Question
sider the unadjusted trial balance of Burrows Landscaping at December 31, 2020, and the related month-end adjustment data. LOADING... (Click the icon to view the
sider the unadjusted trial balance of
Burrows
Landscaping at
December
31,
2020,
and the related month-end adjustment data.
LOADING...
(Click the icon to view the unadjusted trial balance.)
LOADING...
(Click the icon to view the month-end adjustment data.)
Required
1. | Prepare the adjusted trial balance of Burrows Landscaping atDecember 31, 2020 by sketching T-accounts in your notes to calculate the new balances. |
2. | Prepare the income statement and the statement of owner's equity for the year ended December 31, 2020, and the balance sheet atDecember 31, 2020. Write a short description of how the three financial statements are linked. |
Question content area bottom
Part 1
Requirement 1. Prepare the adjusted trial balance of
Burrows
Landscaping at
December
31,
2020
by sketching T-accounts in your notes to calculate the new balances. (If a box is not used in the adjusted trial balance, leave the box empty; do not enter a zero.)
| Burrows Landscaping |
| ||
| Adjusted Trial Balance |
| ||
| December 31, 2020 |
| ||
|
| Balance |
| |
| Account Title | Debit | Credit |
|
| Cash |
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|
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| Accounts receivable |
|
|
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| Supplies |
|
|
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| Prepaid rent |
|
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| Equipment |
|
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| Accumulated amortizationequipment |
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| Accounts payable |
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| Salaries payable |
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| A. Burrows, capital |
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| A. Burrows, withdrawals |
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| Landscaping design revenue |
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| Salaries expense |
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| Rent expense |
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| Utilities expense |
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| Amortization expenseequipment |
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| Supplies expense |
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| Total |
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|
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Unadjusted trial balance
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Burrows Landscaping | ||||
Unadjusted Trial Balance | ||||
December 31, 2020 | ||||
|
| Balance |
| |
| Account Title | Debit | Credit |
|
| Cash | $34,500 |
|
|
| Accounts receivable | 22,000 |
|
|
| Supplies | 5,500 |
|
|
| Prepaid rent | 9,000 |
|
|
| Equipment | 66,000 |
|
|
| Accumulated amortizationequipment |
| $12,650 |
|
| Accounts payable |
| 7,200 |
|
| Salaries payable |
| 0 |
|
| A. Burrows, Capital |
| 122,700 |
|
| A. Burrows, Withdrawals | 25,000 |
|
|
| Landscaping design revenue |
| 136,000 |
|
| Salaries expense | 82,000 |
|
|
| Rent expense | 22,500 |
|
|
| Utilities expense | 6,000 |
|
|
| Amortization expenseequipment | 6,050 |
|
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| Supplies expense | 0 |
|
|
| Total | $278,550 | $278,550 |
|
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