Simone Jacobs opened a small tax preparation service At the end of its second year of operation, Jacobs Financial Advisors Service had the following trial balance Jacobs Financial Advisors Service Trial Balance December 31, 2020 Accounts title Amount in BDT Debit Credit Cash 11,265 Accounts Receivable 2,191 Prepaid Insurance 520 Office Supplies 682 Office Equipment 7,980 Accumulated DepreciationOffice Equipment 790 Accounts Payable 437 Unearned Tax Fees 519 S Jacobs, Capital 5,474 S Jacobs, Withdrawals 7,500 Tax Fees Revenue 36,926 Office Salaries Expense 9,700 Advertising Expense 650 Rent Expense 3,200 Telephone Expense 458 Totals 44,146 44,146 The following information is also available a Office supplies on hand, December 31, 2014, BDT319 b Insurance still unexpired, BDT180 c Estimated depreciation of office equipment, BDT870 d Telephone expense for December, BDT182 the bill was received but not recorded e The services for all unearned tax fees had been performed by the end of the year Required Prepare a 10 column worksheet

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Oct 21, 2024

Simone Jacobs opened a small tax-preparation service. At the end of its second year of operation, Jacobs Financial Advisors Service had the following trial balance.

Simone Jacobs opened a small tax-preparation service. At the end of its second year of operation, Jacobs Financial Advisors Service had the following trial balance.

Jacobs Financial Advisors Service

Trial Balance

December 31, 2020

Accounts title	Amount in BDT
Accounts title	Debit	Credit
Cash	11,265
Accounts Receivable	2,191
Prepaid Insurance	520
Office Supplies	682
Office Equipment	7,980
Accumulated DepreciationOffice Equipment		790
Accounts Payable		437
Unearned Tax Fees		519
S. Jacobs, Capital		5,474
S. Jacobs, Withdrawals	7,500
Tax Fees Revenue		36,926
Office Salaries Expense	9,700
Advertising Expense	650
Rent Expense	3,200
Telephone Expense	458
Totals	44,146	44,146

The following information is also available:

a. Office supplies on hand, December 31, 2014, BDT319

b. Insurance still unexpired, BDT180

c. Estimated depreciation of office equipment, BDT870

d. Telephone expense for December, BDT182; the bill was received but not recorded. e. The services for all unearned tax fees had been performed by the end of the year. Required:

Prepare a 10-column worksheet