Homework Answers
| Ans. | Morrison Services LTD. | |||
| Adjusted Trial Balance | ||||
| July 31, 2018 | ||||
| Debit | Credit | |||
| Accounts payable | $2,880 | |||
| Accounts receivable | $19,925 | |||
| Accumulated depreciation - equipment | $5,715 | |||
| Bank loan payable, due 2021 | $24,700 | |||
| Cash | $7,490 | |||
| Common shares | $4,870 | |||
| Depreciation expense | $2,185 | |||
| Dividends declared | $460 | |||
| Equipment | $25,400 | |||
| Income tax expense | $2,070 | |||
| Income tax payable | $1,480 | |||
| Insurance expense | $990 | |||
| Interest expense | $1,410 | |||
| Interest payable | $1,320 | |||
| Prepaid insurance | $3,600 | |||
| Rent expense | $17,690 | |||
| Rent payable | $1,210 | |||
| Retained earnings | $5,200 | |||
| Salaries expense | $19,140 | |||
| Salaries payable | $2,150 | |||
| Service revenue | $55,375 | |||
| Supplies | $3,490 | |||
| Supplies expense | $1,580 | |||
| Unearned revenue | $530 | |||
| TOTAL | $105,430 | $105,430 | ||
| *All assets have normal debit balance. | ||||
| *All liabilities have normal credit balance. | ||||
| *All expenses have normal debit balance. | ||||
| *All revenues have normal credit balance. | ||||
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Current Attempt in Progress Morrison Services Ltd. reports the following adjusted account balances, shown in alphabetical...
Morrison Services Ltd. Adjusted Trial Balance July 31, 2018 Debit Credit Cash $7,490 Accounts receivable 19,875...
Morrison Services Ltd. Adjusted Trial Balance July 31, 2018 Debit Credit Cash $7,490 Accounts receivable 19,875 Supplies 3,460 Prepaid insurance 3,620 Equipment 25,300 Accumulated depreciation-equipment $5,785 Accounts payable 2,820 Salaries payable 2,190 Interest payable 1,290 Rent payable 1,190 Income tax payable 1,450 Income tax payable 1,450 Unearned revenue 510 Bank loan payable, due 2021 24,500 Common shares 4,870 Retained earnings 5,250 Dividends declared 530 bort Service revenue 55,675 Salaries expense 19,120 Rent expense 18,080 Depreciation expense 2,175 Supplies expense 1,580...
The adjusted trial balance for Morrison Services Ltd, at July 31, 2018 is as follows: Morrison...
The adjusted trial balance for Morrison Services Ltd, at July 31, 2018 is as follows: Morrison Services Ltd. Adjusted Trial Balance July 31, 2018 Credit Cash Debit $7,490 19,875 Accounts receivable Supplies 3,460 Prepaid insurance 3,620 Equipment 25,300 Accumulated depreciation-equipment $5,785 Accounts payable 2,820 Salaries payable 2,190 Interest payable 1,290 1,190 Rent payable Income tax payable 1,450 Unearned revenue 510 24,500 Bank loan payable, due 2021 4,870 Common shares 5,250 Retained earnings 530 Retained earnings Dividends declared Service revenue Salaries...
Current Attempt in Progress The Oromocto Corporation reports the following adjusted account balances, shown in alphabetical...
Current Attempt in Progress The Oromocto Corporation reports the following adjusted account balances, shown in alphabetical order, at the end of its fiscal year. February 28, 2018 Accounts payable 13,700 Income tax payable 4,300 27,600 Insurance expense 3,300 Accounts receivable Accumulated depreciation equipment 5,600 Prepaid insurance 3,000 Cash 18,500 Rent expense 5,800 Common shares 6,730 Retained earnings 21,370 Depreciation expense 4,600 Salaries payable 2,550 Dividends declared 1,900 Salaries expense 44,350 Equipment 23,400 Supplies 400 4,000 Fees earned 89,600 Supplies expense...
Question 6 Oromocto Corporation reports the following adjusted account balances, shown in alphabetical order, at the...
Question 6 Oromocto Corporation reports the following adjusted account balances, shown in alphabetical order, at the end of its fiscal year, February 28, 2018: Accounts payable Accounts receivable Accumulated depreciation-equipment Cash Common shares Depreciation expense Dividends declared Equipment Fees earned Income tax expense 13,340 Income tax payable 4,550 25,550 Insurance expense 3,170 2,410 6,930 6,390 Retained earnings 22,660 3,170 2,190 Salaries expense 46,600 1,270 89,110 Supplies expense 3,800 3,000 5,560 17,900 Rent expense Prepaid insurance 4,290 Salaries payable 22,790 Supplies...
part a: prepare an income statement Exercise 4-12 (Part Level Submission) Fraser Valley Services Ltd. reports...
part a: prepare an income statement
Exercise 4-12 (Part Level Submission) Fraser Valley Services Ltd. reports the following adjusted trial balance at July 31, 2018: Credit FRASER VALLEY SERVICES LTD. Adjusted Trial Balance July 31, 2018 Debit Cash 57,450 Accounts receivable 19,915 Supplies 3,440 Prepaid insurance 3,540 Equipment 25,600 Accumulated depreciation equipment Accounts payable Salaries payable Interest payable Rent payable Income tax payable Unearned revenue Bank loan payable, 2021 Common shares Retained earnings Dividends declared 310 Service revenue Salaries expense...
5,400 BE4-11 Oromocto Corporation reports the following adjusted account balances, shown in alphabetical order, at the...
5,400 BE4-11 Oromocto Corporation reports the following adjusted account balances, shown in alphabetical order, at the end of its fiscal year, February 28, 2018: Accounts payable $13,000 Income tax payable $ 4,550 Accounts receivable 28,000 Insurance expense 3,500 Accumulated depreciation-equipment Prepaid insurance 2,500 Cash 18,000 Rent expense 6,000 Common shares 10,000 Retained earnings 21,000 Depreciation expense 4,400 Salaries payable 3,000 Dividends declared 2,000 Salaries expense 46,400 Equipment 23,450 Supplies 1,000 Fees earned 89,500 Supplies expense 4,000 Income tax expense 4,800...
Adjusting Entries and Adjusted Trial Balances Reece Financial Services Co., which specializes in appliance repair services,...
Adjusting Entries and Adjusted Trial Balances Reece Financial Services Co., which specializes in appliance repair services, is owned and operated by Joni Reece. Reece Financial Services’ accounting clerk prepared the following unadjusted trial balance at July 31, 20Y6: Reece Financial Services Co. Unadjusted Trial Balance July 31, 20Y6 Debit Balances Credit Balances Cash 10,200 Accounts Receivable 34,750 Prepaid Insurance 6,000 Supplies 1,725 Land 50,000 Building 155,750 Accumulated Depreciation—Building 62,850 Equipment 45,000 Accumulated Depreciation—Equipment 17,650 Accounts Payable 3,750 Unearned Rent 3,600...
Question 7 The Oromocto Corporation reports the following adjusted account balances, shown in alphabetical order, at...
Question 7 The Oromocto Corporation reports the following adjusted account balances, shown in alphabetical order, at the end of its fiscal year, February 28, 2018: Accounts payable Accounts receivable Accumulated depreciation-equipment 5,600 Prepaid insurance 2,600 Cash Common shares Depreciation expense Dividends declared Equipment Fees earned Income tax expense 12,600 Income tax payable 4,500 28,400 Insurance expense 3,500 5,900 6,580 Retained earnings 20,220 3,450 1,900 Salaries expense 45,050 300 91,700 Supplies expense 4,100 2,500 18,200 Rent expense 4,600 Salaries payable 22,800...
The Oromocto Corporation reports the following adjusted account balances, shown in alphabetical order, at the end...
The Oromocto Corporation reports the following adjusted account balances, shown in alphabetical order, at the end of its fiscal year, February 28, 2018: Accounts payable 13,700 Income tax payable 4,300 Accounts receivable 27,600 Insurance expense 3,300 Accumulated depreciation-equipment 5,600 Prepaid insurance 3,000 Cash 18,500 Rent expense 5,800 Common shares 6,730 Retained earnings 21,370 Depreciation expense 4,600 Salaries payable 2,550 Dividends declared 1,900 Salaries expense 44,350 Equipment 23,400 Supplies 400 Fees earned 89,600 Supplies expense 4,000 Income tax expense 4,700 Utilities...
of Debit 420,300 ERAL LEDGER PR 3-5B Adjusting entries and adjusted trial balances Obj. 2, 3,...
of Debit 420,300 ERAL LEDGER PR 3-5B Adjusting entries and adjusted trial balances Obj. 2, 3, 4, 5, 6 Reece Financial Services Co., which specializes in appliance repair services, is owned and oper- ated by Joni Reece. Reece Financial Services' accounting clerk prepared the following unadjusted trial balance at July 31, 2018: Reece Financial Services Co. Unadjusted Trial Balance July 31, 2018 Debit Credit Balances Balances Cash 10,200 Accounts Receivable. 34,750 Prepaid Insurance 6,000 Supplies 1,725 Land 50,000 Building 155,750...
Morrison Services Ltd. Adjusted Trial Balance July 31, 2018 Debit Credit Cash $7,490 Accounts receivable 19,875 Supplies 3,460 Prepaid insurance 3,620 Equipment 25,300 Accumulated depreciation-equipment $5,785 Accounts payable 2,820 Salaries payable 2,190 Interest payable 1,290 Rent payable 1,190 Income tax payable 1,450 Income tax payable 1,450 Unearned revenue 510 Bank loan payable, due 2021 24,500 Common shares 4,870 Retained earnings 5,250 Dividends declared 530 bort Service revenue 55,675 Salaries expense 19,120 Rent expense 18,080 Depreciation expense 2,175 Supplies expense 1,580...
The adjusted trial balance for Morrison Services Ltd, at July 31, 2018 is as follows: Morrison Services Ltd. Adjusted Trial Balance July 31, 2018 Credit Cash Debit $7,490 19,875 Accounts receivable Supplies 3,460 Prepaid insurance 3,620 Equipment 25,300 Accumulated depreciation-equipment $5,785 Accounts payable 2,820 Salaries payable 2,190 Interest payable 1,290 1,190 Rent payable Income tax payable 1,450 Unearned revenue 510 24,500 Bank loan payable, due 2021 4,870 Common shares 5,250 Retained earnings 530 Retained earnings Dividends declared Service revenue Salaries...
Current Attempt in Progress The Oromocto Corporation reports the following adjusted account balances, shown in alphabetical order, at the end of its fiscal year. February 28, 2018 Accounts payable 13,700 Income tax payable 4,300 27,600 Insurance expense 3,300 Accounts receivable Accumulated depreciation equipment 5,600 Prepaid insurance 3,000 Cash 18,500 Rent expense 5,800 Common shares 6,730 Retained earnings 21,370 Depreciation expense 4,600 Salaries payable 2,550 Dividends declared 1,900 Salaries expense 44,350 Equipment 23,400 Supplies 400 4,000 Fees earned 89,600 Supplies expense...
Question 6 Oromocto Corporation reports the following adjusted account balances, shown in alphabetical order, at the end of its fiscal year, February 28, 2018: Accounts payable Accounts receivable Accumulated depreciation-equipment Cash Common shares Depreciation expense Dividends declared Equipment Fees earned Income tax expense 13,340 Income tax payable 4,550 25,550 Insurance expense 3,170 2,410 6,930 6,390 Retained earnings 22,660 3,170 2,190 Salaries expense 46,600 1,270 89,110 Supplies expense 3,800 3,000 5,560 17,900 Rent expense Prepaid insurance 4,290 Salaries payable 22,790 Supplies...
part a: prepare an income statement
Exercise 4-12 (Part Level Submission) Fraser Valley Services Ltd. reports the following adjusted trial balance at July 31, 2018: Credit FRASER VALLEY SERVICES LTD. Adjusted Trial Balance July 31, 2018 Debit Cash 57,450 Accounts receivable 19,915 Supplies 3,440 Prepaid insurance 3,540 Equipment 25,600 Accumulated depreciation equipment Accounts payable Salaries payable Interest payable Rent payable Income tax payable Unearned revenue Bank loan payable, 2021 Common shares Retained earnings Dividends declared 310 Service revenue Salaries expense...
5,400 BE4-11 Oromocto Corporation reports the following adjusted account balances, shown in alphabetical order, at the end of its fiscal year, February 28, 2018: Accounts payable $13,000 Income tax payable $ 4,550 Accounts receivable 28,000 Insurance expense 3,500 Accumulated depreciation-equipment Prepaid insurance 2,500 Cash 18,000 Rent expense 6,000 Common shares 10,000 Retained earnings 21,000 Depreciation expense 4,400 Salaries payable 3,000 Dividends declared 2,000 Salaries expense 46,400 Equipment 23,450 Supplies 1,000 Fees earned 89,500 Supplies expense 4,000 Income tax expense 4,800...
Question 7 The Oromocto Corporation reports the following adjusted account balances, shown in alphabetical order, at the end of its fiscal year, February 28, 2018: Accounts payable Accounts receivable Accumulated depreciation-equipment 5,600 Prepaid insurance 2,600 Cash Common shares Depreciation expense Dividends declared Equipment Fees earned Income tax expense 12,600 Income tax payable 4,500 28,400 Insurance expense 3,500 5,900 6,580 Retained earnings 20,220 3,450 1,900 Salaries expense 45,050 300 91,700 Supplies expense 4,100 2,500 18,200 Rent expense 4,600 Salaries payable 22,800...
The Oromocto Corporation reports the following adjusted account balances, shown in alphabetical order, at the end of its fiscal year, February 28, 2018: Accounts payable 13,700 Income tax payable 4,300 Accounts receivable 27,600 Insurance expense 3,300 Accumulated depreciation-equipment 5,600 Prepaid insurance 3,000 Cash 18,500 Rent expense 5,800 Common shares 6,730 Retained earnings 21,370 Depreciation expense 4,600 Salaries payable 2,550 Dividends declared 1,900 Salaries expense 44,350 Equipment 23,400 Supplies 400 Fees earned 89,600 Supplies expense 4,000 Income tax expense 4,700 Utilities...
of Debit 420,300 ERAL LEDGER PR 3-5B Adjusting entries and adjusted trial balances Obj. 2, 3, 4, 5, 6 Reece Financial Services Co., which specializes in appliance repair services, is owned and oper- ated by Joni Reece. Reece Financial Services' accounting clerk prepared the following unadjusted trial balance at July 31, 2018: Reece Financial Services Co. Unadjusted Trial Balance July 31, 2018 Debit Credit Balances Balances Cash 10,200 Accounts Receivable. 34,750 Prepaid Insurance 6,000 Supplies 1,725 Land 50,000 Building 155,750...
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