Answered step by step
Verified Expert Solution
Question
...
1 Approved Answer
I need solution Daisy Dog Grooming Limited has the following unadjusted trial balance at August 31, 2021: 11,000 13,300 3,600 3,500 6,500 35,000 110,000 0
I need solution
Daisy Dog Grooming Limited has the following unadjusted trial balance at August 31, 2021: 11,000 13,300 3,600 3,500 6,500 35,000 110,000 0 8,500 Cash Accounts receivable Prepaid insurance Supplies Equipment Accumulated depreciation - equipment Land Building Accumulated depreciation - building Accounts payable Unearned revenue Note payable Common shares Dividends Retained earnings Grooming revenue Advertising expense Interest expense Supplies expense Telephone expense Utilities expense Wages expense 500 125,000 10,000 1,000 36,300 7,800 500 400 900 2,400 188,100 188.100 Additional information: - Depreciation for the month of August 2021 has not been recorded. The depreciation has been calculated as $230 for the building & $100 for the equipment. - The prepaid insurance consists of a payment on August 4 of $3,600 for an insurance policy for August 1, 2021 to July 31, 2022. - at August 31 the company owes interest of $625 on the note payable - A physical count of supplies on August 31, 2021 shows $1,200 in supplies on hand. August 31, 2021 the company completed grooming services for $580 that have not been recorded Required: A. Prepare the required adjusting journal entries at August 31, 2021 (you may need to add new accounts to the trial balance) B. Prepare the adjusted trial balance for Daisy Dog Grooming Limited at August 31, 2021. C. Prepare the Income Statement for Daisy Dog Grooming Limited for the month ended August 31, 2021. D. Prepare the Statement of Retained Earnings for the month ended August 31,2021. E. Prepare the Balance Sheet at August 31, 2021 for Daisy Dog Grooming Limited. Under no circumstances may the value of an assignment be moved to the exam. Students will receive a grade of 0% if the assignment is not submitted as required. Students must NOT have the assignment prepared for them by friends, acquaintenances, family or tutors as this is a form of academic dishonestyStep by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started