Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
pport W 6,420 WILDHORSE CYCLE REPAIR SHOP Trial Balance January 31, 2021 Debit Credit Cash $3,400 Accounts receivable 6,930 Prepaid insurance Supplies 5,240 Land 52.000
pport W 6,420 WILDHORSE CYCLE REPAIR SHOP Trial Balance January 31, 2021 Debit Credit Cash $3,400 Accounts receivable 6,930 Prepaid insurance Supplies 5,240 Land 52.000 Building 190,000 Accumulated depreciation-building $11.000 Equipment 27,000 Accumulated depreciation-equipment 4,500 Accounts payable Unearned revenue 22.250 Mortgage payable 182.200 H. Dude, capital 61.000 H. Dude, drawings 99.100 Service revenue 235.950 Salaries expense 115.600 Utilities expense 12.000 Interest expense 6.010 $523.700 $520,700 6.800 Additional information: 1. The 12-month insurance policy was purchased on June 1, 2020. 2. A physical count of supplies shows $1.310 on hand on January 31, 2021. 3. The building has an estimated useful life of 50 years. The equipment has an estimated useful life of 9 years. 4. The mortgage payable has a 6% interest rate. Interest is paid on the first day of each month for the previous month's interest. 5. By January 31, 2021. $1,300 of services related to the unearned revenue have been provided. 6. During the next fiscal year, $4,500 of the mortgage payable is to be paid. Prepare a work sheet for the year ended January 31, 2021. (Round answers to O decimal places, eg. 5,275.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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