The unadjusted trial balance and adjustment data for Elbow Cycle Repair Shop are presented in P4-4A. Instructions
Question:
Instructions
Prepare a work sheet for the year ended January 31, 2017.
Taking It Further
Is it still necessary to record the adjusting entries in the journal and post them to the ledger accounts when using a work sheet?
ELBOW CYCLE REPAIR SHOP Trial Balance January 31, 2017 Debit Credit $ 3,200 6,630 6,420 5,240 50,000 190,000 Accounts receivable Prepaid insurance Supplies Land Building Accumulated depreciation-building Equipment Accumulated depreciation-equipment Accounts payable Unearned revenue Mortgage payable H. Dude, capital H. Dude, drawings Service revenue Salaries expense Utilities expense Interest expense S 11,000 27,000 4,500 6,400 21,950 182,000 61,000 101,100 235,550 115,200 12,000 5,610 S522,400 $522,400
Step by Step Answer:
ELBOW CYCLE REPAIR SHOP Work Sheet Year Ended January 31 2017 Account Titles Trial Balance Adjustmen...View the full answer
Accounting Principles
ISBN: 978-1119048503
7th Canadian Edition Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
Related Video
A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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