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(Answered) Under the first requirement at the bottom of page 178, you are


Under the first requirement at the bottom of page 178, you are
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Under the first requirement at the bottom of page 178, you are directed to look at pages 116 and 119 for the adjusting entries to be reversed. These should be pages 112 and 115 respectively.,

 

Under the August 8th transaction listing in the middle of page 178, the instructions are confusing and incorrect. They should state: "Completed the series of designs that began on July 31 for which $1,400 cash was received in advance on July?19.?The accrued revenues were adjusted on July 31st for the $800 of work that was completed and accepted during July.",

 

,

 

The July 31, 2011, post-closing trial balance for the Miller Design Studio is,

 

on the next page.,

 

COMPREHENSIVE Problem: Miller Design Studio,

 

Chapter Assignments 177,

 

Copyright 2010 Cengage Learning, Inc. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part.,

 

178 CHAPTER 4 Completing the Accounting Cycle,

 

During August, the studio engaged in these transactions:,

 

Aug. 1 Received an additional investment of cash from J. Miller,,

 

$20,000.,

 

2 Purchased additional office equipment with cash, $4,700.,

 

7 Purchased additional office supplies for cash, $540.,

 

8 Completed the series of designs that began on July 31 and billed,

 

for the total design services performed, including the accrued revenues,

 

of $800 that had been recognized in an adjusting entry in,

 

July, $1,400.,

 

12 Paid the amount due for the office equipment purchased last,

 

month, $3,000.,

 

13 Accepted an advance in cash for design work to be done,,

 

$2,400.,

 

15 Performed design services and received a cash fee, $2,900.,

 

16 Received payment on account for design services performed last,

 

month, $2,800.,

 

19 Made a partial payment on the utilities bill that was received and,

 

recorded at the end of July, $140.,

 

20 Performed design services for Rave Department Stores and,

 

agreed to accept payment next month, $3,200.,

 

21 Performed design services for cash, $1,160.,

 

22 Received and paid the utilities bill for August, $900.,

 

23 Paid the assistant for four weeks? wages, $4,800.,

 

26 Paid the rent for September in advance, $1,600.,

 

30 Paid cash to J. Miller as a withdrawal for personal expenses,,

 

$2,800.,

 

Required,

 

1. Record entries in journal form and post to the ledger accounts the optional,

 

reversing entries on August 1 for Wages Payable and Accounts Receivable,

 

(see adjustment for unrecorded wages on page 116 and adjustment for design,

 

revenue on page 119). (Begin the general journal on page 5.),

 

2. Record the transactions for August in journal form.,

 

3. Post the August transactions to the ledger accounts.,

 

4. Prepare the Trial Balance columns of a work sheet.,

 

Miller Design Studio,

 

Post-Closing Trial Balance,

 

July 31, 2011,

 

Cash $22,480,

 

Accounts Receivable 5,000,

 

Offi ce Supplies 3,660,

 

Prepaid Rent 1,600,

 

Offi ce Equipment 16,320,

 

Accumulated Depreciation?Offi ce Equipment $ 300,

 

Accounts Payable 6,280,

 

Unearned Design Revenue 600,

 

Wages Payable 720,

 

J. Miller, Capital 41,160,

 

$49,060 $49,060,

 

Copyright 2010 Cengage Learning, Inc. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part.,

 

5. Prepare adjusting entries and complete the work sheet using the information,

 

below.,

 

a. One month?s prepaid rent has expired, $1,600.,

 

b. An inventory of supplies reveals $2,020 still on hand on August 31.,

 

c. Depreciation on equipment for August is calculated to be $300.,

 

d. Services performed for which payment had been received in advance,

 

totaled $1,300.,

 

e. Services performed that will not be billed until September totaled $580.,

 

f. Wages accrued by the end of August, $720.,

 

6. From the work sheet, prepare an income statement, a statement of owner?s,

 

equity, and a balance sheet for August 31, 2011.,

 

7. Record the adjusting entries on August 31, 2011, in journal form, and post,

 

them to the ledger accounts.,

 

8. Record the closing entries on August 31, 2011, in journal form, and post,

 

them to the ledger accounts.,

 

9. Prepare a post-closing trial balance at August 31, 2011.,

 

Chapter Assignments 179,

 

Copyright

 


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