=+Luxor Company specializes in the repair of music equipment and is owned and operated by Amy Busby.

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=+Luxor Company specializes in the repair of music equipment and is owned and operated by Amy Busby. On November 30, 2010, the end of the current year, the accountant for Luxor Company prepared the following trial balances:

Luxor Company Trial Balance November 30, 2010 Unadjusted Adjusted Debit Credit Debit Credit Balances Balances Balances Balances Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,250 38,250 Accounts Receivable . . . . . . . . . . . . . . . . . . . . . . . . 109,500 109,500 Supplies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,250 2,700 Prepaid Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . 14,250 4,500 Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 360,450 360,450 Accumulated Depreciation—Equipment . . . . . . . . . . 94,500 102,000 Automobiles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109,500 109,500 Accumulated Depreciation—Automobiles . . . . . . . . . 54,750 61,200 Accounts Payable . . . . . . . . . . . . . . . . . . . . . . . . . . 24,930 26,400 Salaries Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . — 6,000 Unearned Service Fees . . . . . . . . . . . . . . . . . . . . . . 18,000 8,700 Amy Busby, Capital . . . . . . . . . . . . . . . . . . . . . . . . . 394,020 394,020 Amy Busby, Drawing . . . . . . . . . . . . . . . . . . . . . . . 75,000 75,000 Service Fees Earned . . . . . . . . . . . . . . . . . . . . . . . . 733,800 743,100 Salary Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . 516,900 522,900 Rent Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,000 54,000 Supplies Expense . . . . . . . . . . . . . . . . . . . . . . . . . . — 8,550 Depreciation Expense—Equipment . . . . . . . . . . . . . — 7,500 Depreciation Expense—Automobiles . . . . . . . . . . . . — 6,450 Utilities Expense . . . . . . . . . . . . . . . . . . . . . . . . . . 12,900 14,370 Taxes Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,175 8,175 Insurance Expense . . . . . . . . . . . . . . . . . . . . . . . . . — 9,750 Miscellaneous Expense . . . . . . . . . . . . . . . . . . . . . . 9,825 9,825 _________ _________ _________ _________ _________ _________ _________ _________ 1,320,000 1,320,000 1,341,420 1,341,420 _________ _________ _________ _________ Instructions

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Related Book For  book-img-for-question

Accounting

ISBN: 978-1111001346

23rd Edition

Authors: Carl S. Warren

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