Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Adjusted Trial Balance December 31, 2018 Account Title Debit Credit Cash $85,150 Accounts Receivable 229,140 Supplies 16,955 Equipment 395,285 Accumulated Depreciation $221,260 Accounts Payable 74,235

Adjusted Trial Balance

December 31, 2018

Account Title

Debit

Credit

Cash

$85,150

Accounts Receivable

229,140

Supplies

16,955

Equipment

395,285

Accumulated Depreciation

$221,260

Accounts Payable

74,235

Capital Stock

220,000

Retained Earnings

101,145

Service Revenue

893,105

Interest Income

1,500

Dividends

2,000

Rent Expense

58,500

Wages Expense

527,260

Supplies Expense

42,520

Utilities Expense

8,595

Depreciation Expense

145,840

________

Totals

$1,522,565

$1,522,565

Use this information to prepare the Balance Sheet for the fiscal year. There are additional lines in the formatted Balance Sheet form to allow for authorized alternate presentations. Hint: you must close out temporary accounts to arrive at adjusted retained earnings balance.

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_2

Step: 3

blur-text-image_3

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

Management And Cost Accounting Student Manual Free Tracked Delivery

Authors: Colin Drury, Mike Tayles

1st Edition

9781473773622

More Books

Students also viewed these Accounting questions