Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following trial balance for Armadillo Ranch Company pertains to December 31, 2018, which is the end of the company's year-long accounting period: B (Click

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

The following trial balance for Armadillo Ranch Company pertains to December 31, 2018, which is the end of the company's year-long accounting period: B (Click the icon to view the unadjusted trial balance.) The data needed to adjust the entries include: (Click the icon to view the adjusting entries data.) Read the requirements. Requirement 1. Journalize Armadillo Ranch Company's adjusting entries at December 31, 2018. Key the entries by letter. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) a. Supplies on hand at year end, $1,700. Journal Entry Date Accounts and Explanation Debit Credit (a) Dec 31 160,000 Armadillo Ranch Company Trial Balance December 31, 2018 Cash $ 204,000 Accounts receivable 290,000 Supplies 15,000 Building 500,000 Accumulated depreciation-building $ Furniture and fixtures 75,000 Accumulated depreciation-furniture and fixtures Accounts payable Salary payable Unearned service revenue Income tax payable Common stock Retained earnings 55,000 370,000 49,000 130,000 257,000 25,000 284,000 181,000 Dividends Service revenue Salary expense Supplies expense Depreciation expense-building Depreciation expense-furniture and fixtures Income tax expense Miscellaneous expense Total 15,000 $ 1,305,000 $ 1,305,000 Requirements 1. Journalize Armadillo Ranch Company's adjusting entries at December 31, 2018. Key the entries by letter. 2. The ledger accounts with their unadjusted balances have been opened for you. Post the adjusting entries to the accounts. 3. Prepare a worksheet for the adjusted trial balance. 4. Prepare the income statement, the statement of retained earnings, and the balance sheet

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Global Financial Accounting And Reporting Principles And Analysis

Authors: Peter Walton, Walter Aerts

1st Edition

1844802655, 9781844802654

More Books

Students also viewed these Accounting questions

Question

How do firms report assets on the balance sheet under IFRS?

Answered: 1 week ago