Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

* More Info a. b. c. d. Supplies on hand at year-end, $1,900. Depreciation on furniture and fixtures, $18,000. Depreciation on building, $17,000. Salaries owed

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

* More Info a. b. c. d. Supplies on hand at year-end, $1,900. Depreciation on furniture and fixtures, $18,000. Depreciation on building, $17,000. Salaries owed but not yet paid, $6,000. Accrued service revenue, $10,000. Of the $51,000 balance of unearned service revenue, $20,000 was earned during the year. Accrued income tax expense, $31,000. e. f. g Print Done X Unadjusted Trial Balance Groundhog Ranch Company Trial Balance December 31, 2018 Cash $ 196,000 Accounts receivable 300,000 Supplies 12,000 Building 500,000 Accumulated depreciationbuilding $ 280,000 Furniture and fixtures 75,000 Accumulated depreciationfurniture and fixtures 25,000 Accounts payable 300,000 Salary payable Unearned service revenue 51,000 Income tax payable Common stock 110,000 Retained earnings 271,000 Dividends 45,000 Service revenue 284,000 Salary expense 174,000 Supplies expense Depreciation expense-building Donrocintion avance furniture and fixtures Print Done Supplies expense Depreciation expense-building Depreciation expense-furniture and fixtures Income tax expense Miscellaneous expense 19,000 Total $ 1,321,000 $ 1,321,000 1. Journalize Groundhog Ranch Company's adjusting entries at December 31, 2018. Key the entries by letter. 2. The ledger accounts with their unadjusted balances have been opened for you. Post the adjusting entries to the accounts. 3. Prepare a worksheet for the adjusted trial balance. 4. Prepare the income statement, the statement of retained earnings, and the balance sheet. Print Done

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

Audit To Love

Authors: Jezabel Lima

1st Edition

B0C2SG8JS7, 979-8988078807

More Books

Students also viewed these Accounting questions

Question

Provide easy-to-read identification badges and enforce their use.

Answered: 1 week ago