Your Talent Agency Ltd.'s unadjusted and adjusted trial balances at December 31, 2017, are shown below. Requirements
Question:
Requirements
1. Make the adjusting entries that account for the difference between the two trial balances.
2. Compute Your Talent Agency Ltd.'s total assets, total liabilities, total equity, and net income.
3. Prove your answer with the accounting equation.
Transcribed Image Text:
Your Talent Agency Ltd Adjusted Trial Balance December 31, 2017 Trial Balance Adjusted Trial Balance Debit 3 Account Title 4 Cash 5 Accounts receivable 6 Supplies Debit Credit Credit 4,100 11,200 1,000 2,600 $ 4,100 12,400 700 7 Prepaid insurance 8 Office furniture 9 Accumulated de 10 Accounts payable 11 Salary payable 12 Interest 13 Note payable 14 Unearned commission revenue 15 Share capital 16 Retained earnings 17 Dividends 18 Commission revenue 21,600 21,600 S 8,200 6,300 $ 9,300 6,300 on 6,000 1,500 5,000 3,500 6,000 1,100 5,000 3,500 18,300 18,300 72,800 74,400 19 Depreciation expense 20 Supplies expense 21 Utilities e 22 Salary expense 23 Rent expense 24 Interest 1,100 4,900 26,600 12,200 4,900 27,500 12,200 1,200 1,700 25 Insurance expense 26 103,300 $ 103,300$106.900 $106,900 27
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 63% (11 reviews)
Req 1 Journal DATE ACCOUNT TITLES AND EXPLANATION DEBIT CREDIT 2017 Dec 31 Accounts Receivable 12400 ...View the full answer
Answered By
Daniel Kimutai
I am a competent academic expert who delivers excellent writing content from various subjects that pertain to academics. It includes Electronics engineering, History, Economics, Government, Management, IT, Religion, English, Psychology, Sociology, among others. By using Grammarly and Turnitin tools, I make sure that the writing content is original and delivered in time. For seven years, I have worked as a freelance writer, and many scholars have achieved their career dreams through my assistance.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Financial Accounting
ISBN: 978-0134564142
6th Canadian edition
Authors: Walter Jr. Harrison, Charles T. Horngren, C. William Thomas, Greg Berberich, Catherine Seguin
Question Posted:
Students also viewed these Cost Accounting questions
-
Dexter Inc. had the following items in its unadjusted and adjusted trial balances at December 31, 20X5: Additional Information 1. On December 1, 20X5, Dexter sold goods to a company in Australia for...
-
Valero Sales Company's unadjusted and adjusted trial balances at December 31, 20X7, are given on the next page. Required 1. Make the adjusting entries that account for the differences between the two...
-
Wolcott Consulting's unadjusted and adjusted trial balances at December 31, 2014, follow: Required Journalize the adjusting entries that account for the differences between the two trial balances....
-
Problem 5. A RRP Polar Robot is given by 1 (a) If the homogeneous transformation matrix is: T- Joint link length 11-0.5m, 12-0.25m, 0, 0, r (b) Find the Jacobian Matrix (c) Determine interior...
-
Using the following partial listing of T accounts, prepare closing entries in general journal form dated April 30, 20--. Then post the closing entries to the Taccounts. Income Supplies Expense Cash...
-
Describe the circumstances in which a t statistic is used for hypothesis testing instead of a z-score and explain the fundamental difference between a t statistic and a z-score for a sample mean.
-
From the following information, prepare a trial balance: ` Ajits capital A/c 25,400 Ajits drawings A/c 1800 Purchases 18,200 Salaries 1200 Stock at the beginning 1100 Machinery 5000 Wages 800 Sales...
-
On August 16, 1997, Parson Corp. purchased 20 acres of land for $500,000. The land has been held for a future plant site until the current date, December 31, 2012. On December 5, 2012, Overland,...
-
LIFO - Assignment 1 Saved Help Save & Exit Submit Check my work ! Required information M7-11 to 13 Calculating Cost of Goods Available for Sale, Cost of Goods Sold, and Ending Inventory under...
-
A store maintains data on customers, products and purchase records in three tables: CUSTOMER, PRODUCT, PURCHASE. The store manager wants to know which product is on its maximum discount for each...
-
Consider the unadjusted trial balance of Creative Advertising Ltd. at October 31, 2017, and the related month-end adjustment data. Adjustment data: a. Accrued advertising revenue at October 31,...
-
The adjusted trial balance of Reid and Campbell Ltd. at December 31, 2017, appears below. Requirements 1. Prepare Reid and Campbell Ltd.'s 2017 income statement, statement of retained earnings, and...
-
Why did commercial banks pursue legal action against the credit union industry in the late 1990s? What was the result of this legal action?
-
How do transnational organizations and agreements influence national sovereignty and political autonomy ?
-
How do individuals reconcile the tension between rational deliberation and emotional impulses when making consequential decisions amidst volatile environments, and to what extent does the phenomenon...
-
Watch the video clip below; https://www.youtube.com/watch?v=sE6Ox3ikCMU 1. Do you think that 'Rick and Morty' was a good choice? Justify your answer. 2. Do you think that this campaign will work for...
-
by the hypothesis that we want to do descriptive method, and quantative research in Tim hortons company, the question is A convincing closing statement, including that you'll develop your research...
-
Bottom of Form Why do you think ethics is important in healthcare management? What do you see as the biggest risks and temptations? How is your INTEGRITY a core principle in your professional ethical...
-
Sick leave is leave that employees can take when they cant attend work because they are sick or injured; however, the Australian sickie originally in work agreements to protect sick workers from pay...
-
The Thomas Corporation was organized on Jan. 1, 2020. On Dec. 31, 2021, the corporation lost most of its inventory in a warehouse fire before the year-end count of inventory was to take place. just...
-
What are the main advantages of: (a) Proprietorships, (b) Partnerships, and (c) Limited liability companies?
-
What are the main advantages of: (a) Proprietorships, (b) Partnerships, and (c) Limited liability companies?
-
What are the disadvantages of a partnership over a limited liability company form of organization for a profit-making business?
-
Indicate whether the following managerial policy increases the risk of a death spiral:Use of low operating leverage for productionGroup of answer choicesTrueFalse
-
It is typically inappropriate to include the costs of excess capacity in product prices; instead, it should be written off directly to an expense account.Group of answer choicesTrueFalse
-
Firms can avoid the death spiral by excluding excess capacity from their activity bases. Group of answer choicesTrueFalse
Study smarter with the SolutionInn App