Question
I already got an answer to this but it was incorrect can someone please help me do this in proper format thank you so much!
I already got an answer to this but it was incorrect can someone please help me do this in proper format thank you so much!
The unadjusted and adjusted trial balances for the Tuggle Company are presented below:
The Tuggle Company | ||||
Trial Balance | ||||
April 30, 2021 | ||||
Unadjusted Trial Balance | Adjusted Trial Balance | |||
Account | Debit | Credit | Debit | Credit |
Accounts Payable | 9,600 | 10,000 | ||
Accounts Receivable | 14,000 | 14,000 | ||
Accumulated Depreciation | $12,000 | $13,000 | ||
Advertising Expense | 4,200 | 4,200 | ||
Automobile Expense | 1,800 | 2,200 | ||
Building | 75,000 | 75,000 | ||
Cash | 5,000 | 5,000 | ||
Common Stock | 40,000 | 40,000 | ||
Cost of Goods Sold | 62,000 | 62,000 | ||
Depreciation Expense | 1,000 | |||
Dividends | 5,000 | 5,000 | ||
Insurance Expense | 1,900 | |||
Interest Expense | 1,400 | |||
Interest Payable | 1,400 | |||
Inventory | 30,000 | 30,000 | ||
Land | 12,500 | 12,500 | ||
Prepaid Insurance | 4,100 | 2,200 | ||
Rental Revenue | 1,700 | |||
Retained Earnings | 61,600 | 61,600 | ||
Sales | 100,000 | 100,000 | ||
Supplies | 1,200 | 400 | ||
Supplies Expense | 800 | |||
Unearned Rental Revenue | 1,800 | 100 | ||
Wage Expense | 10,200 | 14,000 | ||
Wages Payable | 3,800 | |||
Total | $225,000 | $225,000 | $231,600 | $231,600 |
REQUIRED:
1. Explicitly identify each adjusting journal entry made to obtain balances in post-adjustment trial balance. **Full credit will only be awarded for complete, balancing journal entries with appropriate debits and credits, accompanying account titles and values.
2. Create Tuggle Company's Income Statement and Statement of Retained Earnings.
3. Create closing entries. **Full credit will only be awarded for complete, balancing journal entries with appropriate debits and credits, accompanying account titles and values.
4. Create a post-closing trial balance for the Tuggle Company.
5. Create Tuggle Company's Balance Sheet as of April 30, 2021.
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