Search here for Tutorials

If the Data is different in your question, please send your questions to homeworksolutionsnow@gmail.com. The questions will be answered at the same price.

ACC 280 P4-1A Thomas Magnum began operations as a private investigator on January 1, 2008. The trial balance columns of the worksheet for Thomas Magnum, P.I. at March 31 are as follows.

XACC 280 P4-1A Thomas Magnum began operations as a private investigator on January 1, 2008. The trial balance columns of the worksheet for Thomas Magnum, P.I. at March 31 are as follows.

Axia College of University of Phoenix (UoP)
Principles of Accounting Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2008).  Financial Accounting (6th ed.). Hoboken, NJ: Wiley.

P4-1A Thomas Magnum began operations as a private investigator on January 1, 2008. The trial balance columns of the worksheet for Thomas Magnum, P.I. at March 31 are as follows.

                                            THOMAS MAGNUM, P.I., INC.
                                                        Worksheet
                                      For the Quarter Ended March 31, 2008
                                                         Trial Balance
Account Titles                                                                         Dr.                   Cr.              
Cash                                                                            11,400
Accounts Receivable                                                               5,620
Supplies                                                                       1,050
Prepaid Insurance                                                                    2,400
Equipment                                                                   30,000
Notes Payable                                                                                                  10,000
Accounts Payable                                                                                            12,350
Common Stock                                                                                                20,000
Dividends                                                                                600
Service Revenue                                                                                              13,620
Salaries Expense                                                         2,200
Travel Expense                                                                        1,300
Rent Expense                                                               1,200
Miscellaneous Expense                                                            200
                                                                                    55,970             55,970

Other data:
1. Supplies on hand total $380.
2. Depreciation is $1,000 per quarter.
3. Interest accrued on 6-month note payable, issued January 1, $300.
4. Insurance expires at the rate of $200 per month.
5. Services provided but unbilled at March 31 total $530.

Instructions
(a) Enter the trial balance on a worksheet and complete the worksheet.
(b) Prepare an income statement and a retained earnings statement for the quarter and a classified balance sheet at March 31. No additional common stock was issued during the quarter ended March 31, 2008.
(c) Journalize the adjusting entries from the adjustments columns of the worksheet.
(d) Journalize the closing entries from the financial statement columns of the worksheet.

 
File name: xacc280-appendix-E-Thomas-Magnum-V1.xls File type: application/vnd.ms-excel Price: $6