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Fill in the chart below based on adjustments in the additional information. Adjustments Journal # | Debit Credit Adjusted T/B Debit Credit Big Serve Racquet
Fill in the chart below based on adjustments in the additional information.
Adjustments Journal # | Debit Credit Adjusted T/B Debit Credit Big Serve Racquet Club, Inc. Trial Balance at December 31, 2019 Unadjusted T/B Account Debit Credit Cash 55,300 Certificate of deposit 8,000 Accounts receivable 63,000 Inventory 170,000 Supplies 5,000 Prepaid insurance 1,200 Land 100,000 Buildings 400,000 Equipment 100,000 Accumulated depreciation 85,000 Accounts payable 198,000 Unearned revenue Notes payable 120,000 Common stock 276,500 Retained earnings 103,000 Membership revenue 674,000 Cost of sales 395,000 Wages expense 110,000 Utilities expense 55,000 Total $1,462,500 $1,462,500 6,000 The following additional information is provided (add accounts to above as needed): 1. Paid $1,200 on 9/30/2019 for a six-month fire insurance policy. Received $25,000 upon issuance of common stock Received a $6,000 payment on November 1, 2019 for a one-year membership. Borrowed S120,000 at 6% on October 1, 2019. Interest and principal are due on 4:1/21. According to payroll records, unpaid wages at year end totaled $15,000 Big Serve's building has a 10-year estimated useful life. The fixtures and equipment have a 5-year estimated useful lif Big Scrve purchased a nine-month certificate of deposit (CD) on July 1, 2019. The interest rate was 3% Accrued interest is added to the CD balance. 8. 9. 10. 11. 12. A physical count of supplies on hand at year end showed a balance of 53,600 Received a $1,500 bill for December utilities on January 3, 2020. A physical count of inventory at year end showed a balance of $172,000. Declared and paid a $10,000 dividend The tax rate was 21%Step by Step Solution
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