Cleaning Service Company's Trial Balance on December 31, 2020 is as follows: Account name Debit Credit...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Cleaning Service Company's Trial Balance on December 31, 2020 is as follows: Account name Debit Credit Cash 700 Supplies Pre-paid insurance Pre-paid office rent Equipment Accumulated depreciation - Equipment Accounts payable Unearned service revenue 3,000 800 700 29,000 7,000 2,800 500 Share capital Ordinary Retained earnings 5,800 2,100 Dividend 3,000 Service revenue 25,000 Salary expense 6,000 Total 43,200 43,200 Adjusted transactions 1. Dr Insurance expense 400 Cr Prepaid insurance 400 2. Dr Rent expense 400 Cr Prepaid office rent 400 3. Dr Unearned revenue 400 Cr Revenues 400 4. Dr Account receivable 3000 Cr Service revenue 3000 5. Dr Depreciation expense 1200 Cr Accumulated depreciation 1200 6. Dr Salaries and wages expense 1700 Cr Salaries and Wages payable 1700 Required: Prepare adjusted trial balance .Prepare Income Statement, Statement of Retained Earnings and Statement of Financial Position for December, 2020. Why are adjutsing entries needed? Cleaning Service Company's Trial Balance on December 31, 2020 is as follows: Account name Debit Credit Cash 700 Supplies Pre-paid insurance Pre-paid office rent Equipment Accumulated depreciation - Equipment Accounts payable Unearned service revenue 3,000 800 700 29,000 7,000 2,800 500 Share capital Ordinary Retained earnings 5,800 2,100 Dividend 3,000 Service revenue 25,000 Salary expense 6,000 Total 43,200 43,200 Adjusted transactions 1. Dr Insurance expense 400 Cr Prepaid insurance 400 2. Dr Rent expense 400 Cr Prepaid office rent 400 3. Dr Unearned revenue 400 Cr Revenues 400 4. Dr Account receivable 3000 Cr Service revenue 3000 5. Dr Depreciation expense 1200 Cr Accumulated depreciation 1200 6. Dr Salaries and wages expense 1700 Cr Salaries and Wages payable 1700 Required: Prepare adjusted trial balance .Prepare Income Statement, Statement of Retained Earnings and Statement of Financial Position for December, 2020. Why are adjutsing entries needed?
Expert Answer:
Answer rating: 100% (QA)
Income statement For the year ended December 31 2020 Revenue Service revenue 28400 Operating Expense... View the full answer
Related Book For
Fundamental Accounting Principles
ISBN: 978-0078110870
20th Edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
Posted Date:
Students also viewed these accounting questions
-
1. Convert the following optimization problems into linear programs (they do not have to be in standard form): (a) (b) minimize xx|+3|2x2 - x3| s.t. x1,x2,23 3x1 + 2x2x3 4 X1, X2, X3 > 0 minimize...
-
Green Company has the following post-closing trial balance on December 31, 2016: The companys accounting department has gathered the following budgeting information for the first quarter of 2017:...
-
Kinokawa Consultants Companys trial balance on December 31, 2014, follows. The following information is also available: a. Ending inventory of office supplies, $86 b. Prepaid rent expired, $700 c....
-
A health care facility in a metropolitan area is interested in the efficiency of its laboratory turnaround time. Based on data collected over last year, the mean turn around time was found to be 55...
-
You own stock in Make-UP-Artists, Inc. which has just made a bid of $30 million to purchase MHM Corporation. MHM Corp. currently has total cash flows of $2.5 million that are expected to grow...
-
Enormo Corporation is a large multinational audit client of your CPA firm. One of Enormos subsidiaries, Ultro, Ltd., is a successful electronics assembly company that operates in a small Caribbean...
-
The comparative financial statements for CyberOptic Corporation are in the Working Papers. The financial statements have been completed up to the comparative analysis section. Instructions: 1....
-
1. What does Euthyphro first propose as a definition of piety? 2. What about the gods? Do they have different conceptions about what is good and evil, just and unjust? Why does this pose a problem...
-
The two independent cases are listed below: Sales Revenue Cost, of Goods Sold Gross Profit Depreciation Expense Salaries and Wages Expense Net Income Accounts Receivable Inventory Accounts Payable...
-
1. Consider the problem of returning change to a customer requiring the smallest number of coins. a. Show that the greedy algorithm given below returns the smallest number of coins for the coin set...
-
Write an object oriented C++ program for Matrix Algebra. The program should have the following features: Create a Matrix of size NxN (where N is specified by the user). Initialize an NxN Matrix...
-
What are the typical measurements included in the statistics of a workplace wellness program?
-
Why is a good succession management plan important in today's workplace?
-
Compare and contrast between formula method, equal pay method and pay for performance methods of compensation ?
-
How does a network infrastructure proposal change in content, depending upon your audience (i.e., technical, financial, managerial, etc.)
-
"Equilibrium GDP is the same as full employment." Do you agree or disagree? Explain in 3 sentences. ( 4 points) 2. Assume an economy operates in the intermediate range of its aggregate supply...
-
Describe how you would design a multithreaded program in C/C++ to take advantage of multiple CPU cores. Discuss potential issues related to thread safety and synchronization.
-
Which task is performed by a book-keeper? A. Analysing the trading results B. Entering transactions in the ledger C. Preparing year-end financial statements D. Providing information for...
-
Refer to the information in QS 6-1 and assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on weighted average. (Round per...
-
Ramirez Company is considering a project that will require a $500,000 loan. It presently has total liabilities of $220,000, and total assets of $620,000. 1. Compute Ramirezs (a) Present...
-
How would a hospital apply job order costing? Explain.
-
Alpa Shah has the following financial details as at 30 June 2013. Required: Alpa Shahs total net assets as at 30 June 2013. Non-current assets Current assets 100,000 Current liabilities 30,000 50,000...
-
Jill Jenkins has the following financial details as at 31 December 2012. Required: Jill Jenkins net current assets as at 31 December 2012. Inventory 18,000 Cash 4,000 Trade receivables 8,000 Trade...
-
What is a sole trader and why is it important for the sole trader to prepare a set of financial statements?
Study smarter with the SolutionInn App