Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help me put in the correct entries names and numbers Required information [The following information applies to the questions displayed below.] South Bend Repair

Please help me put in the correct entries names and numbers
image text in transcribed
Required information [The following information applies to the questions displayed below.] South Bend Repair Service Company keeps its records without the help of an accountant. After much effort, an outside accountant prepared the following unadjusted trial balance as of the end of the annual accounting period on December 31: SOUTH BEND REPAIR SERVICE COMPANY Unadjusted Trial Balance For the Year Ended December 31 Credit Debit 20, 200 Cash Accounts receivable 7,600 Supplies 1,900 Prepaid insurance 1,500 Equipment 27,600 Accumulated depreciation 12,600 Other assets 5,700 3,100 Accounts payable Mages payable Income taxes payable Note payable (two years; 128 interest dae each December 31) Common stock (3,200 shares outstanding all year). 5,600 360 16,300 Additional paid-in capital Retained earnings 9,640 51,000 Service revenue Hages expense 25,800 8,300 Remaining expenses (not detailed; excludes income tax) Income tax expense Totals 98,600 98,600 Data not yet recorded at December 31 of the current year include: a. Depreciation expense for the current year, $3,600. b. Insurance expired during the current year, $750. c. Wages earned by employees but not yet paid on December 31 of the current year, $2,700. d. The supplies count at the end of the current year reflected $900 in remaining supplies on hand to be used in the next year. e. Seven months of interest expense (on the note payable borrowed on June 1 of the current year) was incurred in the current year. f. Income tax expense was $2,514. 3. Record the closing entry. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. No Transaction General Journal Debit Credit 1 1 Depreciation expense Accumulated depreciation 3,000 Insurance expense Prepaid expenses 750 Accounts receivable 1,000 Cost of goods sold Interest expense Cash Income tax expense Income tax payable Red text indicates no response was expected in a cell or a formule-besed calculation is incorrect, a points deducted 000000000 3,600 750 1,000 392 2,514 0000000 392 2514

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

Managerial Accounting

Authors: Ray Garrison, Eric Noreen and Peter Brewer

14th edition

978-007811100, 78111005, 978-0078111006

More Books

Students also viewed these Accounting questions