Answer
--Adjusting entries
Adjustment # | Accounts title | Debit | Credit |
#a | Supplies Expense ($440 - 240) | $200 | |
Supplies | $200 | ||
(to record supplies used) | |||
#b | Insurance expense | $650 | |
Prepaid Insurance | $650 | ||
(to record expired insurance) | |||
#c | Depreciation Expense | $4,100 | |
Accumulated Depreciation | $4,100 | ||
(to record depreciation) | |||
#d | Wages Expense | $530 | |
Wages Payable | $530 | ||
(to adjust accrued wages) | |||
#e | Income tax expense | $5,480 | |
Income tax payable | $5,480 | ||
(to adjust income tax expense) |
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Tunstall, Inc., a small service company, keeps its records without the help of an accountant. After much effort, an outside accountant prepared the following unadjusted trial balance as of the end of the annual accounting period on December 31: Credit Debit $ 47,400 11,400 440 650 16,700 $ 8,800 10,660 2,390 Account Titles Cash Accounts receivable Supplies Prepaid insurance Service trucks Accumulated depreciation Other assets Accounts payable Wages payable Income taxes payable Note payable (3 years; 10% interest Gue each...
Tunstall, Inc., a small service company, keeps its records without the help of an accountant. After much effort, an outside accountant prepared the following unadjusted trial balance as of the end of the annual accounting period on December 31: Tunstall, Inc. Unadjusted Trial Balance for the Year Ended December 31 Debit Credit Cash 46,800 Accounts receivable 11,400 Supplies 630 Prepaid insurance 680 Service trucks 17,100 Accumulated depreciation 8,400 Other assets 10,460 Accounts payable 2,400 Wages payable Income taxes payable Notes...
Required information [The following information applies to the questions displayed below.) Tunstall, Inc., a small service company, keeps its records without the help of an accountant. After much effort, an outside accountant prepared the following unadjusted trial balance as of the end of the annual accounting period on December 31: Credit Debit $ 47,400 10,800 580 650 17,800 $ 7,900 9,460 2,230 Account Titles Cash Accounts receivable Supplies Prepaid insurance Service trucks Accumulated depreciation Other assets Accounts payable Wages payable...
Required information The following information applies to the questions displayed below.) Tunstall, Inc., a small service company, keeps its records without the help of an accountant. After much effort, an outside accountant prepared the following unadjusted trial balance as of the end of the annual accounting period on December 31: Credit Debit 47,400 12,300 620 640 16,900 $ 10,660 9,400 2,310 Account Titles Cash Accounts receivable Supplies Prepaid insurance Service trucks Accumulated depreciation Other assets Accounts payable Wages payable Income...
Required information (The following information applies to the questions displayed below.] Tunstall, Inc., a small service company, keeps its records without the help of an accountant. After much effort, an outside accountant prepared the following unadjusted trial balance as of the end of the annual accounting period on December 31: Credit Debit $ 47,400 10,800 580 650 17,800 $ 7,900 9,460 2,230 Account Titles Cash Accounts receivable Supplies Prepaid insurance Service trucks Accumulated depreciation Other assets Accounts payable Wages payable...
Tunstall, Inc., a small service company, keeps its records without the help of an accountant. After much effort, an outside accountant prepared the following unadjusted trial balance as of the end of the annual accounting period on December 31: Account Titles Debit Credit Cash 42,000 Accounts receivable 11,600 Supplies 900 Prepaid insurance 800 Service trucks 19,000 Accumulated depreciation 9,200 Other assets 8,300 Accounts payable 3,000 Wages payable Income taxes payable Note payable (3 years; 10% interest due each December 31)...
Prepare an Income statement using the above information.
for the Year Ended December 31 Credit Debit 46,700 11,000 580 600 17,300 7,800 9,160 2,280 Cash Accounts receivable Supplies Prepaid insurance Service trucks Accumulated depreciation Other assets Accounts payable Wages payable Income taxes payable Notes payable, long-term Common stock (4,400 shares outstanding) Additional paid-in capital Retained earnings Service revenue Wages expense Remaining expenses (not detailed; excludes income tax) Income tax expense Totals 12,000 1,986 17,874 4,600 88,180 16,200 33,180 134,720 134,720...
Required Information P4-7 Recording Adjusting and Closing Entries and Preparing a Balance Sheet and Income Statement Including Earnings per Share L04-1, 4-2,4-4 [The following Information applies to the questions displayed below.] Tunstall, Inc., a small service company, keeps its records without the help of an accountant. After much effort, an outside accountant prepared the following unadjusted trial balance as of the end of the annual accounting period on December 31: Credit Debit $ 42,880 11,660 see Bee 19,000 Account Titles...
Tunstall, Inc., a small service company, keeps its records without the help of an accountant. After much effort, an outside accountant prepared the following unadjusted trial balance as of the end of the annual accounting period on December 31: Account Titles Debit / Credit {Debit[Cash $ 47,200 Accounts receivable 11,300 Supplies 580 Prepaid insurance 790 Service trucks 16,300]Debit} {Credit[Accumulated depreciation$ 7,900} {Debit[Other assets 9,260}\]} (Accounts payable 2,320)]credit[ Wages payable Income taxes payable {Credit[Note payable (3 years; 10% interest due each...
Chapter 4
Trotman’s Variety Store is completing the accounting process for
the current year just ended, December 31. The transactions during
the year have been journalized and posted. The following data with
respect to adjusting entries are available:
Required information [The following information applies to the questions displayed below.] Tunstall, Inc., a small service company, keeps its records without the help of an accountant. After much effort, an outside accountant prepared the following unadjusted trial balance as of the end...