Answered step by step
Verified Expert Solution
Question
1 Approved Answer
1. Complete a worksheet for Hernandez's Moving Co. for the month of May. Complete the worksheet one section at a time, beginning with the
1. Complete a worksheet for Hernandez's Moving Co. for the month of May. Complete the worksheet one section at a time, beginning with the Adjustments columns. When completing the Adjustments column, enter a posting reference along with each debit or credit amount that corresponds to the letter of the adjusting entry (A., B., C., etc.) For the Income Statement and Balance Sheet columns, remember to include the net income or loss after the totals and then total the columns again. (Leave unused fields blank. Do not enter a "0" for any zero balances. Abbreviations used: Accum. - Accumulated; Dep. = Depreciation.) Hernandez's Moving Co. Worksheet Month Ended May 31, 202X Tasks Unadjusted Trial Balance - Account Titles Cash Trial Balance Debit 13,000 Adjustments Credit Debit Credit Prepaid Insurance 2,000 Moving Supplies 1,300 Moving Truck 12,000 Accum. Dep., Moving Truck 7,000 Accounts Payable 2,768 A. Hernandez, Capital 14,483 A. Hernandez, Withdrawals 900 Revenue from Moving 9,500 Wage Expense 3,290 Rent Expense 750 511 Advertising Expense Totals 33,751 33,751 Insurance Expense Moving Supplies Expense Dep. Expense, Moving Truck Wages Payable Totals Net income Totals Your task is to: 1. Complete a worksheet for Hernandez's Moving Co. for the month of May. 2. Prepare an income statement for May, a statement of owner's equity for May, and a balance sheet as of May 31, 202X. Print Done Adjustment Data Adjustment Data to Update Trial Balance A. Insurance expired, $650. B. Moving supplies on hand, $200. C. Depreciation on moving truck, $800. D. Wages earned but unpaid, $400. Print Done Hernandez's Moving Co. Trial Balance May 31, 202X Account Titles Debit Credit Cash 13,000 Prepaid Insurance 2,000 Moving Supplies 1,300 Moving Truck 12,000 Accumulated Depreciation, Moving Truck 7,000 Accounts Payable 2,768 A. Hernandez, Capital 14,483 A. Hernandez, Withdrawals 900 Revenue from Moving 9,500 Wage Expense 3,290 Rent Expense 750 511 Advertising Expense 33,751 33,751 Totals Print Done
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started