Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

ACOSTA CO. Unadjusted Trial Balance December 31, 2019 Account Title Debit Credit Cash 50,000 Accounts Receivable 10,000 Supplies 8,000 Automobiles 160,000 Accumulated Depreciation - Autos

image text in transcribed
image text in transcribed
ACOSTA CO. Unadjusted Trial Balance December 31, 2019 Account Title Debit Credit Cash 50,000 Accounts Receivable 10,000 Supplies 8,000 Automobiles 160,000 Accumulated Depreciation - Autos 55,000 Accounts payable 15,000 Unearned fees 22,000 Salaries payable P. Kleen, Capital 55,000 B. Kleen. Withdrawals 45,000 Fees earned 275,400 Salary expense 125,000 Rent expense 24,400 Advertising expense Supplies expense Depreciation expense Totals 422,400 422,400 As above is the unadjusted trial balance for ACOSTA CO. Assumes the following adjustments data have been done since December, 2019 (a) Salaries earned by employees that are unpaid and unrecorded, $4,000. (b) An inventory of supplies showed $3,000 of unused supplies still on hand. (c) Depreciation on automobiles, $30,000. (d) Services paid in advance by customers of $12,000 have now been provided to customers. (e) Advertising for November and December in the amount of $8,000 remains unpaid and unrecorded. You are required to prepare the following in worksheet format. 1. prepare following requirements in the worksheet: 1. Prepare adjustments 11. Adjusted Trail balance 1.1. Income Statement iv. Balance sheet (Financial Position) Statement 2. Calculate the current ratio from Balance sheet

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

Cost Accounting A Managerial Emphasis

Authors: Charles T. Horngren, George Foster, Srikant M. Datar

9th Edition

0306457229, 978-0306457227

More Books

Students also viewed these Accounting questions