Answered step by step
Verified Expert Solution
Question
1 Approved Answer
2. Prepare a trial balance. (5 points, just fill in the spreadsheet) At the end of November, the following adjustments have to be made: Part
2. Prepare a trial balance. (5 points, just fill in the spreadsheet)
At the end of November, the following adjustments have to be made:
Part of the insurance expired.
Accrued employees' salaries were $20,000. They would be paid next month.
The VIP cards were used during the month.
The equipment depreciated for one month.
3. Journalizc all the adjustments. (5 points)
4. Post the adjustments to the spreadsheet. (5 points, just fill in the spreadsheet)
5. Prepare an adjusted trial balance (5 points, just fill in the spreadsheet)
TS Express is a delivery company established on Jan 5th, 2021 and operated by Tony Stark, The following lete transactions took place during November, See the transactions in the picture. o o O On Nov 1", Tony Stark invested $90,000 into TS Express. On Nov 3rd, TS Express used $80,000 cash to purchase an insurance covering the coming 4 months On Nov 7th, TS Express sold redeemed VIP cards worth $2,000 in cash. On Nov 11th, TS Express borrowed $30,000 from China Bank. On Nov 15th, TS Express purchased an equipment on credit for $260,000. The equipment was estimated to be used for 10 years and had a residual value of $20,000. On Nov 22nd, Tony Stark withdrew $10,000 from TS Express for his personal use. O a o 1. Journalize all the entries. For question 2, 4 and 5, just upload a picture of the finished table. The excel table is given below. TS Express End-of-Period Spreadsheet For the Month Ended Nov 30th, 2021 Unadjusted Adjustments Trial Balance Dr. Cr. Dr. Cr. Adjusted Trial Balance Cr. Post-Closing Trial Balance Dr. Dr. Cr. Account Title Cash Prepaid Insurance Equipment Accumulated Depreciation A/P Unearned Revenue Salaries Payable Fees earned Insurance Expense Salaries Expense Depreciation Expense Stark, Capital Stark, Drawing Total
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