Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 1 of 6 > 5.53 / 16.6 Presented below is Natalie's tentative adjusted trial balance from her worksheet dated January 31, 2023: COOKIE CREATIONS

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

Question 1 of 6 > 5.53 / 16.6 Presented below is Natalie's tentative adjusted trial balance from her worksheet dated January 31, 2023: COOKIE CREATIONS Adjusted Trial Balance December 31, 2023 Account Debit Credit Cash $3,633 Accounts Receivable 775 Inventory 2,767 Supplies 543 Prepaid Insurance 1,705 Equipment 1,860 Accumulated Depreciation-Equipment $94 Accounts Payable 465 Notes Payable 3,100 Owner's Capital 5,160 Owner's Capital 5.160 Owner's Drawings 1,163 Sales Revenue 8,913 Cost of Goods Sold 4,611 Depreciation Expense 31 Insurance Expense 171 Salaries and Wages Expense 248 Utilities Expense 109 Freight-Out 116 $17,732 $17,732 The adjusted trial balance above is tentative because Natalie had a transaction earlier in January that she was unsure how to record. The transaction took place on January 15, when a customer asked if she could purchase three gift cards, each good for one cookie class, to use as gifts for her daughters. Natalie was excited about this new idea and collected $699 from the customer in return for three gift cards. One of the gift cards was redeemed on January 25. The transaction has not yet been recorded and is not reflected in the tentative adjusted trial balance. (c) Prepare a corrected adjusted trial balance that includes the effect of the entries from parts (a) and (b). COOKIE CREATIONS Adjusted Trial Balance Debit Credit $ $

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 Accounting For Decision Makers

Authors: Peter Atrill

8th Edition

1292099046, 978-1292099040

More Books

Students also viewed these Accounting questions

Question

Draw a picture consisting parts of monocot leaf

Answered: 1 week ago

Question

=+What do you think about the CDFI Fund, establish in 1994?

Answered: 1 week ago