Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Ivan's Automotive Trial Balance 12/31/2020 Balance Debit Credit Extra 1. Prep (Skip t 2. Prep Account Title Cash $ 11,000 Accounts Receivable 10,000 Supplies 750
Ivan's Automotive Trial Balance 12/31/2020 Balance Debit Credit Extra 1. Prep (Skip t 2. Prep Account Title Cash $ 11,000 Accounts Receivable 10,000 Supplies 750 Land 15,000 Building 120,000 Accum Depreciation - Building $ 68,000 Equipment 12,500 Accum Depreciation - Equipment 1,500 Accounts Payable 3,500 Salaries Payable Unearned Revenue 5,000 Common Stock 68,800 Dividends 16,000 Service Revenue 61,950 Salaries Expense 19,000 Supplies Expense Depreciation Expense - Building Depreciation Expense - Equipment Advertising Expense 4,500 $ 208,750 $ 208,750 12/31/20: Depreciation on equipment, $750. Date Accounts and Explanation Debit Credit 12/31/20: Depreciation on building, $5,000. Date Accounts and Explanation Debit Credit 12/31/20: Office Supplies on hand at year end were $300. Date Accounts and Explanation Debit Credit 12/31/20: Friday is payday, but year end is on a Thursday. Employees earn $500 per day. Date Accounts and Explanation Debit Credit 12/31/20: Revenue earned but not yet billed $4,000. Date Accounts and Explanation Debit Credit 12/31/20: $1000 of the unearned revenue has been earned. Date Accounts and Explanation Debit Credit Ivan's Automotive Trial Balance 12/31/2020 Balance Debit Credit Account Title Cash Accounts Receivable Supplies Land Building Accum Depreciation - Building Equipment Accum Depreciation - Equipment Accounts Payable Salaries Payable Unearned Revenue Common Stock Dividends Service Revenue Salaries Expense Supplies Expense Depreciation Expense - Building Depreciation Expense - Equipment Advertising Expense
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