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Required information Skip to question [ The following information applies to the questions displayed below. ] Aubrae and Tylor Williamson began operations of their furniture
Required information
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The following information applies to the questions displayed below.
Aubrae and Tylor Williamson began operations of their furniture repair shop Furniture Refinishers, Incorporated on January The annual reporting period ends December The trial balance on January was as follows:
Furniture Refinishers, Incorporated
Trial Balance on January
Account Titles Debit Credit
Cash
Accounts receivable
Supplies
Small tools
Equipment
Accumulated depreciation on equipment
Other assets not detailed to simplify
Accounts payable
Dividends payable
Notes payable
Wages payable
Interest payable
Income taxes payable
Unearned revenue
Common stock shares, $ par value
Additional paidin capital
Retained earnings
Service revenue
Depreciation expense
Wages expense
Interest expense
Income tax expense
Miscellaneous expenses not detailed to simplify
Totals
Transactions during follow:
Sold additional shares of capital stock for cash at $ market value per share at the beginning of the year.
Borrowed $ cash on July signing a oneyear, percent note payable.
Purchased equipment for $ cash on July
Earned $ in revenues for including $ on credit and the rest in cash.
Incurred $ in wages expense and $ in miscellaneous expenses for with $ on credit and the rest paid with cash.
Purchased additional small tools, $ cash.
Collected accounts receivable, $
Paid accounts payable, $
Purchased $ of supplies on account.
Declared a cash dividend on December $
Received a $ deposit on work to start January
Paid the dividends in j on December
Data for adjusting entries:
Supplies of $ and small tools of $ were counted on December debit Miscellaneous Expenses
Depreciation for $
Interest accrued on notes payable to be computed
Wages earned since the December payroll but not yet paid, $
Income tax expense was $ payable in
and Post the journal entries for transactions a through l and adjusting entries for transactions m through q as well as the closing entry to the respective TAccounts.
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