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.(20 points) (Adjusting Entries and Financial Statements) The following are the trial balance and the other information related to Yorkis Perez, a consulting engineer YORKIS
.(20 points) (Adjusting Entries and Financial Statements) The following are the trial balance and the other information related to Yorkis Perez, a consulting engineer YORKIS PEREZ, CONSULTING ENGINEER TRIAL BALANCE DECEMBER 31, 2014 Debit Credit S44,500 Cash Accounts Receivable Allowance For Doubtful Accounts Inventory Prepaid Insurance Equipment Accumulated Depreciation-Equipment Unearned Revenue Notes Payable Owner's Capital Service Revenue Rent Expense Salaries and Wages Expense Utilities Expenses Office Expense 49,600 $750 1,960 1,100 25,000 6,250 15,000 7,200 35,010 100,000 9,750 30,500 1,080 720 $164,210 $164,210 Note: none of the below adjustments/transactions have been recorded. They are NOT reflected in the above trial balance. You'll need to add some accounts as you record the adjustments/transactions below 1. Provided $10,000 of the services related to the unearned revenue reflected in the trial balance Record the adjustment 2. Services performed for clients that were not recorded by December 31, $4,900. Record the accrued revenue 3. Bad debt expense for the year is $1,430. Record bad debt expense 4. Insurance expired during the year $600. Record the adjustment. 5. Equipment has a 10 year useful life and no salvage value. Record depreciation expense 6. The company took out a loan from the bank (this transaction was already recorded). It was a 90 day, 10% note for $7,200 taken out on December 1, 2014, Record the accrued interest expense for the month of December. 7. Rent of the building is $750 per month. The company paid for 5 month's rent on December 1, 2014 (that included December's rent). Record this transaction as of December 31, 2014. 8. Office salaries and wages earned but unpaid December 31, 2014, $2,510. Record accrued salaries
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