Homework Answers
| Trial Balance | Adjustments | Adjusted Trial Bal. | Income Statement | Balance Sheet | |||||||||||||
| Debit | Credit | Debit | Credit | Debit | Credit | Debit | Credit | Debit | Credit | ||||||||
| Cash | $ 39,360.00 | $ - | $ 39,360.00 | $ 39,360.00 | |||||||||||||
| Supplies | $ 20,560.00 | $ 16,489.00 | $ 4,071.00 | $ 4,071.00 | |||||||||||||
| Prepaid Insurance | $ 31,900.00 | $ 27,825.00 | $ 4,075.00 | $ 4,075.00 | |||||||||||||
| Land | $ 86,920.00 | $ - | $ 86,920.00 | $ 86,920.00 | |||||||||||||
| Equipment | $ 126,920.00 | $ - | $ 126,920.00 | $ 126,920.00 | |||||||||||||
| Accu. Dep. - Equipment | $ 38,160.00 | $ 2,370.00 | $ 40,530.00 | $ 40,530.00 | |||||||||||||
| Accounts Payable | $ 16,560.00 | $ - | $ 16,560.00 | $ 16,560.00 | |||||||||||||
| Unearned Service Revenue | $ 3,160.00 | $ 2,419.00 | $ 741.00 | $ 741.00 | |||||||||||||
| Mortgage | $ 53,920.00 | $ - | $ 53,920.00 | $ 53,920.00 | |||||||||||||
| Common Stock | $ 116,620.00 | $ - | $ 116,620.00 | $ 116,620.00 | |||||||||||||
| Dividends | $ 14,000.00 | $ 14,000.00 | $ 14,000.00 | ||||||||||||||
| Retained Earnings | $ 2,000.00 | $ 2,000.00 | $ 39,025.00 | ||||||||||||||
| Service Revenue | $ 283,420.00 | $ 2,419.00 | $ 285,839.00 | $ 285,839.00 | |||||||||||||
| Salaries and Wages Expense | $ 108,540.00 | $ - | $ 108,540.00 | $ 108,540.00 | |||||||||||||
| Maintenance and Repairs Expense | $ 32,460.00 | $ - | $ 32,460.00 | $ 32,460.00 | |||||||||||||
| Advertising Expense | $ 9,400.00 | $ - | $ 9,400.00 | $ 9,400.00 | |||||||||||||
| Utilities Expense | $ 18,860.00 | $ - | $ 18,860.00 | $ 18,860.00 | |||||||||||||
| Property Tax Expense | $ 18,460.00 | $ 3,230.00 | $ 21,690.00 | $ 21,690.00 | |||||||||||||
| Interest Expense | $ 6,460.00 | $ 4,720.00 | $ 11,180.00 | $ 11,180.00 | |||||||||||||
| Totals | $ 513,840.00 | $ 513,840.00 | |||||||||||||||
| Insurance Expense | $ 27,825.00 | $ 27,825.00 | $ 27,825.00 | ||||||||||||||
| Supplies Expense | $ 16,489.00 | $ 16,489.00 | $ 16,489.00 | ||||||||||||||
| Interest Payable | $ 4,720.00 | $ 4,720.00 | $ 4,720.00 | ||||||||||||||
| Depreciation Expense | $ 2,370.00 | $ 2,370.00 | $ 2,370.00 | ||||||||||||||
| Property Tax Payable | $ 3,230.00 | $ 3,230.00 | $ 3,230.00 | ||||||||||||||
| Totals | $ 57,053.00 | $ 57,053.00 | $ 524,160.00 | $ 524,160.00 | |||||||||||||
| Net Income | $ 37,025.00 | ||||||||||||||||
| Totals | $ 285,839.00 | $ 285,839.00 | $ 275,346.00 | $ 275,346.00 | |||||||||||||
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Cash Supplies Prepaid Insurance Land Equipment Accumulated Depreciation Equipment Accounts Payable Uneamed Service Revenue Mortgage Payable...
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Cash Supplies Prepaid Insurance Land Building Accumulated Depreciation-Building Equipment Accumulated Depreciation Equipment Accounts Payable Unearned Rent Revenue Salaries and Wages Payable Interest Payable Mortgage Payable Common Stock Rent Revenue 6. Salaries of $710 are accrued and unpaid at May 31. Journalize the adjusting entries on May 31. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. DC not indent manually.)...
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prepare an adjusted trail balance
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Cash Accounts Receivable Prepaid Rent Office Supplies Equipment Accumulated Depreciation Equipment Accounts Payable Notes Payable (long-term) 3,230 3,100 1,800 3,600 35,100 1,400 5,100 7,100 Common Stock Retained Earnings Dividends Service Revenue Depreciation Expense-Equipment Salaries Expense Rent Expense Utilities Expense Supplies Expense 22,000 14,330 2,200 1,800 800 1,200 400 200 A Ques 22. Billings Auto Repair has the following account balances at December 31, 2018, from its adjusted trial balance. BE: (Click the icon to view the account balances.) Compute Billings...
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Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation - Trucks Land Accounts payable Interest payable Long-term notes payable K. Wilson, Capital K. Wilson, Withdrawals Trucking fees earned Depreciation expense Trucks Salaries expense Office supplies expense Repairs expense Trucks DebitCredit $ 5,400 14,000 7,948 157,000 $ 32,342 45,000 9,400 17,000 50,000 133,665 31,000 129,000 20,861 67,771 10,000 12,427 Totals $371,407 $371,407 WILSON TRUCKING COMPANY Balance Sheet December 31, 2015 Assets Liabilities Liabilities Equity
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Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable K. Wilson, Capital K. Wilson, Withdrawals Trucking fees earned Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense-Trucks Totals Debit Credit $ 9,000 10,000 6,490 181,000 $ 37,286 42,000 13,000 8,000 61,000 122,743 14,000 123,000 24,049 55,342 13,000 10,148 $365,029 $ 365,029 Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31, 2017 WILSON...
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6,000 2,100 1,000 500 150,000 Cash Accounts Receivable Prepaid Expenses Supplies Equipment Accumulated Depreciation Accounts Payable...
6,000 2,100 1,000 500 150,000 Cash Accounts Receivable Prepaid Expenses Supplies Equipment Accumulated Depreciation Accounts Payable Unearned Fees Notes Payable Bob Steely, Capital Bob Steely. Withdrawals Fees Earned Wages Expense Rent Expense Utilities Expense Depreciation Expense Miscellaneous Expense 15,000 6,200 4,000 14,000 19,000 8.000 154,900 25,000 12,000 3,400 5,000 100 Totals 213,100 213,100 In the space below, calculate: a) net income b) total assets c) total liabilities d) total current assets e) beginning balance of Owner's Equity for next year.
How to do the adjusting entries. Accounts Cash Accounts Receivable Prepaid Insurance Supplies Land Building Accumulated...
How to do the adjusting entries.
Accounts Cash Accounts Receivable Prepaid Insurance Supplies Land Building Accumulated Depreciation Accounts Payable Deferred Revenue Common Stock Retained Earnings Dividends Service Revenue Debits Credits S 53,200 15,400 7,000 4,000 48,000 136,000 $ 8,000 6,700 13,800 150,000 72,500 2.800 38,960 12,360 Salaries Expense Depreciation Expense Insurance Expense 2,700 5,000 Property Tax Expense Totals 294,960 $294.960 The following is a summary of the transactions for the year: a. December 12 c. December 18 d. December 28...
Cash Supplies Prepaid Insurance Land Building Accumulated Depreciation-Building Equipment Accumulated Depreciation Equipment Accounts Payable Unearned Rent Revenue Salaries and Wages Payable Interest Payable Mortgage Payable Common Stock Rent Revenue 6. Salaries of $710 are accrued and unpaid at May 31. Journalize the adjusting entries on May 31. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. DC not indent manually.)...
prepare an adjusted trail balance
Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Salarles Payable Utilities Payable Interest Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salarles Expense Depreciation Expense Insurance Expense Supplies Expense Utilities Expense Interest Expense 17.000 14,000 22.000 18,000 85.000 $ 27,000 11,000 0 0 O 30,000 25.000 9,000 2.000 220.000 153,000 0 11,000 0 Totals $322.000 $322,000 Information necessary to prepare the year-end adjusting entries appears below. a. Depreciation on the...
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Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation - Trucks Land Accounts payable Interest payable Long-term notes payable K. Wilson, Capital K. Wilson, Withdrawals Trucking fees earned Depreciation expense Trucks Salaries expense Office supplies expense Repairs expense Trucks DebitCredit $ 5,400 14,000 7,948 157,000 $ 32,342 45,000 9,400 17,000 50,000 133,665 31,000 129,000 20,861 67,771 10,000 12,427 Totals $371,407 $371,407 WILSON TRUCKING COMPANY Balance Sheet December 31, 2015 Assets Liabilities Liabilities Equity
Accounts payable Accounts receivable Accumulated depreciation, equipment Cash Common stock Depreciation expense, equipment Dividends Equipment Insurance expense Prepaid insurance Retained earnings Salaries expense Salaries payable Service revenue Supplies Supplies expense Unearned service revenue Utilities expense Data Table The trial balanoe of Lusch Landscaping, Ina, at June 3D, 2016, and the data nended for the month-end adjustments fallaw EEE (Click the icon to view the trial balance.) Read the requ rements (Cick the icon to view the adjustment data.) Lusch Landscaping....
Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings Dividends Trucking fees earned Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense-Trucks Totals Debit Credit $ 8,600 12,500 6,683 153,000 $ 31,518 48,000 12,600 14,000 53,000 -25,573 140,000 19,000 122,000 20,329 56,984 12,000 10, 449 $347,545 $347,545 Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31. WILSON TRUCKING...
Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable K. Wilson, Capital K. Wilson, Withdrawals Trucking fees earned Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense-Trucks Totals Debit Credit $ 9,000 10,000 6,490 181,000 $ 37,286 42,000 13,000 8,000 61,000 122,743 14,000 123,000 24,049 55,342 13,000 10,148 $365,029 $ 365,029 Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31, 2017 WILSON...
August 31, 2022 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue Common Stock Retained Earnings Dividends Service Revenue Rent Revenue Salaries and Wages Expense Supplies Expense Rent Expense Insurance Expense Depreciation Expense Before Adjustment Dr. Cr. $10,260 8,470 2,500 4,340 15,800 h $3,555 5,780 0 1,830 19,800 5,830 2.910 32,070 13.570 16,670 0 21,485 O 0 $82,435 $82,435 After Adjustment Dr. Cr. $10,260 8,970 660 3,080 15,800 $4,755 5,780 1,280...
6,000 2,100 1,000 500 150,000 Cash Accounts Receivable Prepaid Expenses Supplies Equipment Accumulated Depreciation Accounts Payable Unearned Fees Notes Payable Bob Steely, Capital Bob Steely. Withdrawals Fees Earned Wages Expense Rent Expense Utilities Expense Depreciation Expense Miscellaneous Expense 15,000 6,200 4,000 14,000 19,000 8.000 154,900 25,000 12,000 3,400 5,000 100 Totals 213,100 213,100 In the space below, calculate: a) net income b) total assets c) total liabilities d) total current assets e) beginning balance of Owner's Equity for next year.
How to do the adjusting entries.
Accounts Cash Accounts Receivable Prepaid Insurance Supplies Land Building Accumulated Depreciation Accounts Payable Deferred Revenue Common Stock Retained Earnings Dividends Service Revenue Debits Credits S 53,200 15,400 7,000 4,000 48,000 136,000 $ 8,000 6,700 13,800 150,000 72,500 2.800 38,960 12,360 Salaries Expense Depreciation Expense Insurance Expense 2,700 5,000 Property Tax Expense Totals 294,960 $294.960 The following is a summary of the transactions for the year: a. December 12 c. December 18 d. December 28...
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