Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

DEF Trading Corporation Unadjusted Trial Balance As of March 31, 2021 Debit Credit $ 1065 1 605 315 234 6712 $ Account title Cash at

image text in transcribed

image text in transcribed

image text in transcribed

DEF Trading Corporation Unadjusted Trial Balance As of March 31, 2021 Debit Credit $ 1065 1 605 315 234 6712 $ Account title Cash at bank Accounts receivable Office supplies inventory Prepaid insurance Office equipment Accounts payable Loan payable S. Walsh, Capital S. Walsh, Drawings Fees revenue Wages expense Rent expense Interest expense Cleaning expense 457 2250 6 900 5310 10 202 3150 1 110 72 236 $19 809 $19 809 The following transactions were completed during April. Ap ril 8 2 Paid the rent for April of $555. 3 Received $1056 from clients as payment on account. 6 Purchased office supplies on credit for $172. Billed clients for fees, $2526. 13 Withdrew from the business for personal use, $590 cash. Paid wages of $735. Received $1545 from clients as payment on account. 20 Paid $96 in cash for cleaning the office. 23 Paid accounts payable $155. 25 Paid $375 on the loan payable plus interest of $32. 29 Purchased office equipment for $360 on credit. 30 Paid $70 for a 3-month insurance policy with cover commencing 1 May 2021 15 17 Required: Identify the values of the accounts of DEF Corporation for its Balance Sheet as of April 30, 2021 and the Income Statement for the month ended April 30, 2021. Note that the values of the different accounts in the Unadjusted Trial Balance will be their beginning balances in their respective t-accounts for the month of April . Cash at bank Accounts receivable Supplies inventory Prepaid insurance Office equipment Accounts payable Loan payable S. Walsh, capital ? S. Walsh, drawing Service revenue Wages expense Rent expense Interest expense Cleaning expense Total debit amount of the Unadjusted Trial Balance as of April 30, 2021 Total current assets Total assets Total liabilities Net Income or Net Loss Total Proprietorship Do not use currency symbols - Use comma after every three digits (12,234) - Put negative values / answers inside the parenthesis e.g. (222,333)

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

Managerial Accounting

Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer

13th Edition

978-0073379616, 73379611, 978-0697789938

More Books

Students also viewed these Accounting questions

Question

15. What is meant by the bid-ask spread?

Answered: 1 week ago