Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

a as soon as possible please The acjusted trial balance for Wildhorse Fishing Centre is as follows. WILDHORSE FISHING CENTRE Adjusted Trial Balance March 31,

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribeda

image text in transcribed

as soon as possible please

The acjusted trial balance for Wildhorse Fishing Centre is as follows. WILDHORSE FISHING CENTRE Adjusted Trial Balance March 31, 2021 Debit Credit cash $7.800 Interest receivable 800 Supplies 1,300 Long-term investments 28.000 Land 47.000 Building 195.000 Accumulated depreciation-building $32,000 Equipment 36.000 Accumulated depreciation-equipment 18,500 Accounts payable 6,000 Interest payable 1,020 Unearned revenue 2.120 Notes payable ($6.000 must be paid in February, 2022) 66.500 R. Falkner.capital 169.660 R. Falkner drawings 46,000 124,700 Service revenue 1,600 Interest revenue Depreciation expense 9,850 Interest expense 3,850 4,500 Insurance e pense Salaries expense 31.500 5.400 Supplies expense 5.100 Utilities expense $422.100 $422100 Prepare a statement of owner's equity. The owner, Rachael Falkner, invested $2,000 cash in the business during the year. (Note: The investment has been recorded and it is included in the capital account.) (List items that increase owner's equity first, WILDHORSE FISHING CENTRE Statement of Owner's Equity $ Question Part Score Current Assets in order of liquidity List Property Plant and Equipment in order of Land Build Prepare an income statement for the year ended March 31, 2021 WILDHORSE FISHING CENTRE Income Statement S V $ V > s Prepare a classified balance sheet. (List Current Assets in order of liquidity List Property: Plant and Equipment in order of Land, Buildings and Equipment WILDHORSE FISHING CENTRE Balance Sheet Assets 3 v v v Liabilities and Owner's Equity Liabilities and Owner's Equity Prepare closing entries. (Credit account titles are automatically inderted when amour required, select No Entry for the account titles and enter for the amountsu) Credit Debit Date Account Titles and Explanation Mar. 31 > >>>>>>>

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Auditing A Risk Based Approach to Conducting a Quality Audit

Authors: Karla Johnstone, Audrey Gramling, Larry E. Rittenberg

10th edition

978-1305080577

Students also viewed these Accounting questions