Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Hey, I want help with my accounting homework. 1. Balance the trial balance in the Worksheet. You will have to make some calculations in order
Hey,
I want help with my accounting homework.
1. Balance the trial balance in the Worksheet. You will have to make some calculations in order to fill in the missing numbers. You will also have to fix thetwo errors I made. Oops, sorry, the Celtics game was on when I made this test. |
a) The Accounts Payable account is currently$17,691. But on June 28, Rosenblatt received two invoices saying that she owes$300 for an ad printed inDocs In Socks With Stocksand$319 for the office telephone. |
b) The Cash account was$16,115, but Rosenblatt forgot to record the cash payment of three months' advance rent of$3,000 AND a six-month insurance policy of$2,000. |
2. Make thesix adjustments and be sure the two columns in the Adjustments section balance. |
C. Rosenblatt, M.D., adjusts and closes her books monthly. -The office supplies on hand June 30 were worth$100. -The medical supplies on hand June 30 were worth$315. -Depreciation is calculated using the declining-balance method. Office equipment depreciates at a rate of30% per year and the Medical Equipment depreciates at10%. |
3. Transfer all the appropriate accounts to the Income Statement sections and calculate the net income or net loss. |
4. Transfer all the appropriate accounts to the Balance Sheet section and make sure the columns balance. |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started