Listed below, in alphabetical order, are the account balances (after adjustments) from the general ledger of...
Listed below, in alphabetical order, are the account balances
(after adjustments) from the general ledger of Culver Company at
December 31, 2021. All accounts have normal balances.
| Accounts Payable | $3,400 | |
| Accounts Receivable | 10,000 | |
| Accumulated Depreciation—Equipment | 2,700 | |
| Unearned Revenue | 1,000 | |
| B. Fairview, Capital | 11,200 | |
| B. Fairview, Drawings | 6,800 | |
| Cash | 2,300 | |
| Depreciation Expense | 1,500 | |
| Equipment | 11,100 | |
| Interest Expense | 600 | |
| Notes Payable | 1,900 | |
| Office Expense | 5,600 | |
| Rent Expense | 12,000 | |
| Salaries Expense | 30,000 | |
| Salaries Payable | 600 | |
| Service Revenue | 62,960 | |
| Supplies | 250 | |
| Supplies Expense | 610 | |
| Travel Expense | 3,000 |
Prepare an adjusted trial balance, listing each account in
financial statement order. Beside each account, identify if it
should be included on the income statement (IS), statement of
owner’s equity (OE), or the balance sheet (BS) when the year-end
financial statements are prepared.
|
Culver Company |
||||
|
Debit |
Credit |
Financial Statement |
||
|
Accounts PayableAccounts ReceivableAccumulated Depreciation—EquipmentOffice ExpenseB. Fairview, CapitalB. Fairview, DrawingsCashEquipmentDepreciation ExpenseInterest ExpenseNotes PayableRent ExpenseSalaries ExpenseSalaries PayableService RevenueSuppliesSupplies ExpenseTravel ExpenseUnearned Revenue |
$ |
$ |
OEOE and BSBSIS |
|
|
Accounts PayableAccounts ReceivableAccumulated Depreciation—EquipmentOffice ExpenseB. Fairview, CapitalB. Fairview, DrawingsCashEquipmentDepreciation ExpenseInterest ExpenseNotes PayableRent ExpenseSalaries ExpenseSalaries PayableService RevenueSuppliesSupplies ExpenseTravel ExpenseUnearned Revenue |
OE and BSBSISOE |
|||
|
Accounts PayableAccounts ReceivableAccumulated Depreciation—EquipmentOffice ExpenseB. Fairview, CapitalB. Fairview, DrawingsCashEquipmentDepreciation ExpenseInterest ExpenseNotes PayableRent ExpenseSalaries ExpenseSalaries PayableService RevenueSuppliesSupplies ExpenseTravel ExpenseUnearned Revenue |
ISOE and BSBSOE |
|||
|
Accounts PayableAccounts ReceivableAccumulated Depreciation—EquipmentOffice ExpenseB. Fairview, CapitalB. Fairview, DrawingsCashEquipmentDepreciation ExpenseInterest ExpenseNotes PayableRent ExpenseSalaries ExpenseSalaries PayableService RevenueSuppliesSupplies ExpenseTravel ExpenseUnearned Revenue |
BSOE and BSISOE |
|||
Homework Answers
Answer
| Culver Company | |||
| Adjusted Trial Balance | |||
| For the Year Ended December 31, 2021 | |||
| Financial Statement | Accounts | Debit | Credit |
| Balance Sheet (BS) | Cash | $2,300 | $0 |
| Balance Sheet (BS) | Accounts Receivable | $10,000 | $0 |
| Balance Sheet (BS) | Supplies | $250 | $0 |
| Balance Sheet (BS) | Equipment | $11,100 | $0 |
| Balance Sheet (BS) | Accumulated Depreciation—Equipment | $0 | $2,700 |
| Balance Sheet (BS) | Accounts Payable | $0 | $3,400 |
| Balance Sheet (BS) | Unearned Revenue | $0 | $1,000 |
| Balance Sheet (BS) | Salaries Payable | $0 | $600 |
| Balance Sheet (BS) | Notes Payable | $0 | $1,900 |
| Balance Sheet (BS) and Statement of Owner's Equity (OE) | B. Fairview, Capital | $0 | $11,200 |
| Balance Sheet (BS) and Statement of Owner's Equity (OE) | B. Fairview, Drawings | $6,800 | $0 |
| Income Statement (IS) | Service Revenue | $0 | $62,960 |
| Income Statement (IS) | Depreciation Expense | $1,500 | $0 |
| Income Statement (IS) | Interest Expense | $600 | $0 |
| Income Statement (IS) | Office Expense | $5,600 | $0 |
| Income Statement (IS) | Rent Expense | $12,000 | $0 |
| Income Statement (IS) | Salaries Expense | $30,000 | $0 |
| Income Statement (IS) | Supplies Expense | $610 | $0 |
| Income Statement (IS) | Travel Expense | $3,000 | $0 |
| TOTAL | $83,760 | $83,760 | |
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