Question
The unadjusted trial balance for Blossom Designs at its year end, April 30, 2024, is as follows: BLOSSOM DESIGNS Trial Balance April 30, 2024 Debit
The unadjusted trial balance for Blossom Designs at its year end, April 30, 2024, is as follows:
BLOSSOM DESIGNS Trial Balance April 30, 2024 | |||
---|---|---|---|
Debit | Credit | ||
Cash | $11,000 | ||
Accounts receivable | 8,700 | ||
Prepaid rent | 4,700 | ||
Equipment | 23,040 | ||
Accumulated depreciationequipment | $5,760 | ||
Accounts payable | 5,100 | ||
Notes payable | 12,000 | ||
Unearned revenue | 1,500 | ||
T. Allen, capital | 25,520 | ||
T. Allen, drawings | 4,200 | ||
Service revenue | 15,000 | ||
Salaries expense | 9,900 | ||
Interest expense | 700 | ||
Depreciation expense | 2,640 | ||
$64,880 | $64,880 |
Additional information:
1. | $460 of the unearned revenue is to be recognized because the related gardening services have been provided by April 30, 2024. | |
2. | The equipment has an estimated useful life of eight years. | |
3. | Interest on the note payable is due on the first day of each month for the previous months interest. The note payable has a 6% annual interest rate. |
1.Post the adjusting entries ( post entries in the order of journal entries presented in the previous part )
2..prepare closing entries for the year ended
Step 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