Question

The trial balance columns of the worksheet for Wildhorse Compan tudy Wildhorse Company Worksheet For the Month Ended June 30, 2020 Trial Balance Account Titles Dr. Cr. Cash 2,500 Accounts Receivable 2,700 Supplies 1,800 Accounts Payable 1,100 Unearned Service Revenue 400 Owner's Capital 2,650 Service Revenue 3,600 Salaries and Wages Expense 540 Miscellaneous Expense 210 Total 7,750 7,750 Other data: 1. 2. 3. A physical count reveals $300 of supplies on hand. $190 of the unearned revenue is still unearned at month-end. Accrued salaries are $150. Complete the worksheet. Account Titles Adjustments Trial Balance Dr Cr. 2,500 MacBo

Answer 1

Account Titles Balance Sheet Income Statement Dr Cr. Dr Cr. Cash Dr 2,500 2,700 300 1,500 Accounts Receivable Supplies Accounts Payable Unearned Service Revenue Owner's Capital Service Revenue Salaries and Wages Expense WILDHORSE COMPANY Worksheet For the Month Ended June 30, 2020 Adj. Trial Trial Balance Adjustments Balance Cr. Dr Cr. Dr Cr. 2,500 2,500 2,700 2,700 1,800 300 1,100 1,100 400 210 190 2,650 2,650 3,600 210 3,810 540 150 690 210 210 7,750 7,750 1,500 1,500 150 150 1,860 1,860 7,900 7,900 1,100 190 2,650 3,810 690 Miscellaneous Expense 210 Totals 1,500 Supplies Expense Salaries and Wages Payable Totals 150 5,500 4,090 1,410 5,500 5,500 2,400 3,810 1,410 3,810 3,810 Net Income Totals

Explanation: Credit Adjusting Entries Transaction Description Supplies Expense ($1,800 – $300) Supplies Debit 1,500 1,500 Unearned Service Revenue ($400 - $190) Service Revenue 210 150 Salaries and Wages Expense Salaries and Wages Payable 150 a. Supplies Used ($1,800 – $300) = $1,500 b. Service Revenue Earned ($400 - $190) = $210

$3,810 Net Income / (Loss) Revenues Service Revenue Expenses Salaries and Wages Expense Miscellaneous Expense Supplies Expense Total Expenses Net Income / (Loss) $690 210 1,500 2,400 $1,410