Based on the data in Exercise 4-24, prepare the adjusting entries for Alert Security Services Co

Based on the data in Exercise 4-24, prepare the adjusting entries for Alert Security Services Co.

Answers:

 2019

 Oct. 31 Accounts Receivable13

Fees Earned13

Accrued fees.

31 Supplies Expense4

Supplies4

Supplies used ($8 – $4).

31 Insurance Expense10

Prepaid Insurance10

Insurance expired.

31 Depreciation Expense3

Accumulated Depreciation—Equipment3

Equipment depreciation.

31 Wages Expense1

Wages Payable1

Accrued wages.

Based on the data in Exercise 4-25, prepare an income statement, statement of owner’s equity, and balance sheet for Alert Security Services Co.

Based on the data in Exercise 4-25, prepare an income statement, statement of owner’s equity, and balance sheet for Alert Security Services Co.


Answers:


Fees earned$213
Expenses:
Wages expense$111
Rent expense12
Insurance expense10
Utilities expense6
Supplies expense4
Depreciation expense3
Miscellaneous expense2
Total expenses148
Net income$ 65
Brenda Schultz, capital, November 1, 2018$260
Net income$65
Withdrawals(8)
Increase in owner’s equity57
Brenda Schultz, capital, October 31, 2019$317
Current assets:
Cash$ 12
Accounts receivable103
Supplies4
Prepaid insurance2
Total current assets$121
Property, plant, and equipment:
Land$190
Equipment$50
Less accumulated depreciation 7 43
Total property, plant, and equipment233
Total assets$354
Current liabilities:
Accounts payable$ 36
Wages payable1
Total liabilities$ 37
Brenda Schultz, capital317
Total liabilities and owner’s equity$354

Alert Security Services Co. offers security services to business clients. Complete the following end-of-period spreadsheet for Alert Security Services Co.:

Alert Security Services Co. offers security services to business clients. Complete the following end-of-period spreadsheet for Alert Security Services Co.:


Alert Security Services Co.  End-of-Period Spreadsheet  For the Year Ended October 31, 2019 Adjusted   Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 12 Accounts Receivable 103 Supplies 4 Prepaid Insurance 2 Land 190 Equipment 50 Accum. Depr.—Equipment 7 Accounts Payable 36 Wages Payable1 Brenda Schultz, Capital 260 Brenda Schultz, Drawing 8 Fees Earned213 Wages Expense 111 Rent Expense 12 Insurance Expense 10 Utilities Expense 6 Supplies Expense 4 Depreciation Expense 3 Miscellaneous Expense 2 Net income (loss) 517 517













Answers:

 Account TitleDebit Credit Debit Credit
 Cash1212
 Accounts Receivable103103
 Supplies44
 Prepaid Insurance22
 Land190190
 Equipment5050
 Accumulated Depreciation—Equipment 77
 Accounts Payable3636
 Wages Payable11
 Brenda Schultz, Capital260260
 Brenda Schultz, Drawing 88
 Fees Earned213 213
 Wages Expense111 111
 Rent Expense12 12
 Insurance Expense10 10
 Utilities Expense6 6
 Supplies Expense4 4
 Depreciation Expense3 3
 Miscellaneous Expense2 2
 Totals517 517 148 213 369 304
 Net income (loss)6565
213 213 369 369

Alert Security Services Co. offers security services to business clients. The trial balance for Alert Security Services Co

Alert Security Services Co. offers security services to business clients. The trial balance for Alert Security Services Co. has been prepared on the following end-of-period spreadsheet for the year ended October 31, 2019:



Alert Security Services Co. End-of-Period Spreadsheet For the Year Ended October 31, 2019 Unadjusted Trial Balance Adjustments Adjusted   Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 12 Accounts Receivable 90 Supplies 8 Prepaid Insurance 12 Land 190 Equipment 50 Accum. Depr.—Equipment 4 Accounts Payable 36 Wages Payable0 Brenda Schultz, Capital 260 Brenda Schultz, Drawing 8 Fees Earned200 Wages Expense 110 Rent Expense 12 Insurance Expense 0 Utilities Expense 6 Supplies Expense 0 Depreciation Expense 0 Miscellaneous Expense 2 500 500











The data for year-end adjustments are as follows:
a. Fees earned but not yet billed, $13.
b. Supplies on hand, $4.
c. Insurance premiums expired, $10.
d. Depreciation expense, $3.
e. Wages accrued but not paid, $1.

Enter the adjustment data and place the balances in the Adjusted Trial Balance columns.


Answers:

 Account TitleDebit Credit Debit Credit
 Cash1212
 Accounts Receivable90 (a) 13 103
 Supplies8 (b) 4 4
 Prepaid Insurance12 (c) 10 2
 Land190190
 Equipment5050
 Accumulated Depreciation—Equipment 4 (d) 3 7
 Accounts Payable3636
 Wages Payable0 (e) 1 1
 Brenda Schultz, Capital260260
 Brenda Schultz, Drawing 88
 Fees Earned200 (a) 13 213
 Wages Expense110 (e) 1 111
 Rent Expense1212
 Insurance Expense0 (c) 10 10
 Utilities Expense66
 Supplies Expense0 (b) 4 4
 Depreciation Expense0 (d) 3 3
 Miscellaneous Expense22
 Totals500 500 31 31 517 517