XACC 280 week 3 checkpoint, updated P3-1A Masasi Company Inc., at June 30 - EXCEL TEMPLATE SHEET

XACC 280 appendix d, P3-1A Masasi Company Inc., at June 30
P3-1A Masasi Company Inc., at June 30

·         Acc280 checkpoint assignment - Adjusting Entries, Posting, and Preparing an Adjusted Trial Balance.
·         Parts a, b, and c of P3-1A on pp. 128–129 of Financial Accounting.
·         Use the templates in Appendix D. Complete all three tabs
·         Post the completed Appendix D as an attachment.
·         Axia College of University of Phoenix (UoP)

Financial Accounting Concepts and Principles
Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2008). Financial Accounting (6th ed.). Hoboken, NJ: Wiley.

P3-1A MASASI COMPANY, INC.
Trial Balance June 30, 2008 Account Number            Debit Credit 101 Cash $ 7,150 112 Accounts Receivable 6,000 126 Supplies 2,000 130 Prepaid Insurance 3,000  157 Office Equipment 15,000 201 Accounts Payable $ 4,500 209 Unearned Service Revenue 4,000 311Common Stock 21,750  400 Service Revenue 7,900 726 Salaries Expense 4,000 729 Rent Expense 1,000 Total $38,150 Total $38,150

In addition to those accounts listed on the trial balance, the chart of accounts for Masasi Company, Inc. also contains the following accounts and account numbers:No.158 Accumulated Depreciation—Office Equipment, No. 212 Salaries Payable, No. 244 Utilities Payable, No. 631 Supplies Expense, No. 711 Depreciation Expense, No. 722 Insurance Expense, and No. 732 Utilities Expense.

Other data:
1. Supplies on hand at June 30 are $600.
2. A utility bill for $150 has not been recorded and will not be paid until next month.
3. The insurance policy is for a year.
4. $2,500 of unearned service revenue has been earned at the end of the month.
5. Salaries of $2,000 are accrued at June 30.
6. The office equipment has a 5-year life with no salvage value. It is being depreciated at $250 per month for 60 months.
7. Invoices representing $1,000 of services performed during the month have not been recorded as of June 30.

Instructions
(a) Prepare the adjusting entries for the month of June. Use J3 as the page number for your journal.
(b) Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as beginning account balances and place a check mark in the posting reference column.
(c) Prepare an adjusted trial balance at June 30, 2008.

SOLUTION PREVIEW [EXCEL TEMPLATE SHEET]
 
 
 
GENERAL JOURNAL
 
 
J3
DATE
ACCOUNT TITLE AND EXPLANATION
REF.
DEBIT
CREDIT
June 30
Supplies Expense
631
    1,400
 
 
   Supplies    ($2000 - $6000)
126
 
    1,400
30
Utilites Expense
732
       150
 
 
   Utilites Payable
244
 
       150
30
Insurance Expense
722
       250
 
 
   Prepaid Insurance
130
 
       250
30
Unearned Service Revenue
209
    2,500
 
 
   Service Revenue
400
 
    2,500

 

File name: P3-1A-MASASI-COMPANY.xls File type: application/vnd.ms-excel    Price: $10