Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

CALCULATE IN DETAILED PLS The trial balance of An Binh Car Repairs before adjustment on October 31, 2021, is as follows. An Binh Car Repairs

image text in transcribedCALCULATE IN DETAILED PLS

The trial balance of An Binh Car Repairs before adjustment on October 31, 2021, is as follows. An Binh Car Repairs Trial Balance October 31, 2021 $ Cash 15,000 Supplies 12,100 Prepaid insurance ASS 6,000 Equipment 42,000 Accumulated Depreciation-Equipment 4,200 Account payable $12,000 An Binh's Capital 62,400 Service Revenue 8,500 Owner' withdrawals 10,000 Salaries and wages expenses 2,000 Total $87,100 $87,100 Other data: a) Insurance expires at the rate of $500 per month. b) A count on October 31 shows $11,300 of supplies on hand. c) The equipment has a 10-year life with no residual value (ht hn). It is being depreciated at $350 per month d) Salaries of $2,500 were unpaid on October 31. v e) A utility hill (ha n tin in) for $1,000 has not been recorded and will not be paid until next month. f) Invoices representing $2,100 of services performed during the month have not been recorded as of October 31. Make appropriate adjustments and produce an income statement for the month ending October 31, 2021, and a statement of financial position as of October 31, 2021

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

Financial Accounting An Introduction

Authors: Pauline Weetman

7th Edition

1292086696, 978-1292086699

More Books

Students also viewed these Accounting questions

Question

In your opinion, how will HR change in the future? Why?

Answered: 1 week ago