Homework Answers
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WILDHORSE CYCLE REPAIR SHOP WORKSHEET JANUARY 31 ,2021 |
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| Unadjusted trial balance | Adjustments | Adjusted trial balance | Income statement | Balance sheet and statement of owners equity | ||||||
| Account title | Dr. | Cr. | Dr. | Cr.` | Dr. | Cr. | Dr. | Cr. | Dr. | Cr. |
| cash | 3400 | 3400 | 3400 | |||||||
| Accounts receivable | 6930 | 6930 | 6930 | |||||||
| Prepaid insurance | 6420 | 4280 | 2140 | 2140 | ||||||
| supplies | 5240 | 3930 | 1310 | 1310 | ||||||
| Land | 52000 | 52000 | 52000 | |||||||
| Building | 190000 | 190000 | 190000 | |||||||
|
Accumulated depreciation-Building |
11000 | 3800 | 14800 | 14800 | ||||||
| Equipment | 27000 | 27000 | 27000 | |||||||
| Accumulated depreciation-Equipment | 4500 | 3000 | 7500 | 7500 | ||||||
|
Accounts payable |
6800 | 6800 | 6800 | |||||||
| Unearned revenue | 22250 | 1300 | 20950 | 20950 | ||||||
| Interest payable | 911 | 911 | 911 | |||||||
| Current portion of mortgage payable | 4500 | 4500 | 4500 | |||||||
| mortgage payable (non current) | 182200 | 4500 | 177700 | 177700 | ||||||
| H Dude ,capital | 61000 | 61000 | 61000 | |||||||
| H Dude ,Drawings | 99100 | 99100 | 99100 | |||||||
| service revenue | 235950 | 1300 | 237250 | 237250 | ||||||
| salary expense | 115600 | 115600 | 115600 | |||||||
| utilities expense | 12000 | 12000 | 12000 | |||||||
|
Interest expense |
6010 | 6010 | 6010 | |||||||
|
Depreciation expense-building |
3800 | 3800 | 3800 | |||||||
| Depreciation expense -equipment | 3000 | 3000 | 3000 | |||||||
| Insurance expense | 4280 | 4280 | 4280 | |||||||
| supplies expense | 3930 | 3930 | 3930 | |||||||
| Interest expense | 911 | 911 | 911 | |||||||
| Total | 523700 | 523700 | 531411 | 531411 | 149531 | 237250 | 381880 | 294161 | ||
| Net income | 87719 | 87719 | ||||||||
| 381880 | 381880 | |||||||||
working:
1)Insurance expired for 8 months out of 12 months (1June -31Jan ) = 6420 /12 = 535 per month or 535*8=4280
2)supplies used =5240-1310 = 3930
3)Depreciation expense - building = 190000/20=3800
Equipment = 27000/9 = 3000
4)interest accrued for one month = 182200*6%*1/12 = 911
5)
Add Answer to:
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MOTO HOTEL
Trial Balance
May 31, 2017
Debit
Credit
Cash
$ 2,333
Supplies
2,600
Prepaid Insurance
1,800
Land
14,833
Buildings
67,600
Equipment
16,800
Accounts Payable
$ 4,533
Unearned Rent Revenue
3,300
Mortgage Payable
33,600
Common Stock
59,833
Rent Revenue
9,000
Salaries and Wages Expense
3,000
Utilities Expense
800
Advertising Expense
500
$110,266
$110,266
Other data:
1.
Insurance expires at the rate of $450 per month.
2.
A count of supplies shows $1,070 of unused supplies on May
31.
3.
(a)...
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Weekly The unadjusted trial balance and adjustment data for Blossom Cycle Repair Shop are provided, ons Support BLOSSOM CYCLE REPAIR SHOP Trial Balance January 31, 2021 Debit Credit Cash $3,400 Accounts receivable 6,730 Prepaid insurance 6,420 Supplies 5,240 Land 51.000 Building 190,000 Accumulated depreciation-building $11,000 Equipment 27,000 Accumulated depreciation equipment 4,500 Accounts payable Unearned revenue 22,050 Mortgage payable 182,200 H. Dude, capital 61,000 H. Dude, drawings 100,100 Service revenue 235,650 Salaries expense 115,300 Utilities expense 12,000 Interest expense 5,710 $522,900...
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WILDHORSE FISHING CENTRE Adjusted Trial Balance March 31, 2021 Credit Debit $7,800 800 1,300 28,000 47,000 195,000 $32,000 36,000 Cash Interest receivable Supplies Long-term investments Land Building Accumulated depreciation-building Equipment Accumulated depreciation equipment Accounts payable Interest payable Unearned revenue Notes payable ($6,000 must be paid in February, 2022) R. Falkner, capital R. Falkner, drawings Service revenue Interest revenue Depreciation expense Interest expense Insurance expense Salaries expense Supplies expense Utilities expense 18,500 6,000 1,020 2,120 66,500 169,660 46,000 124,700 1,600 9,850...
The adjusted trial balance for Mosley's Mosaic Tiles at December 31, 2021 is as follows: Credit $5,200 Mosley Mosaic Tiles Adjusted Trial Balance December 31, 2021 Debit Cash $31,400 Accounts receivable 26,500 Prepaid insurance 2,000 Prepaid rent 5,000 Supplies 3,330 Equipment 17.500 Accumulated depreciation equipment Furniture 25,000 Accumulated depreciation-furniture Accounts payable Salary payable Unearned revenue Mortgage payable (due in 2040) M. Mosaic, drawings 15,000 M. Mosaic, capital Service revenue Salary expense 24,387 Depreciation expense 4,500 Rent expense 5,500 Insurance expense...
MOTO HOTEL
Trial Balance
May 31, 2017
Debit
Credit
Cash
$ 2,333
Supplies
2,600
Prepaid Insurance
1,800
Land
14,833
Buildings
67,600
Equipment
16,800
Accounts Payable
$ 4,533
Unearned Rent Revenue
3,300
Mortgage Payable
33,600
Common Stock
59,833
Rent Revenue
9,000
Salaries and Wages Expense
3,000
Utilities Expense
800
Advertising Expense
500
$110,266
$110,266
Other data:
1.
Insurance expires at the rate of $450 per month.
2.
A count of supplies shows $1,070 of unused supplies on May
31.
3.
(a)...
lance prior to adjustments follows: NAZARI ELECTRICAL SERVICES Trial Balance August 31, 2021 Credit Debit $ 13,870 23.400 18,000 108,000 $ 38,250 98,000 Cash Supplies Debt investments Equipment Accumulated depreciation equipment Vehicles Accumulated depreciation-vehicles Accounts payable Unearned revenue Notes payable A. Nazari, capital A. Nazari, drawings Service revenue Interest revenue Repairs expense Insurance expense Interest expense Rent expense Salaries expense 42,875 7.115 4,500 48,000 68,175 32,400 180,115 360 25,235 8,550 2.535 18,900 40,500 $389,390 $389,390 Additional information: 1. The equipment...
The following information is from the December 31 un-adjusted trial balance of Excelsior Shop. Credit Debit $ 100,000.00 $ 204,000.00 $ 145,000.00 $ 72,000.00 $ 12,000.00 Cash Accounts Receivable Equipment Accumulated Depreciation - Equipment Supplies Notes Payable Service Revenue Insurance Expense Salaries Expense Interest Expense Advertising Expense $ 100,000.00 $ 450,000.00 $ 24,000.00 $ 125,000.00 $ 2,500.00 $ 9,500.00 a. From the trial balance and the following information, prepare the annual adjusting necessary on December 31. 1.00 The equiment has...
-- BUSI 1043 INC Adjusted Trial Balance As at December 31, 2019 Debit Credit Cash $ 20,000 Accounts Receivable Allowance for doubtful accounts $ 17,000 $ Inventory 2,000 $ 10,000 Prepaid Expenses $ 2,000 Long Term Investments $100,000 Building $300,000 Accumulated Depreciation - Building $ 30,000 Equipment $ 75,000 Accumulated Depreciation - Equipment $ 15,000 Accounts Payable $ 8,000 Salaries Payable $ 3,500 Interest Payable $ 1,500 Income Tax Payable $ 12,000 Unearned Revenue $ 5,000 Current portion of bank...
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