Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please complete the trail balance spread sheet Required: 2. Complete the trial balance spresdsheet (enter adjustments and transaction references and determine the adjusted balances) Required

please complete the trail balance spread sheet
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Required: 2. Complete the trial balance spresdsheet (enter adjustments and transaction references and determine the adjusted balances) Required information Penny's Pool Service \& Supply, Incorporated (PPSS) is completing the accounting process for the first year of operations ended on December 31 . Transactions during the year have been journalized and posted. The following trial balance. reflects the unadjusted balances on December 31 Raequilred information a. PPSS owed $8,400 in wages to the office receptionist and three assistants for working the last 10 days in December. The employees will be paid in early next year. b. On October 1 of the current fiscal ycat, PPSS recelved $26,700 from customers who prepaid pool cleaning service for one year beginning on November 1 of the current year. c. The company recelved a $610 utility bill for December utility usage, it will be paid early next year d. PPSS borrowed $80,000 from a local bank on August 1, signing a one-year, 12 percent note. The note and interest are due on August 1 of next yeat. e. On December 31, PPSS cleaned and winterized a customer's pool for $890, but the service wos not yet recorded on December 31 6. On November 1 of the current fiscal year, PPSS purchased a two-year insurance policy for $5.400, with coverage beginning on that date. The amount was recorded as Prepaid Expenses when paid 9. On December 31, PpSS had $4,500 of pool cleaning supplies on hand after purchasing supplies costing $26,300 during the year from Pool Corporation, Incorporated. h. PpsS estimated that depreciation on its buildings and equipment was $9,200 for the year. 1. At December 31, $200 of interest on investments was earned that will be recelved in the next yeat. 1. The company's income tax rate for the year was 22 percent

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

Financial Management For Public Health And Not For Profit Organizations

Authors: Steven A. Finkler

3rd Edition

0136070736, 978-0136070733

More Books

Students also viewed these Accounting questions

Question

Understand human resource planning in an academic setting.

Answered: 1 week ago

Question

Analyze mentoring and career planning opportunities for academics.

Answered: 1 week ago