Transcribed Image Text
*Answer all of the questions, they are all necessary.Prepare Adjusting EntriesPanda Corporation paid cash of $144,000 on June 1, 2020 for oneyear’s rent in advance and recorded the transaction with a debit toPrepaid Rent.Prepare the December 31, 2020 adjusting entry(Clearly show debit and credit – debits are left andcredits are rightDo a journal entryDuring the first year of Wilkinson Co.'s operations, allpurchases were recorded as assets. Supplies in the amount of$28,800 were purchased. Actual year-end supplies amounted to$6,600.Prepare the December 31st adjustingentry(Clearly show debit and credit – debits are left andcredits are rightFollow the “Journal Entry”3. Create a Financial Planner. The adjusted trial balance ofRyan Financial Planners appears below.Using the information from the adjusted trial balance,you are to prepare for the month ending December 31,2020:Remember, Assets = Liabilities + Stockholder’sEquity 1. an income statement. 2. a retained earningsstatement. 3. a balance sheet. Debit CreditCash ............................. $ 4,900AccountsReceivable.......................................................................... 2,200Supplies............................................................................................. 1,800Equipment......................................................................................... 20,000AccumulatedDepreciation—Equipment.......................................... $ 5,000AccountsPayable.............................................................................. 3,800Unearned ServiceRevenue............................................................... 5,000CommonStock.................................................................................. 11,000RetainedEarnings.............................................................................. 4,400Dividends........................................................................................... 2,000ServiceRevenue................................................................................ 8,700SuppliesExpense............................................................................... 600DepreciationExpense........................................................................ 3,500RentExpense..................................................................................... 2,900 ______ $37,900 $37,9001. RYAN FINANCIAL PLANNERSIncome StatementFor the Month Ended December 31, 20202. RYAN FINANCIAL PLANNERSRetained Earnings StatementFor the Month Ended December 31, 20203. RYAN FINANCIAL PLANNERSBalance SheetDecember 31, 2020AssetsLiabilities and Stockholders’ Equity