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General Ledger Problem 5.1 (based on Chapter example). LO 5-1, 5-2, 5-3, 5-4, 5-5 This is a continuation of the Eli's Consulting Services from the previous chapter. 1. On December 31, 2024 Trayton Eli counted the supplies. Remaining supplies totaled $1,000. 2. On November 30, 2024, Eli's Consulting Services paid $8,000 rent for December and January. 3. On December 1, Eli's Consulting Services purchased $11,000 worth of equipment. The equipment has an estimated useful life of five years and no salvage value. Requirement General Journal Supplies Prepaid rent Depreciation General Ledger Trial Balance Income Statement Income Statement Statement Owner Equity ------Account affecting the------ (28% of available points) The adjusting entry process is critical to the accuracy of financial statements. We know that every adjusting entry affects one income statement account, one balance sheet account, but never cash. For each adjustment, indicate the income statement and balance sheet account affected, and the impact on net income. If an adjustment caused net income to decrease, enter the amount as a negative value. Net income before adjustments can be found on the income statement tab. (Hint: Select unadjusted on the dropdown.) Note: Round final answer to the nearest whole dollar. Total impact on income due to adjustments: Net income before adjustments Net income after adjustments Balance Sheet Impact on Income Balance Sheet Impact on net income $ Show less A 0 Show lessA

General Ledger Problem 5.1 (based on Chapter example). LO 5-1, 5-2, 5-3, 5-4, 5-5 This is a continuation of the Eli's Consulting Services from the previous chapter. 1. On December 31, 2024 Trayton Eli counted the supplies. Remaining supplies totaled $1,000. 2. On November 30, 2024, Eli's Consulting Services paid $8,000 rent for December and January. 3. On December 1, Eli's Consulting Services purchased $11,000 worth of equipment. The equipment has an estimated useful life of five years and no salvage value. Requirement General Journal Supplies Prepaid rent Depreciation General Ledger Trial Balance Income Statement Income Statement Statement Owner Equity ------Account affecting the------ (28% of available points) The adjusting entry process is critical to the accuracy of financial statements. We know that every adjusting entry affects one income statement account, one balance sheet account, but never cash. For each adjustment, indicate the income statement and balance sheet account affected, and the impact on net income. If an adjustment caused net income to decrease, enter the amount as a negative value. Net income before adjustments can be found on the income statement tab. (Hint: Select unadjusted on the dropdown.) Note: Round final answer to the nearest whole dollar. Total impact on income due to adjustments: Net income before adjustments Net income after adjustments Balance Sheet Impact on Income Balance Sheet Impact on net income $ Show less A 0 Show lessA

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter7: Operating Assets
Section: Chapter Questions
Problem 20CE
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this is a practice exersise not an exam. I got stuck at part Impact of Income. Could you please help me step by step how to complete it?

Adjusted Cash Accounts receivable Prepaid rent Supplies Equipment Accumulated depreciation - equipment Accounts payable Trayton Eli, Capital Trayton Eli, Drawing Fees income Supplies expense Rent expense Salaries expense Utilities expense Depreciation expense - equipment Total ELI'S CONSULTING SERVICES Trial Balance December 31, 2024 Account Title $ $ Debit 111,350 5,000 4,000 1,000 11,000 5,000 500 4,000 8,000 650 183 150,683 $ Credit 183 3,500 100,000 47,000 150,683
Transcribed Image Text:Adjusted Cash Accounts receivable Prepaid rent Supplies Equipment Accumulated depreciation - equipment Accounts payable Trayton Eli, Capital Trayton Eli, Drawing Fees income Supplies expense Rent expense Salaries expense Utilities expense Depreciation expense - equipment Total ELI'S CONSULTING SERVICES Trial Balance December 31, 2024 Account Title $ $ Debit 111,350 5,000 4,000 1,000 11,000 5,000 500 4,000 8,000 650 183 150,683 $ Credit 183 3,500 100,000 47,000 150,683
General Ledger Problem 5.1 (based on Chapter example). LO 5-1, 5-2, 5-3, 5-4, 5-5 This is a continuation of the Eli's Consulting Services from the previous chapter. 1. On December 31, 2024 Trayton Eli counted the supplies. Remaining supplies totaled $1,000. 2. On November 30, 2024, Eli's Consulting Services paid $8,000 rent for December and January. 3. On December 1, Eli's Consulting Services purchased $11,000 worth of equipment. The equipment has an estimated useful life of five years and no salvage value. Requirement General Journal Supplies Prepaid rent Depreciation General Ledger Trial Balance Income Statement Income Statement Statement Owner Equity ------Account affecting the----- (28% of available points) The adjusting entry process is critical to the accuracy of financial statements. We know that every adjusting entry affects one income statement account, one balance sheet account, but never cash. For each adjustment, indicate the income statement and balance sheet account affected, and the impact on net income. If an adjustment caused net income to decrease, enter the amount as a negative value. Net income before adjustments can be found on the income statement tab. (Hint: Select unadjusted on the dropdown.) Note: Round final answer to the nearest whole dollar. Total impact on income due to adjustments: Net income before adjustments Net income after adjustments Balance Sheet Impact on Income Balance Sheet Impact on net income ▶▶▶ $ Show less 0 Show less A
Transcribed Image Text:General Ledger Problem 5.1 (based on Chapter example). LO 5-1, 5-2, 5-3, 5-4, 5-5 This is a continuation of the Eli's Consulting Services from the previous chapter. 1. On December 31, 2024 Trayton Eli counted the supplies. Remaining supplies totaled $1,000. 2. On November 30, 2024, Eli's Consulting Services paid $8,000 rent for December and January. 3. On December 1, Eli's Consulting Services purchased $11,000 worth of equipment. The equipment has an estimated useful life of five years and no salvage value. Requirement General Journal Supplies Prepaid rent Depreciation General Ledger Trial Balance Income Statement Income Statement Statement Owner Equity ------Account affecting the----- (28% of available points) The adjusting entry process is critical to the accuracy of financial statements. We know that every adjusting entry affects one income statement account, one balance sheet account, but never cash. For each adjustment, indicate the income statement and balance sheet account affected, and the impact on net income. If an adjustment caused net income to decrease, enter the amount as a negative value. Net income before adjustments can be found on the income statement tab. (Hint: Select unadjusted on the dropdown.) Note: Round final answer to the nearest whole dollar. Total impact on income due to adjustments: Net income before adjustments Net income after adjustments Balance Sheet Impact on Income Balance Sheet Impact on net income ▶▶▶ $ Show less 0 Show less A
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