Question
Read following information to answer question no. 11, 12 & 13. The trial balance of XYZ Co. as of December 31, 2018, is given below.
Read following information to answer question no. 11, 12 & 13. The trial balance of XYZ Co. as of December 31, 2018, is given below. Debit Credit Cash 12,000 Supplies 5,000 Equipment 120,000 Accumulated depreciationEquipment 25,000 Unearned service revenue 15,000 Notes payable 40,000 Owners Capital 49,500 Owners drawings 15,000 Service Revenue 54,000 Salaries and wages expense 25,000 Advertising expense 6,500 Totals 183,500 183,500 Additional information: a. As of December 31, 2018, employees had earned $1,200 of unpaid and unrecorded salaries. b. The amount of supplies still available at December 31, 2018, is $800. c. The note payable is dated December 1. It is a 9 month, 11% note. d. Analysis of the unearned service revenue shows $5,000 remaining unearned at December 31, 2018. e. Accrued revenue is $4,000 f. Depreciation expense for the year is $5,000. Question No. 11 Enter trial balance on the work sheet. Enter the adjustments in the adjustment columns of the work sheet. Question No. 12 Enter adjusted balances in the adjusted trial balance columns of the work sheet. Question No. 13 Extend adjusted trial balance amounts to appropriate financial statement columns. Complete the work sheet.
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