Question

The trial balance of Kingbird, Inc. on June 30, 2020 is as follows: Debit Credit $3.440 3,877 960 4,560 Cash Accounts receivable Supplies Equipment Accounts payable Unearned revenue Common shares Retained earnings Service revenue Salaries and wages expense Office expense $3,199 1,440 7,200 3,348 2,860 4,080 1,130 $18,047 $18,047 The following transactions took place in July 2020: 1. 2. 3. 4. 5. Payments received from customers on account amounted to $1,580. A computer printer was purchased on account for $600. Services provided to clients and billed on account amounted to $4,670. In July, $480 of supplies was purchased on account, and a physical count on July 31 showed that there was $570 of supplies on hand on July 31. When the Unearned Revenue account was reviewed, it was found that $990 of the balance was earned in July. Salaries and Wages Expense of $800 related to employee services provided in July was not yet recorded as at July 31 (will be paid in August). Payments to suppliers on account amounted to $2,550. Received invoices totalling $1,390 related to office expenses incurred in July. Declared a dividend of $690 on July 31. 6. 7. 8. 9. Prepare the trial balance as at July 31, 2020, assuming that Kingbird did not record closing entries at the end of June 2020. Kingbird, Inc. Adjusted Trial Balance July 31, 2020 Debit Credit

Answer 1

Debit ($) Credit ($) 1,580 1,580 600 600 4,670 4,670 480 480 870 Kingbird, Inc. Adjusted Trial Balance July 31, 2020 Account Title Debit ($) Credit ($) Cash 2,470 Accounts Receivable 6,967 Supplies 570 Equipment 4,560 Computer Printer 600 Accounts Payable 3,119 Accrued Salaries & Wages 800 Unearned Revenue 450 Dividends Payable 690 Common Stock 7,200 Retained Earnings 3,348 Dividends 690 Service Revenue 8,520 Salaries & Wages expense 4,880 Office Expense 2,520 Supplies Expense 870 S.No. Account Title 1 Cash Accounts Receivable 2 Computer Printer Accounts Payable 3 Accounts Receivable Service Revenue 4(a) Supplies Accounts Payable 4(b) Supplies Expense Supplies 5 Unearned Revenue Service Revenue 6 Salaries & Wages expense Accrued Salaries & Wages 7 Accounts Payable Cash 8 Office Expense Accounts Payable 9 Dividends Dividends Payable 870 990 990 800 800 2,550 2,550 1,390 1,390 690 690 Total 24,127 24,127