Answered step by step
Verified Expert Solution
Question
1 Approved Answer
in $ L Wargo Co, has the following account balances at the year end of 2020 Accounts title Amounts Accounts title Amounts in $ Salaries
in $ L Wargo Co, has the following account balances at the year end of 2020 Accounts title Amounts Accounts title Amounts in $ Salaries and wages payable 1235 Notes payable 18450 Salaries and wages expense 7420 Cash Utilities expense 1750 Accounts receivable 86-40 Equipment 49360 Accumulated depreciation-equipment 2460 Accounts payable 7395 Owner's drawings 700 Service Revenue 10610 Owner's capital 44635 Rent revenue 1120 Unearned service revenue 3320) Prepaid insurance 2500 Supplies 4215 Repair expense 2960 Miscellaneous expense 1680 Instruction: (a) Identify the missing balance of cash account and produce a correct trial balance for the year end 2020. (hints compare the total debit and credit then identify the cash balance) (5) (b) At the end of 2020 an analysis of accounts shows the following information i Supplies on hand at December 31 total 1215 t. Expired insurance for the year is $1000 in Depreciation for the year is $2460 iv. Services related to unearned service revenue in 2020 worth $1600 were performed. Services performed but not recorded at December 31 are $360 V
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