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Tunstall, Inc., a small service company, keeps its records without the help of an accountant. After much effort, an outside accountant prepared the following unadjusted
Tunstall, Inc., a small service company, keeps its records without the help of an accountant. After much effort, an outside accountant prepared the following unadjusted trial balance as of the end of the annual accounting period on December 31: Tunstall, Inc. Unadjusted Trial Balance for the Year Ended December 31 Credit Debit 46,400 12,300 560 710 17,700 9,400 10,660 2,280 Cash Accounts receivable Supplies Prepaid insurance Service trucks Accumulated depreciation Other assets Accounts payable Wages payable Income taxes payable Notes payable, long-term Common stock (4,900 shares outstanding) Additional paid-in capital Retained earnings Service revenue Wages expense Remaining expenses (not detailed; excludes income tax) Income tax expense Totals 14,000 1,906 17,154 5,000 88,100 16,200 33,310 137,840 137,840 Data not yet recorded at December 31 included: a. The supplies count on December 31 reflected $180 in remaining supplies on hand to be used in the next year. b. Insurance expired during the current year, $710. c. Depreciation expense for the current year, $3,700. d. Wages earned by employees not yet paid on December 31, $650. e. Income tax expense, $4,980. X Answer is not complete. No Transaction General Journal Debit Credit 1 a. Supplies Cash 2 b. Insurance expense 3 C. Depreciation expense 4 d. Wages payable Wages expense x 5 e. Income taxes payable Income tax expense 2-a. Prepare an income statement that include the effects of the preceding five transactions. (Round "Earnings per share" to 2 decimal places.) TUNSTALL, INC. Income Statement 0 Earnings per share Journal entry worksheet Record closing entry to transfer revenues and expenses to retained earnings. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal
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