Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I Thank whoever is willing to do this. It will really help me out Problem 18-7 Completing a Ten-Column Work Sheet The Trial Balance for

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedI Thank whoever is willing to do this. It will really help me out

Problem 18-7 Completing a Ten-Column Work Sheet The Trial Balance for Cycle Tech Bicycles, as of August 31, is listed below. Also listed is the data needed for the adjustments. Ending merchandise inventory Ending supplies inventory Insurance premium expired Federal income tax expense for the month $ 24,188 1.049 675 3,827 1. Prepare a ten-column worksheet for Cyde Tech Bicycles for the month ended August 31. The total will be automatically calculated Cycle Tech Bicycles Work Sheet For the Month Ended August 31,20 Adjustments Adjusted Trial Balance Debit Credit Debat Credit Income Statement Debit Credit Balance Sheet Deb Credit Trial Balance Debit Credit 22.323 1737 23.654 3.971 1.000 25396 15239 11 051 Account Name Cash in Bank Accounts Receivable Merchandise Inventory Supplies Prepaid Insurance Store Equipment Office Equipment Accounts Payable Fed Corporate Income Tax Pay Employees Fed Inc Tax Pay Employees' State Inc. Tex Social Security Tex Payable Medicare Tax Payable Sales Tax Payable Fed. Unemployment Tax Pay State Unemployment Tax Pay Capital Shock Ruined Earnings Income Summary 515 142 408 137 1.871 51 40.000 14.500 128 231 214 1.289 67. 110 1,172 010 322 Sales Discounts Sales Returns and Allowances Purchase Transportation in Purchases Discounts Purchases Rutas and Allow Advertising Expense Bankcard Fees Expense Fed. Corporate Income Tax Exp insurance Expense Maintenance Expense Miscellaneous Expo Payroll Tax Expense Rent Expense Sales Expense Supplies Expense Us Expense 2.930 185 3.650 2.450 3929 10.750 4.570 5.395 198713 158 713 2. Determine which section of the work sheet, the Trial Balance section or the Balance Sheet section, had the higher balance for Merchandise Inventory

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

Global Financial Accounting And Reporting Principles And Analysis

Authors: Peter J. Walton, Walter Aerts

3rd Edition

1408062860, 9781408062869

More Books

Students also viewed these Accounting questions