Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Chirp Hearing is owned by Christina Howell and provides hearing aids and other auditory services. At the end of November 2022, the company had the

Chirp Hearing is owned by Christina Howell and provides hearing aids and other auditory services. At the end of November 2022, the company had the following adjustments.

Nov 30 Interest on the bank loan is set at 10%; one month of interest has accrued.
Nov 30 The balance of prepaid rent is for the remaining 10 months of the lease; one month of rent has been used.
Nov 30 The equipment was purchased three months prior at the beginning of the month and will have a useful life of 6 years, after which it will have residual value of $1,310. Depreciation is recorded every month. Record depreciation for November.
Nov 30 Chirp Hearing completed $490 of work that was previously unearned.
Nov 30 Auditory services were provided in the month for $1,500 and the customer will pay next month.

Required

Using the following trial balance, complete the adjustments and the adjusted trial balance in the worksheet.

Do not enter dollar signs or commas in the input boxes. Round your answers to the nearest whole number.

Chirp Hearing Worksheet November 30, 2022
Unadjusted Trial Balance Adjustments Adjusted Trial Balance
Account DR CR DR CR DR CR
Cash 3,800 Answer Answer Answer Answer
Accounts Receivable 1,870 Answer Answer Answer Answer
Prepaid Rent 13,000 Answer Answer Answer Answer
Equipment 13,622 Answer Answer Answer Answer
Accumulated Depreciation 342 Answer Answer Answer Answer
Accounts Payable 2,500 Answer Answer Answer Answer
Interest Payable Answer Answer Answer Answer
Unearned Revenue 2,300 Answer Answer Answer Answer
Bank Loan 6,600 Answer Answer Answer Answer
Howell, Capital 17,750 Answer Answer Answer Answer
Howell, Withdrawals 2,000 Answer Answer Answer Answer
Service Revenue 9,100 Answer Answer Answer Answer
Depreciation Expense Answer Answer Answer Answer
Rent Expense Answer Answer Answer Answer
Interest Expense Answer Answer Answer Answer
Insurance Expense 2,000 Answer Answer Answer Answer
Salaries Expense 2,300 Answer Answer Answer Answer
Total 38,592 38,592 Answer Answer Answer Answer

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

Audit Of The Federal Bureau Of Investigation Annual Financial Statements Fiscal Year 2015

Authors: Office Of The Inspector G Eneral, U.S. Department Of Justice

1st Edition

1530341264, 978-1530341269

More Books

Students also viewed these Accounting questions

Question

What curriculum evaluation models are most effective?

Answered: 1 week ago