Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The accounts listed below appeared in the December 31 trial balance of the Tamarisk Theater. TICCOLINES TISODIOW appeared Deer I CE O MEISTRERT Credit Debit
The accounts listed below appeared in the December 31 trial balance of the Tamarisk Theater.
TICCOLINES TISODIOW appeared Deer I CE O MEISTRERT Credit Debit $196,624 Equipment Accumulated Depreciation Equipment Notes Payable Admissions Revenus Advertising Expense Salaries and Wages Expense Interest Expense $64,660 90,000 389,800 14,620 57,950 1,400 Your answer is correct. From the account balances listed above and the information given below, prepare the annual adjusting entries necessary on December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry for the account tities and enter for the amounts. Round answers to decimal places, eg. 5,250.) (1) The equipment has an estimated life of 16 years and a salvage value of $25,040 at the end of that time. (Use straight-line method.) (2) The note payable is a 90-day not given to the bank on October 20 and bearing interest at 296. Use 360 days for denominator (3) In December 1,910 coupon admission books were sold at $30 each and recorded as Admissions Revenue. They could be used for admission any time after January 1 (4) Advertising expense paid in advance and included in Advertising Expense $1,090. (5) Salaries and wages accrued but unpaid $4,441 Debit Credit No. Account Titles and Explanation (1) Depreciation Expense Accumulated Depreciation Equipment (2) Maret Euse Interest Payable (3) Admlasions Revenue Uneamed Admisalona Revenue Prepaid Advertaling (4) Advertising Expense (5) Salaries and Wages Exe Salaries and Wages Payable Attempts: 2 of 3 used What amounts should be shown for each of the following on the income statement for the year? (1) Interest Expense (2) Admissions Revenue (3) Advertising Expense (4) Salaries and Wages Expenses e Textbook and Media List of Accounts Attempts:0 of 3 used Save for Later SubmStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started