Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Create the adjusted trial balance for Kebazza based on the following: 1. During May, Kebazza collected $600 in deposits from DU Clubs ordering pizza deliveries

image text in transcribed

Create the adjusted trial balance for Kebazza based on the following:

1. During May, Kebazza collected $600 in deposits from DU Clubs ordering pizza deliveries on upcoming graduation and reunion weekends.

2. Near the beginning of May, Kebazza deposited $6,000 cash in a savings account at a local bank.

3. During May, Kebazza purchased $5,000 in supplies. On May 31, Nioty Roy counted that $600 worth of supplies remained on hand.

4. At the beginning of May, Kebazza paid $4,800 in advance to rent the store for six months (May through October).

5. At the beginning of May, Kebazza purchased $36,000 in equipment that is expected to be used for many years.

6. In the mid of May, Mr. Bibek, the owner, purchased a flat for his family at $100,000 in cash.

7. Kebazzas employees worked the last week of May, but they will not be paid until June 1.

8. Kebazza used utilities to generate revenue in May, but because no bill was received by the end of the month, no entry was made to recognize the expense incurred that month.

9. At the beginning of May, Kebazza borrowed $20,000 from Padma Bank, a local bank.

2. Credit Cash Investments Interest Receivable Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Wages Payable Kebazza Unadjusted Trial Balance On May 31, 2021 Debit 9.100 6.000 0 700 5.000 4.800 2.400 36,000 0 4.800 0 0 0 600 20.000 30.000 3,000 14.000 0 Utilities Payable Interest Payable Uneamed Revenue Notes Payable Bibek, Capital Bibek, Drawing Pizza Revenue Investment Revenue Supplies Expense Wages Expense Utilities Expense Telephone Service Expense Rent Expense Insurance Expense Advertising Expense Depreciation Expense Interest Expense Total 0 1.000 0 600 0 0 800 0 0 69.400 69.400

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

Step: 3

blur-text-image

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

Accounting, Representation And Responsibility

Authors: Niels Joseph Lennon

1st Edition

0367540436, 9780367540432

More Books

Students also viewed these Accounting questions

Question

5 x * e - 2 x d x tabular method

Answered: 1 week ago