Question

Based on your financial statements for Business Solutions answer the following questions: 1. Complete the accounting equation for Business Solutions using the amounts in this format: $_ _= $_ +$ Business Solutions Unadjusted Trial Balance Adjusted Trial Balance Post-Closing Trial Balance Credit Credit Credit Debit 52 014 5 768 4445 1980 3220 8500 Debit 50 614 5 768 640 1 485 805 8500 Debit 50 614 5 768 640 1 485 805 8 500 425 425 22 000 22 000 22 000 1375 1375 1 800 December 31, 2018 Account Cash Accounts receivable Computer supplies Prepaid insurance Prepaid rent Office equipment Accumulated depreciation Office equipment Computer equipment Accumulated depreciation-Computer equipment Accounts payable Wages payable Unearned computer services revenue Common stock Retained earnings Dividends Computer services revenue Depreciation expense-Office equipment Depreciation expense-Computer equipment Wages expense Insurance expense Rent expense Computer supplies expense Advertising expense Mileage expense Miscellaneous expenses Repairs expense-Computer Income Summary 1 800 420 1 600 68 000 1 600 68 000 1 800 420 1 600 68 000 16192 6000 74001 40259 40259 2830 425 1375 3250 495 2415 3 805 2678 759 250 1215 2678 759 250 1215 Totals 111659 111659 1 3879 113879 89 812 89 312

Answer 1

Accounting equation: Total assets = Total liabilities + Shareholders' Equity From the Post-Closing Trial Balance, Business Solutions $50,614 Unadjusted Trial Balance Adjusted Trial Balance Post-Closing Trial Balance $5,768 Credit Credit Credit Cash Accounts Receivable Computer Supplies Prepaid Insurance Prepaid Rent Office Equipment Accumulated Depreciation-Off. Equip. Computer Equipment Accumulated Depreciation-Comp. Equip. Total Assets Debit 52014 5768 4445 1980 Debit 50614 5768 640 1485 Debit 50614 5768 640 1485 $640 $1,485 $805 $8,500 $425 [Credit balance] $22,000 $1,375 [Credit balance] $88,012 3220 805 805 8500 8500 8500 425 425 December 31, 2018 Account Cash Accounts receivable Computer supplies Prepaid insurance Prepaid rent Office equipment Accumulated depreciation - Office equipment Computer equipment Accumulated depreciation-Computer equipment Accounts payable Wages payable Unearned computer services revenue Common stock Retained earnings Dividends 22000 22000 22000 1375 1375 Accounts Payable Wages Payable Unearned Computer Service Revenue Total Liabilities $1,800 $420 $1,600 $3,820 1800 420 1600 68000 1600 1800 420 1600 68000 16192 68 000 6000 || 7400 Common Stock Retained Earnings Shareholders' Equity $68,000 $16,192 $84,192 Accounting equation: $88012 = $3820 + $84192.