Excel Templates Chapter 4 Demonstration Case Given Data GOODBYE GRASS CORPORATION Unadjusted Trial Balance At April 30, 2020 Account Name Debits Credits Cash $4,510 Accounts Receivable 1,700 Note Receivable 1,250 Interest Receivable -0- Prepaid Insurance 300 Equipment 4,600 Accumulated Depreciation $-0- Land 3,750 Accounts Payable 620 Deferred Revenue 1,600 Wages Payable -0- Interest Payable -0- Income Tax Payable -0- Dividends Payable -0- Note Payable 4,000 Contributed Capital 9,000 Retained Earnings -0- Dividends Declared -0- Mowing Revenue 5,200 Interest Revenue -0- Wages Expense 3,900 Fuel Expense 410 Insurance Expense -0- Depreciation Expense -0- Interest Expense -0- Income Tax Expense -0- $20,420 $20,420 Portion of the $1,600 cash received from the city at the beginning of April for future mowing service earned in April. The $1,600 in Deferred Revenue represents four months of service (April through July). 1/4 Insurance purchased at the beginning of April for $300 provides coverage for this many months (April through September). The insurance coverage for April has now been used. TIP: Account for the expiry of prepaid insurance just like the expiry of prepaid rent. 6 Yearly depreciation on mowers, edgers, rakes, and hand tools (equipment). $300 Number of days since last pay day in April 2 Daily wages $200 Interest incurred and payable on the note payable for the month of April. $45 Interest earned and receivable on the note receivable for the month of April. $10 The estimated income tax rate 35% Dividends declared on April 30 $200

1)prepare journal entries