Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need answer of Question 6? Below is the unadjusted trial balance for Walton Anvils as of December 31, 2016, and the data for the

I need answer of Question 6?

Below is the unadjusted trial balance for Walton Anvils as of December 31, 2016, and the data for the adjustments.

Walton Anvils
Unadjusted Trial Balance
December 31, 2016
Balance
Account Title Debt Credit
Cash $ 16,900.00
Accounts Receivable 17,500
Prepaid Rent 2,500
Office Supplies 1,900
Equipment 23,000
Accumulated Depreciation - Equipment $ 7,000.00
Accounts Payable 6,200.00
Salaries Payable
Unearned Revenue 5,600.00
Common Stock 28,000.00
Retained Earnings 1,600.00
Dividends 4,500
Service Revenue 20,800.00
Salaries Expense 2,900
Rent Expense
Depreciation Expense - Equipment
Supplies Expense
Total

$ 69,200.00

$ 69,200.00

Adjustment Data

a. Unearned revenue still unearned at December 31, 2016 $1,800
b. Prepaid rent still in force at December 31, 2016 $2,300
c. Office supplies used $1,400
d. Depreciation $380

e. Accrued Salaries Expense at December 31, 2016

$210

  1. Open T-accounts using the balances in the unadjusted trial balance.
  2. Complete the worksheet for the year ended December 31, 2016.
  3. Prepare the adjusting entries and post to the T-accounts.
  4. Prepare the adjusted trial balance.
  5. Prepare the income statement, the statement of retained earnings, and the classified balance sheet in report form.
  6. Prepare the closing entries and post to the T-accounts.
  7. Prepare a post-closing trial balance.
  8. Calculate the current ratio for the company.

Question no. 6

Date Accounts and explanation Debit Credit

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Merchandising Math A Managerial Approach

Authors: Doris Kincade, Fay Gibson, Ginger Woodard

1st Edition

0130995886, 978-0130995889

More Books

Students also viewed these Accounting questions