Answered step by step
Verified Expert Solution
Question
1 Approved Answer
WILDHORSE COMPANY Trial Balance August 31, 2020 Before Adjustment After Adjustment Dr. Cr. Dr. Cr. Cash $10,100 $10,100 Accounts Receivable 8,800 9,800 Supplies 2,500 600
WILDHORSE COMPANY Trial Balance August 31, 2020 | ||||||||
Before Adjustment | After Adjustment | |||||||
Dr. | Cr. | Dr. | Cr. | |||||
Cash | $10,100 | $10,100 | ||||||
Accounts Receivable | 8,800 | 9,800 | ||||||
Supplies | 2,500 | 600 | ||||||
Prepaid Insurance | 3,700 | 2,700 | ||||||
Equipment | 14,900 | 14,900 | ||||||
Accumulated Depreciation-Equipment | $ 3,700 | $ 4,600 | ||||||
Accounts Payable | 5,700 | 5,700 | ||||||
Salaries and Wages Payable | 0 | 1,500 | ||||||
Unearned Rent Revenue | 1,400 | 800 | ||||||
Owners Capital | 15,900 | 15,900 | ||||||
Service Revenue | 34,100 | 35,100 | ||||||
Rent Revenue | 10,900 | 11,500 | ||||||
Salaries and Wages Expense | 16,900 | 18,400 | ||||||
Supplies Expense | 0 | 1,900 | ||||||
Rent Expense | 14,800 | 14,800 | ||||||
Insurance Expense | 0 | 1,000 | ||||||
Depreciation Expense | 0 | 900 | ||||||
$71,700 | $71,700 | $75,100 | $75,100 |
Prepare the balance sheet at August 31. (List Assets in order of liquidity.) WILDHORSE COMPANY Balance Sheet For the Year Ended August 31, 2020 v Assets Cash 10100 Accounts Receivable 9800 Supplies Prepaid Insurance Equipment Less . Accumulated Depreciation-Equipment 600 5700 14900 4600 10300 Total Assets 15900 Liabilities and Owner's Equity Liabilities Accounts Payable Salaries and Wages Payable Notes Payable 5700 Total Current Liabilities Long-term Liabilities Total Liabilities and Owner's Equityv
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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