accounting

I need the Chapter 3 Tbal After closing completed and the 2 templates for Iowa company

Instructions

for 2

xx:

cash.

of the accounts payable from April 14th

cash from accounts receivable.

cash dividend to the stockholders.

Dec 31 

of accrued salaries as of December 31st.

Dec 31 

Dec 31 

ance)

The following transactions pertain to

Price Corporation

0

Jan. 1

Acquired $25,000 cash from the issuance of common stock.

Mar.  1

Paid rent for office space for two years, $8,

400

Apr. 14

Purchased $400 of supplies on account.

June 30

Received $12,000 cash in advance for services to be performed over the next year

July 5

Paid $ Save Time On Research and Writing Hire a Pro to Write You a 100% Plagiarism-Free Paper. Get My Paper

300

Aug. 1

Billed a customer for $24,800 of services provided during July.

Sept.    1

Paid employees salaries of $18,000 cash.

Sept.  9

Received $4,2

50

Nov.   2

Paid a $

500

Dec 31

Adjusted records to recognize the services provided on the contract of June 30.

Recorded $1,

100

Recorded the rent expense for the year.  (See March 1)

Physically counted supplies; $50 on hand at the end of the year.

Record the preceding transactions in the general journal.

Post the transactions to the T-accounts.

Prepare a trial balance.

Prepare closing entries and post them to the T-accounts.

Prepare a trial balance after closing. (Post Closing Trial

Bal

Chapter 3

25000

Cash 8400

400

400

Cash

12000

300

Cash 300

24800

Cash 18000

Cash

4250

s

500

Cash 500
Service Revenue 6000
31-Dec Salaries Expense

1100

31-Dec

0

31-Dec

350

Supplies 350

Date

Account

Dr

Cr

1-Jan

Cash

25000

Common Stock

1-Mar

Prepaid rent

8400

14-Apr

Supplies

Account Payable

30-Jun

12000

Unearned

Revenue

5-Jul

Accounts Payable

1-Aug

Account Receivable

24800

Service Revenue

1-Sep

Salaries Expense

18000

9-Sep

4250

Accounts Receivable

2-Nov

Dividend

31-Dec

Unearned Revenue

6000

1100

Salaries Payable

Rent Expense

350

Prepaid Rent

3500

Supplies Expense

Chapter 3 T-Accounts

_

1-Jan 25000 1-Mar 8400 31-Dec 1100 1-Aug 24800
30-Jun 12000 5-Jul 300 31-Dec 6000
9-Sep 4250 1-Sep 18000 Bal 1100
2-Nov 500

Bal

5-Jul 300 14-Apr 400
Bal 100

Accounts Receivable 31-Dec 3500
1-Aug 24800 9-Sep 4250

Unearned Revenue
31-Dec 6000 30-Jun 12000 Bal. 3500
Bal 6000

31-Dec 350

14-Apr 400 31-Dec 350 25000 1-Jan
Bal. 350
Bal 50 Bal 25000
Bal. 0

__

1-Mar 8400 31-Dec 3500 1-Sep 18000
31-Dec 1100
Bal

Bal

2-Nov

Bal. $ 500

_______Cash______	__		Salary Payable	____Revenue_____
				Bal.		14050	_Accounts Payable_		30800
___Rent Expense__
BAL		20550
__Supplies Expense__
_____Supplies______	__Common Stock__
		Retained Earnings
___Prepaid Rent___	__		Salary Expense
	4900
	19100
____Dividend____
	$ 500

Chapter 3 TBal

Price Corporation
Dr Cr
Cash 14050
Accounts Receivable 20550
Supplies 50
Prepaid Rent 4900
Salary Payable 1100
Accounts Payable 100
Unearned Revenue 6000

Common Stock 25000

Retained Earnings 0
Dividend 500
Revenue 30800
Rent Expense 3500
Supplies Expense 350
Salary Expense 19100

63000

Trial Balance
	December 31, 20xx
	Total		63000

Chapter 3 TBal After Closing

Price Corporation

December 31, 20xx
Dr Cr

Cash
Accounts Receivable
Supplies
Prepaid Rent
Salary Payable
Accounts Payable

Unearned Revenue

Common Stock

Retained Earnings

Dividend
Revenue
Rent Expense
Supplies Expense
Salary Expense
Total

Post Closing Trial Balance

2

>Instructions

,

1

and the following transactions occurred in 2016:

of supplies on account (that is, purchased supplies on credit).

.Paid $

00 cash towards the accounts payable in transaction 2.

. Recognized revenue on account (that is, made sales on credit) of $42,000.

. Paid $21,000 for other operating expenses.

. Recognized accrued salaries of $3,200 as of December 31, 2016.

s in

,500.

2).

Iowa Service Company was formed on January

1

2

0

6

1. Acquired $60,000 cash from the issuance of common stock.

2. Purchased $1,

200

3

8

4

5

6. Collected $38,000 cash from accounts receivable.

Adjusting entries in 2016

7

8.  Had $200 of supplies on hand as of December 31, 2016.

Transaction

2017

1. Paid $3,200 cash to settle the salaries payable obligation.

2. Paid $3,600 cash in advance to lease office space.

3. Purchased $1,000 of supplies on account (that is, on credit).

4. Provided services on account (that is, on credit) of $32,000.

5. Collected $33,000 cash from accounts receivable.

6. Paid a cash dividend of $5,000 to the shareholders.

7. Paid other operating expenses of $1

9

Adjusting entries in 2017

8. The advanced payment for rental of the office space was made on March 1 for a 12-month term (

Event

9. Had $300 of supplies on hand as of December 31, 2017.

Record each transaction and adjusting entries for the two years in a horizontal statements model using the following Excel template:

Chapter 2-2016

2016
Transaction

1

60000

2

1200

3

-800

4

5

6

7

8

0

0 200 400 3200 0 60000 0 0

Transaction Revenue

1
2
3
4
5
6
7
8
0 0 0 0 0 0

Cash

Accounts Receivable

Prepaid Rent

Supplies

=

Accounts Payable

Salaries Payable

Unearned

Revenue

Common Stock

Retained Earnings

Dividends

Cash Flow

60000

FA

1200

-800

42000

-21000

38000

-38000

3200

-1000

76200

400

Assets

80400

Liabilities+SE

63600

Salaries Expense

Supplies Expense

Rent Expense

Other Operating Expenses

Net Income

ERROR:#REF!

Chapter 2-2017

2017
Event Cash Accounts Receivable Prepaid Rent Supplies = Accounts Payable Salaries Payable

Common Stock Retained Earnings Dividends Cash Flow

1
2
3
4
5
6
7
8

9
Assets Liabilities+SE
Event Revenue

Salaries Expense Supplies Expense Rent Expense Other Operating Expenses Net Income

1
2
3
4
5
6
7
8
9

Unearned Revenue

Bal

Interest Revenue