Question
How would I set up an adjusted trial balance with this same set of data? On January 1, 2021, the general ledger of Dynamite Fireworks
How would I set up an adjusted trial balance with this same set of data?
On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances:
AccountsDebitCreditCash$25,000Accounts Receivable6,400Supplies4,300Land62,000Accounts Payable$4,400Common Stock77,000Retained Earnings16,300Totals$97,700$97,700
During January 2021, the following transactions occur:
January2Purchase rental space for one year in advance, $9,600 ($800/month).January9Purchase additional supplies on account, $4,700.January13Provide services to customers on account, $26,700.January17Receive cash in advance from customers for services to be provided in the future, $4,900.January20Pay cash for salaries, $12,700.January22Receive cash on accounts receivable, $25,300.January29Pay cash on accounts payable, $5,200
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