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My answer is not complete and i dont know why? I have no clue where i am going wrong. Required information The following information applies
My answer is not complete and i dont know why? I have no clue where i am going wrong.
Required information The following information applies to the questions displayed below.j Allson and Chuck Renny began operations of their furniture repair shop (Laz)y Sofa Furniture, Inc) on January 1, 2014. The annual reporting period ends December 31. The trial balance on January 1, 2015, appears below (amounts are rounded to thousands of dolars to simp ty). Account Titles Debit Credit Accounts Recevable Supplies Equipment S 0 Depreciation Accumulated Accounts Payable Notes Payable (long- Salaries and Wages Payable Interest Payable Income Tax Payable Unearned Revenue Retained Earnings Service Revenue Supplies Expense Depreclation Salaries and Wages Interest Expense Income Tax Expense o 529 S29 Transactions during 2015 (summarized in thousands of dollars) followw 1. Borrowed $13 cash on July 1, 2015, signing a six-month note payable. 2. Purchased equipment for $15 cash on July 1, 2015. 3. Issued additional shares of common stock for $5 Earned revenues for 2015 in the amount of $57, Including $S on credit and $48 received in cash. 5. Recognized salaries and wages expenses for 2015 of $27, paid in cash. 6. Purchased additional equipment, $3 cash. 7 Collected accounts recelvable, $8. 8. Pald accounts payable, $11. 9. Purchased on account supplies for future use, $10. 10 Recelved a $4 cash deposit on work to start January 15, 2016. Data for adjusting journal entries 11 Amortization for 2015, $4. 12.Supp es of $4 were counted on December 31, 2015 13 Depreclation for 2015, $2. 14 Accrued Interest on notes payable of $3. 15.Wages earned since the December 24 payroll not yet paid, $3. 16.Income tax for 2015 was $5 and w be paid In 2016. 3, 5 and Set up T-accounts for the accounts on the trial balance. Enter 8. beginning balances and post the transactions 1-10, adjusting entries 1-16, and closing entry (Enter your answers in thousands of dollars.) Answer is not complete. Bal Bal End. Bal nd. Bal 27 Bal Bal 12. End Bal Bal 24 Bal Bal nd. Bal End. Bal 12 Bal Bal End. Bal Bal Bal Bal nd. Bal End. Bal 13 Bal Bal Interest Payable Income Tax Payable Retained Earn Service Revenue 57 CE1 Depreciation Expense Supplies Expenses d Wa BalStep by Step Solution
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