Question
1. Unexpired insurance at year-end is $1,800. 2. A year-end inventory of supplies shows a balance of $3,800. 3. Depreciation has not yet been taken.
| 1. | Unexpired insurance at year-end is $1,800. | ||||||
| 2. | A year-end inventory of supplies shows a balance of $3,800. | ||||||
| 3. | Depreciation has not yet been taken. | ||||||
| a. Furniture and Equipment at 20% declining balance method | |||||||
| b. Automobile at 30% declining balance method | |||||||
| The bank loan is due in 2 years. | |||||||
| calculate adjustments, income statement and balance sheet | showing columns for debits and credits | ||||||
| Service Company | Worksheet | ||
| ACCOUNTS | TRIAL BALANCE | ||
| DEBIT | CREDIT | ||
| Bank | 18,744.00 | ||
| Accounts Receivable | 7,500.00 | ||
| Supplies | 5,000.00 | ||
| Prepaid Insurance | 2,400.00 | ||
| Furniture and Equipment | 23,000.00 | ||
| Accum. Depreciation | 9,000.00 | ||
| Automobile | 30,000.00 | ||
| Accum. Depreciation | 22,150.00 | ||
| Accounts Payable | 4,700.00 | ||
| Bank Loan | 6,921.00 | ||
| A. Service, Capital | 14,678.00 | ||
| A. Service, Drawings | 11,250.00 | ||
| Revenue | 65,000.00 | ||
| Bank Charges | 360.00 | ||
| Car Expense | 2,150.00 | ||
| Interest Expense | 250.00 | ||
| Miscellaneous Expense | 680.00 | ||
| Telephone Expense | 2,415.00 | ||
| Wages Expense | 18,700.00 | ||
| 122,449.00 | 122,449.00 | ||
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Advanced Accounting
Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik
10th edition
0-07-794127-6, 978-0-07-79412, 978-0077431808
