp_5 Increase in Inventory Decrease in Accounts Receivable Increase in Accounts Receivable Sale of Equipment Decrease in Inventory Increase in Income Taxes Payable Decrease in Accounts Payalbe To Suppliers For Interest Decrease in Income Taxes Payable Cash Receipts from Customers Issuance of Common Stock Increase in Accounts Payalbe Redemption of Bonds Payment of Dividends For Operating Expenses For Income Taxes 30744990_0_5559452828615665_dropdown_206_resp_1 $ AddLessresp_2 cash payments: For Income Taxes For Operating Expenses Sale of Equipment Increase in Inventory Issuance of Common Stock Cash Receipts from Customers Redemption of Bonds Decrease in Inventory Increase in Income Taxes Payable Decrease in Income Taxes Payable For Interest Payment of Dividends To Suppliers Increase in Accounts Receivable Decrease in Accounts Receivable Increase in Accounts Payalbe Decrease in Accounts Payalbe 30744990_0_5559452828615665_dropdown_206_resp_2 $ Increase in Accounts Payalbe Redemption of Bonds Cash Receipts from Customers For Interest For Operating Expenses Decrease in Accounts Payalbe Decrease in Accounts Receivable Increase in Income Taxes Payable Increase in Inventory To Suppliers For Income Taxes Payment of Dividends Sale of Equipment Decrease in Income Taxes Payable Issuance of Common Stock Increase in Accounts Receivable Decrease in Inventory 30744990_0_5559452828615665_dropdown_206_resp_3 Decrease in Accounts Payalbe Increase in Inventory For Operating Expenses Cash Receipts from Customers Sale of Equipment Decrease in Inventory Payment of Dividends For Income Taxes Issuance of Common Stock Decrease in Income Taxes Payable Redemption of Bonds Increase in Income Taxes Payable Increase in Accounts Receivable To Suppliers For Interest Decrease in Accounts Receivable Increase in Accounts Payalbe 30744990_0_5559452828615665_dropdown_206_resp_4 Issuance of Common Stock For Interest Decrease in Accounts Payalbe For Income Taxes Increase in Inventory Decrease in Inventory Increase in Accounts Receivable Sale of Equipment Cash Receipts from Customers To Suppliers Decrease in Accounts Receivable Increase in Accounts Payalbe Increase in Income Taxes Payable Redemption of Bonds Decrease in Income Taxes Payable For Operating Expenses Payment of Dividends 30744990_0_5559452828615665_dropdown_206_resp_5 Cash at Beginning of Period Cash at End of Period Cash Flows from Financing Activities Cash Flows from Investing Activities Cash Flows from Operating Activities Net Cash Provided by Financing Activities Net Cash Provided by Investing Activities Net Cash Provided by Operating Activities Net Cash Used by Financing Activities Net Cash Used by Investing Activities Net Cash Used by Operating Activities Net Decrease in Cash Net Increase in Cash 30744990_0_5559452828615665_dropdown_235_resp_5 Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in Cash30744990_0_5559452828615665_dropdown_240_resp_4 Decrease in Income Taxes Payable For Operating Expenses Payment of Dividends Increase in Inventory Increase in Accounts Receivable Cash Receipts from Customers Increase in Income Taxes Payable For Income Taxes To Suppliers Decrease in Accounts Receivable Sale of Equipment For Interest Increase in Accounts Payalbe Issuance of Common Stock Decrease in Accounts Payalbe Redemption of Bonds Decrease in Inventory 30744990_0_5559452828615665_dropdown_206_resp_6 Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in Cash30744990_0_5559452828615665_dropdown_247_resp_3 For Operating Expenses Increase in Accounts Payalbe Issuance of Common Stock For Income Taxes Decrease in Accounts Receivable Sale of Equipment Redemption of Bonds Payment of Dividends Increase in Accounts Receivable For Interest Decrease in Accounts Payalbe Increase in Inventory Decrease in Inventory Increase in Income Taxes Payable Decrease in Income Taxes Payable Cash Receipts from Customers To Suppliers 30744990_0_5559452828615665_dropdown_206_resp_9 Increase in Accounts Receivable For Operating Expenses Payment of Dividends Increase in Income Taxes Payable Increase in Inventory Issuance of Common Stock For Interest For Income Taxes Sale of Equipment Redemption of Bonds Decrease in Accounts Payalbe Decrease in Inventory Decrease in Income Taxes Payable Decrease in Accounts Receivable Increase in Accounts Payalbe Cash Receipts from Customers To Suppliers 30744990_0_5559452828615665_dropdown_206_resp_8 Decrease in Inventory Sale of Equipment Decrease in Accounts Payalbe Increase in Income Taxes Payable Decrease in Accounts Receivable For Operating Expenses To Suppliers Decrease in Income Taxes Payable Cash Receipts from Customers Increase in Inventory For Interest For Income Taxes Issuance of Common Stock Redemption of Bonds Payment of Dividends Increase in Accounts Receivable Increase in Accounts Payalbe 30744990_0_5559452828615665_dropdown_206_resp_7 Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in Cash30744990_0_5559452828615665_dropdown_264_resp_6 Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in Cash30744990_0_5559452828615665_dropdown_269_resp_13 Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in Cash30744990_0_5559452828615665_dropdown_274_resp_1 Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in Cash30744990_0_5559452828615665_dropdown_279_resp_2 $ Warning Don't show me this message again for the assignment Ok Cancel
Accounting
1. Prepare the statement of cash flows based on the direct method of presentation. (30 marks) (Show a negative amount preceded by a minus sign or in brackets.) 2. Prepare the T-account for the following accounts: (a) Furniture and Fittings (6 marks) (b)Accumulated depreciation - Furniture and Fittings (6 marks) 3.Required: Prepare general journal entries to record the above transactions. Include narrations for each entry. I have attached the questions for you.
Accounting
On December 31, Patterson Company has the following list of account balances. Accounts Payable $67,000 Service Revenue $52,900 Accounts Receivable 47,500 Legal Expense 4,700 Accumulated Depreciation, Equipment 18,500 Note Payable , due in two years. 13,000 Accumulated Depreciation, Buildings 45,000 Prepaid Rent 11,800 Advertising Expense 8,700 Rent Expense 6,900 Beginning Capital 98,000 Salaries Expense 5,800 Buildings 82,000 Salaries Payable 10,400 Cash 31,700 Supplies 23,800 Drawing 19,000 Supplies Expense 1,100 Equipment 61,800 Required: Compute the dollar amount of the Total Assets as it would appear on the December 31 balance sheet .
Business
Allen wants to open a savings account because he will retire after 5 years. He will transfer $40,000 from another account to the saving account today. After that, he will deposit $1,000 every month to the savings account. If the annual interest rate is 3.2%, what will be the account balance in his savings account after 5 years? ?
Accounting
P4-2A in Ch. 4 of Financial Accounting: (a) Prepare the adjusting entries for the month of June. (b) Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as beginning account balances. Use T accounts. (c) Prepare an adjusted trial balance at June 30, 2012. Problems: Set A 209 Prepare adjusting entries, post to ledger accounts, and prepare adjusted trial balance. (SO 4, 5, 6), AP (b) Cash received $199,000 (b) Service rev. $16,300 (c) Tot. trial balance $45,310
Accounting
You are a junior accountant at a small accounting firm. A partner of the firm has asked you to communicate the new Statement of Accounting Standards (SAS 112) regulation—rules auditors have to follow—to certain groups and to explain how this change would affect these groups. Research SAS 112 on accounting auditors from the American Institute of CPAs (AICPA) website. Research SAS 115 on accounting auditors from the AICPA website. Create a 5- to 6-slide Microsoft® PowerPoint® presentation with speaker notes for the bookkeepers of the firm's clients.
Accounting
Problem 1 - 15 Points Barton and Fallows form a partnership by combining the assets of their separate businesses. Barton contributes accounts receivable with a face amount of $50,000 and equipment with a cost of $190,000 and accumulated depreciation of $100,000. The partners agree that the equipment is to be priced at $85,000, that $3,500 of the accounts receivable are completely worthless and are not to be accepted by the partnership, and that $1,500 is a reasonable allowance for the uncollectibility of the remaining accounts receivable. Fallows contributes cash of $28,500 and merchandise inventory of $55,500. The partners agree that the merchandise inventory is to be priced at $60,000. Journalize the entries to record in the partnership accounts (a) Barton's investment and (b) Fallows' investment.
Financial Accounting
Spreadsheet: Accounts Receivable - Debit balance of 104000 Aging analysis - estimated uncollectible accounts 6700 Prepare an entry to record the UA expense under each of the following assumptions: A:) allowance for uncollectible accounts credit balance 800 before adjustment B:) allowance for UA debit balance 800 before adjustment what is the balance of allowance for uncollectible accounts after each of these adjustment - (Ending balance should remain unchanged?)
Math
A person invests ?$ 4200 in an account paying 3.4 %, compounded quarterly. Find the amount in the account after 4 years. The amount in the account after 4 years is approximately ?$ ____ 2. A person deposits ?$ 3000 in an account paying 2.5 %, compounded semiannually. Find the amount in the account after 4 1/2 years. The amount in the account after 4 1/2 years is approximately $ _____
Accounting
On January 1, 2011, John decides to start saving for a vacation trip. He begins making semiannual deposits of $400 to a special account on June 30, 2011. This account pays interest at the rate of 4%, compounded semiannually. How much will be in John's account on December 31, 2015, the end of 5 years?
Accounting
The following are account balances on December 31, 2015 for Intensive Care Urology Practice (ICUP), (in alphabetical order): Accounts Payable $160,000 Accounts Receivable, Net $130,000 Cash $ 60,000 Equity (January 1, 2015) $330,000 Expenses $280,000 Inventory $210,000 Long-term Debt $250,000 Long-term Investments $ 70,000 Net Property & Equipment $290,000 Revenues $300,000 Create I.C. Urology's Balance Sheet (Hint: Not all of the accounts above are balance sheet accounts - you may need to calculate I.C.'s income!).
Finance
Consider the following balance sheet: Cash $70,000 Accounts receivable $30,000 Inventories $50,000 Net fixed assets $350,000 Total assets $500,000 Accounts payable $30,000 Long-term debt $20,000 Common stock $200,000 Retained earnings $250,000 Total liabilities and equity $500,000 Assume that the business uses $30,000 of its cash to pay salaries. Which of the following statements reflects the resulting balance sheet change? A. There is a change to the left-hand side only. B. There is a change to the right-hand side only. C. The cash account decreases by $30,000, and the retained earnings account is reduced by $30,000. D. The cash account decreases by $30,000, and the long-term debt account is reduced by $30,000. The company does not have the ability to pay $30,000 in salaries.
Accounting
Moving on from the accounting equation, what do you understand from the term normal balance of an account ? What does it mean? How do you tell what the normal balance of an account should be: debit or credit? Could an asset account ever have a credit balance? Could a liability account ever have a debit balance?
Accounting
The double entry system of accounting has been in existence for over 500 years. We still use it because it provides a way to check our work for accuracy. Even the simplest accounting software programs use this system. Discuss the pros and cons of the double entry system and share any experience you have working either in an accounting department or working with accounting software.
Accounting
ACCOUNTING INFORMATION SYSTEMS 1. Postings to the control accounts in the general ledger are made a. annually. b. daily. c. monthly. d. weekly. 2. A subsidiary ledger frees the general ledger from details of a. individual balances. b. external transactions. c. internal transactions. d. the control account. 3. If a transaction cannot be recorded in a special journal a. the company must refuse to enter into the transaction. b. it is recorded in the general journal. c. it is recorded directly in the accounts in the general ledger. d. it is recorded as an adjustment on the work sheet. 4. If merchandise from a cash sale is returned by a customer for a refund, the sales return is recorded in the a. general journal. b. cash receipts journal. c. cash payments journal. d. sales journal. 5. If a company purchases merchandise for cash, the transaction should be recorded in the a. purchases journal. b. general journal. c. cash payments journal. d. sales journal. 6. Which one of the following columns in a cash receipts journal is not posted in total to an account in the general ledger? a. Cash column b. Sales Discount column c. Accounts Receivable column d. Other Accounts column 7. Which of the following would not be an appropriate heading for a column in the cash receipts journal? a. Cash b. Accounts Payable c. Sales Discounts d. Sales 8. Which of the following is not an advantage of a subsidiary ledger? a. Shows transactions affecting one customer or one creditor in a single account. b. Helps locate errors in individual accounts. c. Puts greater detail in the general ledger. d. Makes possible a division of labor. 9. Credit sales of assets other than merchandise are recorded in the a. cash payments journal. b. cash receipts journal. c. general journal. d. sales journal. 10. When converting to IFRS statements, a company must do each of the following except a. identify the timing of its first IFRS statements. b. prepare an income statement at the date of transition to IFRS. c. select accounting principles that comply with IFRS. d. make extensive disclosures to explain the transition to IFRS.
Accounting
1. Benzton Inc. had sales of $1,200,000 during 2015. Twenty-five percent of these were cash sales. In addition to the 2015 cash sales, $569,400 of the 2015 credit sales were collected during the year. $30,000 of accounts receivable were written off as being uncollectible during 2015. The December 31, 2014 Allowance for Doubtful Accounts was $16,400 credit balance. Also, the December 31, 2014 balance in the general ledger accounts receivable was $286,500; all of which was collected during 2015. In addition, $18,036 of the accounts that were written off during 2014 were unexpectedly collected during 2015. On December 31, 2015 Benzton completed an accounts receivable aging schedule. The following schedule provides the percent of the total accounts receivable by the category number of days Category Age (days) Accounts Receivable Percentage 1-30 40 31-60 20 61-90 10 91-120 24 Over 120 6 Total 100 NOTE: You will need to determine the accounts receivable December 31, 2015 balance and then you multiply the total accounts receivable amount by the above percentages. Also, Benzton, based on 5 years of historical data, estimated the following percentages for each category that would be uncollectible at December 31, 2015: Prepare journal entries to record the following 2015 transactions: The write-off of $30,000 The recovery of $16,400 Recalculate the balance in the Allowance for Doubtful Accounts general ledger account at December 31, 2015. Prepare the doubtful account adjusting entry to be recorded on December 31, 2015 for the accounts receivable that are estimated to be written-off during 2016. 2. A company had the following bank reconciliation at June 30, 2016: Balance per bank statement, 6/30/16 $151,125 Add deposit in transit 33,475 184,600 Less outstanding checks 40,950 Balance per books, 6/30/16 $143,650 Data per bank for the month of July 2016 follow: Deposits $189,800 Disbursements $161,525 All reconciling items at June 30, 2016, cleared the bank in July. Outstanding checks at July 31, 2016, totaled $22,750. There were no deposits in transit at July 31, 2016. What is the cash balance per books at July 31, 2016? 3. A company had a beginning accounts receivable balance of $62,000, had cash receipts from customers of $650,000 and an ending accounts receivable balance of $70,000. What is the amount for sales? 4. Dentz Inc. worksheet for the preparation of its 2016 statement of cash flows included the following: 2016 December 31 January 1 Accounts receivable $36,000 $28,125 Allowance for uncollectible accounts 1,238 990 Prepaid rent expense 10,148 15,345 Accounts payable 22,688 24,008 Dentz's 2016 net income is $185,625. What amount should Dentz include as net cash provided by operating activities in the statement of cash flows? 5. ABC Co. borrowed $750,000 on January 1, 2010 to purchase new machines. The interest rate of 8% is compounded semiannually to be repaid January 1, 2020. To repay this ABC will start making six equal annual deposits into fund that earns 6% annum on January 1, 2014. Required: What is the amount of the six annual deposits that ABC needs to make? 6. Determine the market price of a $2,000,000, nine-year, 9% (pays interest semiannually) bond issue sold to yield an effective
Accounting
Exercise 18-3 On May 1, 2017, Novak Inc. entered into a contract to deliver one of its specialty mowers to Kickapoo Landscaping Co. The contract requires Kickapoo to pay the contract price of $931 in advance on May 15, 2017. Kickapoo pays Novak on May 15, 2017, and Novak delivers the mower (with cost of $585) on May 31, 2017. (a) Prepare the journal entry on May 1, 2017, for Novak. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit May 1, 2017 (b) Prepare the journal entry on May 15, 2017, for Novak. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit May 15, 2017 (c) Prepare the journal entry on May 31, 2017, for Novak. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit May 31, 2017 (To record sales) (To record cost of goods sold)
Accounting
River, Stream and Pool are in partnership with an agreement to share profits in the ratio 3:2:1 respectively. They also agree that: (a) all three should receive interest at 12% on capital (b) Pool should receive a salary of $6 million per annum; (c) Interest will be charged on withdrawals at the rate of 5% (charged on the end of year withdrawals balances); (d) The interest rate on the loan by River is 5%. The balance sheet of the partnership as at 31 December 2005 revealed the following. $'000 $'000 Capital accounts: River 20,000 Stream 8,000 Pool 6,000 34,000 Current accounts River 3,500 Stream (700) Pool 1,800 4,600 Loan account (River) 6,000 Capital employed to finance net long-term assets and working capital 44,600 Withdrawals on account made during the year to 31 December 2006 were as follows. $'000 River 6,000 Stream 4,000 Pool 7,000 The net profit for the year to 31 December 2006 was $24.53 million before deducting loan interest. Required: Prepare the appropriation account for the year to 31 December 2006, and the partners capital accounts and current accounts
Accounting
Instructions: Enter the trial balance on a worksheet and complete the worksheet. BRISCOE COMPANY Worksheet For the Month Ended June 30, 2008 Trial Balance Account Titles Dr. Cr. Cash $2,320 Accounts Receivable 2,440 Supplies 1,880 Accounts Payable $1,120 Unearned Revenue 240 Common Stock 3,600 Service Revenue 2,400 Salaries Expense 560 Miscellaneous Expense 160 $7,360 $7,360 Other data: 1. A physical count reveals $300 of supplies on hand. 2. $100 of the unearned revenue is still unearned at month-end. 3. Accrued salaries are $280.
Accounting
When a parent company uses the Equity Method to account for an 80% owned subsidiary, write a brief description for each of the following items: a. List the specific items that are entered into the balance sheet account titled: NoncontrollingInterest-Equity that takes the account from its beginning balance to the ending balance. 1) What is the specific location on the balance sheet of Noncontrolling Interest-Equity and does the account normally have a debit or credit balance? b. List the specific items that are entered into the income statement account titled: Noncontrolling Interest-Income Statement . 1) What is the specific location on the income statement of Noncontrolling Interest-Income Statement and does the account normally have a debit or credit balance? c. Explain the reason that the subsidiary's income statement does not equal the net income of the subsidiary on the consolidating worksheet.
Accounting
ACCOUNTING I Chapters 1-4 Exam Problems PART I: The trial balance of Kelita Karmel Co. shown below is out of balance. KELITA KARMEL CO Trial Balance August 31, 19XX Cash $ 2,500 Accounts Receivable 3,000 Office Supplies 3,500 Office Equipment 2,800 Accounts Payable $ 2,903 Kelita, Capital 10,000 Service fees earned 2,420 Wages Expense 5,222 Totals $17,022 $15,323 An examination of the company's records revealed the following additional information: 1. A $360 collection of an account receivable was recorded as $630. 2. A computer purchased on credit for use in the office was recorded with a debit to Office Supplies and a credit to Accounts Payable for $2,500. 3. Services sold on credit for $900 were recorded with a debit to Accounts Receivable for $900 and a credit to Service Fees Earned for $90. 4. A payment of wages was recorded with a debit to Wage Expense for $200 and a debit to Cash for $200. 5. Recalculating the Service Fees Earned account balance before any corrections had been made revealed that the balance should be $2,520. 6. An additional investment of $1,000 made by Kelita during the month was not entered in the capital account (the entry to Cash was made). 7. A $310 payment of an account payable was recorded with a credit to Cash for $310 and a credit to Accounts Payable for $301. Prepare a corrected trial balance on the Trial Balance form in document sharing. PART II: As the bookkeeper of Ed's Repair Service, use the information that follows to prepare a work sheet for the month of November. You will need to utilize the worksheet in document sharing. ED'S REPAIR SERVICE TRIAL BALANCE NOVEMBER 30, 2007 Account Title Debit Credit Cash $ 3,204 Prepaid Insurance 4,000 Repair Supplies 770 Repair Equipment 3,106 Accumulated Depreciation, Repair Equipment $ 650 Accounts Payable 1,904 Ed Clean, Capital 6,258 Revenue from Repairs 5,634 Wages Expense 1,600 Rent Expense 1,560 Advertising Expense 206 Totals $14,446 $14,446 Adjustment Data: A. Insurance expired, $300 B. Repair supplies on hand $170. C. Depreciation on repair equipment, $250. D. Wages earned but unpaid, $106 PART III: The schedule below presents the trial balance for the Sigma Consultants Company on December 31, 2007. Sigma Consultants Company Trial Balance December 31, 2007 Account Title Debit Credit Cash $ 12,786 Accounts Receivable 24,840 Office Supplies 991 Prepaid Rent 1,400 Office Equipment 6,700 Accumulated Depreciation, Office Equipment $ 1,600 Accounts Payable 1,820 Notes Payable 10,000 Unearned Fees 2,860 Kevin Moriarty, Capital 29,387 Kevin Moriarty, Withdrawals 15,000 Fees Revenue 58,500 Salaries Expense 33,000 Utilities Expense 1,750 Rent Expense 7,700 Totals $104,167 $104,167 The following information is also available: a. Ending inventory of office supplies, $86. b. Prepaid rent expired, $700. c. Depreciation of office equipment, for the period, $600. d. Interest accrued on the note payable, $600. e. Salaries accrued at the end of the period, $200. f. Fees still unearned at the end of the period, $1,410. g. Fees earned but not billed $600. Prepare the adjusting entries on the general journal form in document sharing.