Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

4-1 Listed below is the trial balance of the Sims Repair Shop. Sims Repair Shop Trial Balance December 31, 20X1 35,000 Cash Prepaid Rent 4,000

4-1 Listed below is the trial balance of the Sims Repair Shop. Sims Repair Shop Trial Balance December 31, 20X1 35,000 Cash Prepaid Rent 4,000 Prepaid Insurance 750 Repair Supplies 13,550 Truck 17,000 Accumulated Depreciation, Truck 3,000 Accounts Payable 12,000 J. Sims, Capital 15,000 J. Sims, Withdrawals 1,500 Repair Fees Earned 94,300 Wages Expense 35,000 Rent Expense Utilities Expense 12,000 5,500 124,300 124,300 Required: 1. Enter the trial balance amounts on the worksheet. Be sure to check to assure that all amounts were entered correctly. 2. Complete the worksheet using the following information: a) An inventory of repair supplies shows an unused balance of $8,000. b) Estimated depreciation on the truck is $700. c) $700 of insurance coverage time is elapsed. d) Prepaid rent should have a $2,500 balance. e) There are $2,000 of accrued wages. 3. Prepare an income statement, a statement of owner's equity and a Balance Sheet. 4. Prepare the adjusting entries. 5. Prepare the closing entriesimage text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Jan Williams, Sue Haka, Mark Bettner, Joseph Carcello

15th Edition

0077328701, 9780077328702

More Books

Students also viewed these Accounting questions

Question

Variables can have different scopes. Question 1 options: True False

Answered: 1 week ago

Question

Be relaxed at the hips

Answered: 1 week ago