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Daily Driver, Incorporated DDI operates a driving service through a popular ridesharing app. DDI has prepared a list of unadjusted account balances at its December yearend. You have reviewed the balances and made notes shown in the right column.
DAILY DRIVER, INCORPORATED
Unadjusted Trial Balance
At December
Account Name Debit Credit Notes
Cash $ This equals the bank balance.
Supplies Only windshield washer fluid that cost $ remains at December
Prepaid Insurance This amount was paid January for car insurance from January through December of this year.
Equipment This is the cars purchase price.
Accumulated Depreciation $ The car will be two years old at the end of December.
Salaries and Wages Payable DDI has not yet paid or recorded $ of salary for December.
Income Tax Payable DDI paid all its taxes from last year.
Common Stock DDI issued shares at $ each.
Retained Earnings This is the total accumulated earnings to January of this year.
Service Revenue All revenue is received in cash when the service is given.
Salaries and Wages Expense DDIs only employee receives a salary of $ for December.
Supplies Expense This is the cost of windshield washer fluid used to November
Depreciation Expense The cars benefits are being used up about $ per year.
Insurance Expense No car insurance has been paid for next year.
Fuel Expense All fuel is paid for in cash.
Income Tax Expense DDIs tax rate is of income before tax.
Totals $ $
Post the beginning balances and adjusting entries to the following Taccounts.
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