Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Dec. 1 1 Wendson contributed $56,000 cash to the business in exchange for capital. 1 Purchased $10,800 of equipment paying cash. Paid $3,600 for a

image text in transcribedimage text in transcribedimage text in transcribed

Dec. 1 1 Wendson contributed $56,000 cash to the business in exchange for capital. 1 Purchased $10,800 of equipment paying cash. Paid $3,600 for a six-month insurance policy starting on December 1. 9 Paid $15,000 cash to purchase land to be used in operations. 10 Purchased office supplies on account, $3,000. 19 Borrowed $25,000 from the bank for business use. Wendson signed a note payable to the bank in the name of the business. The note is due in five years. 22 Paid $2,100 for advertising expenses. 26 Paid $1,400 on account. 28 The business received a bill for utilities to be paid in January, $350. 31 Revenues earned during the month included $14,000 cash and $2,500 on account 31 Paid employees' salaries $4,000 and building rent $1,900. Record as a compound entry 31 The business received $1,160 for auto screening services to be performed next month. 31 Wendson withdrew cash of $5,000. a. Office Supplies used during the month, $1,400. b. Depreciation for the month, $180. c. One month insurance has expired. d. Accrued Interest Expense, $100. Requirement 4. Prepare an adjusted trial balance. Wendson's Quality Automotive Adjusted Trial Balance December 31, 2016 Balance Account Title Debit Credit Total

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

Payroll Accounting 2022

Authors: Bernard J. Bieg, Judith A. Toland

32nd Edition

0357518756, 9780357518755

More Books

Students also viewed these Accounting questions

Question

=+ How do some of them single you out when you're the consumer?

Answered: 1 week ago