Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Completing the Accounting Cycle Shady's Restoration Services Unadjusted Trial Balance December 31, 2018 Cash Accounts Receivable Cleaning Supplies $45,572 68,980 12,443 40,300 Accumulated Depreciation-Cleaning Equipment

image text in transcribed
Completing the Accounting Cycle Shady's Restoration Services Unadjusted Trial Balance December 31, 2018 Cash Accounts Receivable Cleaning Supplies $45,572 68,980 12,443 40,300 Accumulated Depreciation-Cleaning Equipment Accounts Payable Unearned Service Revenue Common Stock Retained Earnings Dividends Service Revenue $23,200 12,640 15,650 45,000 95.300 81,200 Total 262.595 $262.595 The following information is also available: a. Ending inventory of cleaning supplies, $ 2,550 b. Depreciation of cleaning equipment for the period, $ 11,000 c. Salaries to accrue at the end of the period, $ 2,425 d. Service revenue still unearned at the end of the period, $ 4,750 e. Service revenue earned but not billed, $ 12,500 Requirements: 1. Prepare adjusting journal entries. Post to the ledger. 2. Prepare an adjusted trial balance. 3. Prepare the financial statements: Income Statement, Statement of Retained Earmings, and Balance 4. Prepare the closing journal entries, and post to the ledger. Determine final balances. Sheet. Formatting Do NOT use cents (.00) in any records. tax ians or cente Amounts do contain comma

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

International Auditing Standards In The United States Comparing And Understanding Standards For ISA And PCAOB

Authors: Asokan Anandarajan, Gary Kleinman

2nd Edition

1953349323, 9781953349323

More Books

Students also viewed these Accounting questions

Question

What is the role of risk preference in performance evaluation?

Answered: 1 week ago

Question

Do you think the banquet is a ritual? Why or why not?

Answered: 1 week ago

Question

How can speakers enhance their credibility?

Answered: 1 week ago