Question

I need help finishing the adjusted trial balance

Required information On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances Credit Accounts Cash Accounts Receivable Supplies Land Accounts Payable Common Stock Retained Earnings Totals Debit $25,100 6,500 4,400 63,000 $ 4,50 78.ee 16,500 $99,000 $99,000 During January 2021, the following transactions occur. January 2 Purchase rental space for one year in advance, 59,900 (5825/month). January 9 Purchase additional supplies on account, $4,800. January 13 Provide services to customers on account, $26,800. January 17 Receive cash in advance from customers for services to be provided in the future, 35,000. January 20 Pay cash for salaries, $12,800. January 22 Receive cash on accounts receivable, $25,400. January 29 Pay cash on accounts payable, $5,300. 3 Prenare an artister trial balance as of lanuary 31 2021 < Prev 5 6 7 9 of 9 # Next > te - 9 * 33 arch

Answer 1

Preparation of Adjusted Trial Balance: Debit Credit Accounts Cash 2$ 27,500.00 7,900.00 9,200.00 63,000.00 9,900.00 $ 2$ 2$ Accounts Receivable Supplies Land Prepaid Rent Accounts Payable 4,000.00 5,000.00 78,000.00 30,500.00 117,500.00 Unearned Service Revenue 2$ Common Stock Retained Earnings 2$ 117,500.00 $ Totals To get Adjusted Trial Balance, you have to adjust all expenses and revenues only to Retained Earnings. That means, add revenues to retained earnings and deduct expenses from retained earnings. Note that adjusted trial balance only contains other than nominal accounts (assets,liabilities and equity).