Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Daily Driver, Incorporated (DDI), operates a driving service through a popular ride-sharing app. DDI has prepared a list of unadjusted account balances at its December

image text in transcribedimage text in transcribed

Daily Driver, Incorporated (DDI), operates a driving service through a popular ride-sharing app. DDI has prepared a list of unadjusted account balances at its December 31 year-end. You have reviewed the balances and made notes shown in the right column. Account Name Cash Supplies Prepaid Insurance Equipment Accumulated Depreciation Salaries and Wages Payable Income Tax Payable Common Stock Retained Earnings DAILY DRIVER, INCORPORATED Unadjusted Trial Balance At December 31 Debit Credit Notes $1,100 This equals the bank balance. 70 Only windshield washer fluid that cost $30 remains at December 31. 1,300 This amount was paid January 2 for car insurance from January 1 through December 31 of this year. 44,000 This is the car's purchase price. $2,640 The car will be two years old at the end of December. O DDI has not yet paid or recorded $840 of salary for December. ODDI paid taxes from last year. 27,000 DDI issued 5,400 shares at $5 each. 5,530 This is the total accumulated earnings to January 1 of this year. 21,970 All revenue is received in cash when the service is given. 9, 200 DDI's only employee receives a salary of $840 for December. 120 This is the cost of windshield washer fluid used to November 30. 0 The car's benefits are being used up about $2,640 per year. 0 No car insurance has been paid for next year. 1,350 All fuel is paid for in cash. 0 DDI's tax rate is 20% of income before tax. $57,140 $57,140 Service Revenue Salaries and Wages Expense Supplies Expense Depreciation Expense Insurance Expense Fuel Expense Income Tax Expense Totals Requirement General Journal General Ledger Trial Balance Income Statement Statement of Retained Earnings Balance Sheet Use the dropdowns to select the accounts properly included on the classified balance sheet. The unadjusted and adjusted balances will appear for each account, based on your selection. Adjusted DAILY DRIVER, INCORPORATED Balance Sheet December 31 $ 0 $ 0 0 0 0 0 0 0 0 12,850 12,850 12,850 $ >

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

More Books

Students also viewed these Accounting questions

Question

How can managers develop good business relationships? LOP1

Answered: 1 week ago

Question

Sd Evaluate E = for t * = -0.326, Sd =3.249, and n=8.

Answered: 1 week ago

Question

Briefly explain the qualities of an able supervisor

Answered: 1 week ago

Question

Define policy making?

Answered: 1 week ago

Question

Define co-ordination?

Answered: 1 week ago

Question

What are the role of supervisors ?

Answered: 1 week ago