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Comprehension Problem Chapter 3, Alternative Problem P-9 (page 175) Please and thank you in advance! this one has me stumped. ALTERNATE PROBLEMS LO3 Determining Adjustments
Comprehension Problem Chapter 3, Alternative Problem P-9 (page 175)
Please and thank you in advance! this one has me stumped.
ALTERNATE PROBLEMS LO3 Determining Adjustments eWages Expense balance P9.At the end of the first three months of operation, Evergreen Repair, Inc.'s trial bal- $3,74 ance is as follows Evergreen Repair, Inc. Trial Balance March 31, 2014 .983 Cash Accounts Receivable Office Supplies Prepaid Rent 970 1,500 5,200 Accounts Payable Uneamed Repair Revenue Common Stock Retained Earnings 2,529 1,146 5,000 6314 1,800 Repair Revenue Wages Expense Office Cleaning Expense 12,236 3,580 420 27,325 27.325 Evergreen has hired an accountant to prepare financial statements to determine how well the company is the accountant finds the following items of interest a. An inventory of office supplies reveals supplies on hand of S469 b. The Prepaid Rent account includes the rent for the first three months plus a deposit doing after three month s. Upon examining the the accounting records for April's rent c. Depreciation on the eqaipment for the first three months is $560 d. The balance of the Uncarned Repair Revenue account represents a 12-month service contract paid in advance on February l On March 31, accrued wagest wages total S168 f Federal income taxes for the three months are estimated to be S1,250 176 Chapter 3: Measuring Business Income: Adjusting the Accounts REQUIRED All adjustments affect one balance sheet account and one income statement account. For each of these situations, show the accounts affected, the amount of the adjustment (using a indicate an increase or decrease), and the balance of the account after the adjustment in the following format Balance Sheet Account Amount of Adjustment I+ or-) AccountAdjustmentBalance (+orAdjustment Amount of Statement Adjustment After
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