Solution-Prepare adjusted trial balance for gordon

Prepare adjusted trial balance for gordon construction

Assignment Help Accounting Basics

Reference no: EM13849388

Case Study 1 (Part A)

(Learning Objectives 4, 5, 6: Analyze the impact of business transactions on accounts; record (journalize and post) transactions in the books; construct and use a trial balance) During the first month of operation of Gordon Construction, Inc., completed the following transactions:

June 2	Gordon received $55,000 cash and issued common stock to the stockholders.
3	Purchased supplies, $3,000, and equipment, $5,200, on account.
4	Performed services for a client and received cash, $6,300.
7	Paid cash to acquire land, $37,000.
11	Performed services for a customer and billed the customer, $1,200. Johnson expects to collect within one month.
16	Paid partial for the equipment purchased June 3 on account $2,800.
17	Paid the telephone bill, $230.
18	Received partial payment from customer on account, $700.
22	Paid the water and electricity bills, $400.
29	Received $5,000 cash for repairing the pipes of a customer.
30	Paid employee salary, $4,300.
30	Declared and paid dividends of $3,000.

Requirements

1. Record each transaction in the journal. Key each transaction by date. Explanations are not required.
2. Post the transactions to the T-accounts, using transaction dates as posting references.
3. Prepare the trial balance of Gordon Construction, Inc., at June30, 20xx.
4. The manager asks you how much in total resources the business has to work with and, how much it owes.

Case Study 1 (Part B)

Requirement 1

(Learning Objectives 3, 4: Adjust the accounts; construct the financial statements) Record the following month end adjusting entries for Gordon Construction, Inc. at June 30, 20xx

Month end accruals at June 30, 20xx:

a. Accrued advertising revenue at June 30, $3,100.
b. Supplies used during June, $2,300.
c. Accrued salary expense at June 30 for Monday, Tuesday, and Wednesday. The five-day weekly payroll is $6,100 and will be paid on Friday.

Requirement 2

Prepare adjusted trial balance for Gordon Construction at June 30, 20xx.

Reference no: EM13849388

Questions Cloud

Excel problem : Peg Henderson is an assistant dean at the College of Business Administration (CBA). She uses Excel daily for a variety of tasks, including tracking student internships and alumni. For this project, Peg wants you to create an Excel table from infor..

A teacher using a thematic-unit approach : A teacher using a thematic-unit approach

Amount of reduction in morbidity : For the program with demonstrated positive results, summarize the program and provide data demonstrating the amount of reduction in morbidity and/or mortality

Discussion regarding the partnership agreements : Partnership agreements can vary, depending upon what the partner contributes to the agreement. Each partner brings certain personal skills and assets into a partnership.

Prepare adjusted trial balance for gordon construction : Prepare adjusted trial balance for Gordon Construction at June 30, 20xx.

Major organizational parts of the authority : What are the major organizational parts of the authority (placed in bold)? Compare your answer in (a) to the major organizational parts of an IFRIC or SIC. Are (a) and (b) for the most part, the same? If yes, how so? If not, how do they differ?

What is the most common form of online communication : What is the most common form of online communication today? Why does Ubell state it may not be the most effective for collaboration? Do you agree

Determine product capabilities : Search the Web to find information on biometric devices - Create a table, grouping devices into categories, such as fingerprint readers, eye readers, etc.

Operating income change : Assume Chris is currently producing and selling 54,000 units. By what percentage will operating income change if sales increase by 15% from 54,000 units? Be sure to provide figures to justify your answer.

User Account

All Pages

Prepare adjusted trial balance for gordon construction

Reference no: EM13849388

Reference no: EM13849388

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT