Question
Calculate the adjusted balance after adjustments have been posted to the T-Accounts. Interest Payable 530 Dec. 31 Bal. Bal. Interest Expense Dec. 31 490 Bal.
Calculate the adjusted balance after adjustments have been posted to the T-Accounts.
| Interest Payable | |||
| 530 | Dec. 31 | ||
| Bal. | Bal. | ||
| Interest Expense | |||
| Dec. 31 | 490 | ||
| Bal. | Bal. | ||
| Accounts Receivable | |||
| Nov. 10 | 5,700 | ||
| Dec. 31 | 120 | ||
| Bal. | Bal. | ||
| Rent Expense | |||
| Nov. 15 | 3,500 | ||
| Dec. 31 | 1,930 | ||
| Bal. | Bal. | ||
| Service Revenue | |||
| 2,300 | Dec. 28 | ||
| 230 | Dec. 31 | ||
| 1,050 | Dec. 31 | ||
| Bal. | Bal. | ||
| Office Supplies | |||
| Nov. 3 | 4,400 | 320 | Dec. 31 |
| Bal. | Bal. | ||
A T is drawn. The vertical line divides the account into its left and right sides. The left side of the T-account is called the debit side and the right side is called the credit side. The account name is at the top, above the horizontal line.
Complete the Adjusted Trial Balance as of December 31, 2016 using the given information. Enter accounts in order of assets, liabilities, common stock, dividends, revenues, and expenses. Assume all accounts have normal balances.
| Accounts Payable | 11,760 |
| Accounts Receivable | 8,140 |
| Accumulated Depreciation--Furniture | 9,950 |
| Cash | 57,030 |
| Common Stock | 91,420 |
| Depreciation Expense--Furniture | 1,810 |
| Dividends | 34,390 |
| Furniture | 25,340 |
| Interest Expense | 9,050 |
| Interest Payable | 6,330 |
| Notes Payable | 14,480 |
| Office Supplies | 10,860 |
| Prepaid Rent | 23,530 |
| Rent Expense | 5,430 |
| Salaries Expense | 4,520 |
| Salaries Payable | 7,240 |
| Service Revenue | 18,100 |
| Supplies Expense | 900 |
| Unearned Revenue | 21,720 |
| Adjusted Trial BalanceDecember 31, 2016SMART TOUCH LEARNING | ||
|---|---|---|
| Adjusted Trial BalanceDecember 31, 2016SMART TOUCH LEARNING | ||
| Adjusted Trial BalanceDecember 31, 2016SMART TOUCH LEARNING | ||
| Balance | ||
| Account Title | Debit | Credit |
| Total | ||
A single underline below a cell represents subtotal.
A double underline below a cell represents grand total.
Using the Adjusted Trial Balance, calculate the total assets, liabilities, common stock, dividends, revenues, and expenses. Enter those amounts in the expanded accounting equation.
| SMART TOUCH LEARNING | ||
|---|---|---|
| Adjusted Trial Balance | ||
| December 31, 2016 | ||
| Balance | ||
| Account Title | Debit | Credit |
| Cash | 17,000 | |
| Accounts Receivable | 9,400 | |
| Office Supplies | 200 | |
| Prepaid Rent | 11,300 | |
| Furniture | 19,800 | |
| Accumulated Depreciation--Furniture | 6,800 | |
| Accounts Payable | 2,200 | |
| Salaries Payable | 500 | |
| Interest Payable | 300 | |
| Unearned Revenue | 5,600 | |
| Notes Payable | 7,900 | |
| Common Stock | 62,500 | |
| Dividends | 28,700 | |
| Service Revenue | 11,300 | |
| Depreciation Expense--Furniture | 2,200 | |
| Interest Expense | 300 | |
| Rent Expense | 3,400 | |
| Salaries Expense | 3,900 | |
| Supplies Expense | 900 | |
| Total | 97,100 | 97,100 |
| Assets | = | Liabilities | + | Common Stock | - | Dividends | + | Revenues | - | Expenses |
| = | + | - | + | - |
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Advanced Level Audit Q And A 2014
Authors: ACA Simplified
1st Edition
1500852538, 978-1500852535
