Homework Answers
Requirement 1:
| Date | Account title and explanation | Debit | Credit |
| Dec 31 | Supplies expense [22440 - 8290] | $ 14,150 | |
| Supplies | $ 14,150 | ||
| [To record supplies expense] | |||
| Dec 31 | Accounts receivable | $ 10,160 | |
| Fees earned | $ 10,160 | ||
| [To record accrued revenue] | |||
| Dec 31 | Depreciation expense | $ 14,030 | |
| Accumulated depreciation | $ 14,030 | ||
| [To record depreciation expense] | |||
| Dec 31 | Wages expense | $ 1,800 | |
| Wages payable | $ 1,800 | ||
| [To record accrued wages] | |||
| Dec 31 | Unearned revenue | $ 19,510 | |
| Fees earned | $ 19,510 | ||
| [To record revenue from unearned revenue] | |||
Requirement 2:
| Income statement | ||
| Before the adjustments | ||
| Revenues: | ||
| Fees earned | $ 561,080 | |
| Expenses: | ||
| Wages expense | $ 130,170 | |
| Rent expense | $ 99,310 | |
| Utilities expense | $ 71,260 | |
| Miscellaneous expense | $ 11,220 | |
| Total expense | $ 311,960 | |
| Net income | $ 249,120 | |
Requirement 3:
| Income statement | ||
| After the adjustments | ||
| Revenues | ||
| Fees earned [561080+10160+19510] | $ 590,750 | |
| Expenses: | ||
| Wages expense [130170+1800] | $ 131,970 | |
| Rent expense | $ 99,310 | |
| Supplies expense | $ 14,150 | |
| Depreciation expense | $ 14,030 | |
| Utilities expense | $ 71,260 | |
| Miscellaneous expense | $ 11,220 | |
| Total expense | $ 341,940 | |
| Net income | $ 248,810 | |
Add Answer to:
Crazy Mountain Outfitters Co. Unadjusted Trial Balance December 31, 2015 Debit Balances Credit Balances Cash 14,030...
Crazy Mountain Outfitters Co., an outfitter store for fishing treks, prepared the following unadjusted trial balance...
Crazy Mountain Outfitters Co., an outfitter store for fishing
treks, prepared the following unadjusted trial balance at the end
of its first year of operations:
Crazy
Mountain Outfitters Co.
Unadjusted Trial Balance
April 30,
20Y5
Debit
Balances
Credit
Balances
Cash
13,880
Accounts Receivable
92,140
Supplies
22,200
Equipment
464,980
Accounts Payable
21,650
Unearned Fees
24,420
Common Stock
55,000
Retained Earnings
264,000
Dividends
18,320
Fees Earned
555,060
Wages Expense
128,770
Rent Expense
98,250
Utilities Expense
70,490
Miscellaneous Expense
11,100
920,130
920,130
For...
Adjusting Entries Crazy Mountain Outfitters Co., an outfitter store for fishing treks, prepared the following unadjusted...
Adjusting Entries Crazy Mountain Outfitters Co., an outfitter store for fishing treks, prepared the following unadjusted trial balance at the end of its first year of operations: Crazy Mountain Outfitters Co. Unadjusted Trial Balance April 30, 2019 Debit Balances Credit Balances Cash 11,400 Accounts Receivable 72,600 Supplies 7,200 Equipment 112,000 Accounts Payable 12,200 Unearned Fees 19,200 137,800 John Bridger, Capital John Bridger, Drawing 10,000 Fees Earned 305,800 Wages Expense Rent Expense Utilities Expense 157,800 55,000 42,000 7,000 Miscellaneous Expense 475,000...
Reece Financial Services Co. Unadjusted Trial Balance July 31, 2019 Debit Balances Credit Balances Cash 10,200...
Reece Financial Services Co. Unadjusted Trial Balance July 31, 2019 Debit Balances Credit Balances Cash 10,200 34,750 Accounts Receivable Prepaid Insurance 6,000 Supplies Land 1,725 50,000 155,750 Building Accumulated Depreciation---Building 62,850 Equipment 45,000 Accumulated Depreciation Equipment 17,650 Accounts Payable 3,750 Unearned Rent Joni Reece, Capital Joni Reece, Drawing 3,600 153,550 8,000 Fees Eamed 158,600 Salaries and Wages Expense 56,850 Land 155,750 Building Accumulated Depreciation-Building S 62,850 45.000 I SA 17,650 Equipment Accumulated Depreciation-Equipment Accounts Payable Unearned Rent 3,750 3,600 Joni...
Trident Repairs & Service UNADJUSTED TRIAL BALANCE November 30, 20Y3 ACCOUNT TITLE DEBIT CREDIT 1 Cash...
Trident Repairs & Service UNADJUSTED TRIAL BALANCE November 30, 20Y3 ACCOUNT TITLE DEBIT CREDIT 1 Cash 10,210.00 2 Accounts Receivable 67,660.00 3 Supplies 15,710.00 4 Equipment 111,420.00 5 Accounts Payable 15,920.00 6 Unearned Fees 17,840.00 7 Common Stock 8,500.00 8 Retained Earnings 109,130.00 9 Dividends 13,870.00 10 Fees Earned 293,940.00 11 Wages Expense 94,160.00 12 Rent Expense 72,020.00 13 Utilities Expense 52,080.00 14 Miscellaneous Expense 8,200.00 15 Totals 445,330.00 445,330.00 For preparing the adjusting entries, the following data were assembled:...
The unadjusted trial balance for a company as of December 31, 2015 appears below. Debit Credit...
The unadjusted trial balance for a company as of December 31, 2015 appears below. Debit Credit Cash $1,200 900 Accounts Receivable Prepaid Insurance Supplies Land Office Furniture 900 2,000 10,000 4,500 Accounts Payable 900 Unearned Revenue 1,500 Note Payable 5,500 Common Stock 3,000 Retained Earnings 7,400 Dividends 1,100 Service Revenues 4,100 Rent Expense 600 Salaries Expense 1.200 $22,400 $22,400 Additional Information: 1. The Company paid $900 for a one-year insurance policy on July 1, 2015 2. The office furniture was...
Emerson Company Unadjusted Trial Balance October 31, 20Y6 Debit Balances Credit Balances Cash 4,580 Accounts Receivable...
Emerson Company Unadjusted Trial Balance October 31, 20Y6 Debit Balances Credit Balances Cash 4,580 Accounts Receivable 41,540 Prepaid Insurance 7,750 Supplies 2,110 Land 122,160 Building 300,400 Accumulated Depreciation—Building 149,270 Equipment 146,800 Accumulated Depreciation—Equipment 106,320 Accounts Payable 13,030 Unearned Rent 7,390 Suzanne Emerson, Capital 319,400 Suzanne Emerson, Drawing 16,190 Fees Earned 352,050 Salaries and Wages Expense 209,820 Utilities Expense 46,120 Advertising Expense 24,640 Repairs Expense 18,660 Miscellaneous Expense 6,690 947,460 947,460 The data needed to determine year-end adjustments are as follows:...
First Landing Golf Club Trial Balance December 31, 2018 Unadjusted Debit Credit Cash 15,000...
First Landing Golf Club Trial Balance December 31, 2018 Unadjusted Debit Credit Cash 15,000 Accounts Receivable - Members 13,000 Allowance for Doubtful Accounts 1,100 Rent Receivable - Prepaid Insurance 9,000 Shop Supplies 3,600 Land 350,000 Buildings 120,000 Accumulated Depreciation - Buildings 40,000 Equipment 150,000 Accumulated Depreciation - Equipment 70,000 Interest Payable Salaries and Wages Payable - Unearned Dues - Note Payable 100,000 Common Stock 300,000 Retained Earnings 82,000 Dues Revenue 200,000...
The trial balance for Cozy Fireplaces Inc. for December 31, 2020, follows: Credit balances Debit balances...
The trial balance for Cozy Fireplaces Inc. for December 31, 2020, follows: Credit balances Debit balances $ 88,300 38,100 95,400 5,000 46,700 79,800 151,000 $19,635 21,400 Cash Accounts receivable Inventory Supplies Prepaid rent Land Building Accumulated depreciation, building Accounts payable Wages payable Interest payable Income tax payable Unearned revenue Bank loan payable Common shares Retained earnings Sales revenue Cost of goods sold Wages expense Rent expense Supplies expense Depreciation expense Interest expense Miscellaneous expenses Income tax expense Dividends declared 12,500...
American Leaf Company Trial Balance August 31, 2018 Unadjusted Adjusted Debit Balances Credit Balances Debit Balances...
American Leaf Company Trial Balance August 31, 2018 Unadjusted Adjusted Debit Balances Credit Balances Debit Balances Credit Balances Cash 316 316 752 Accounts Receivable 835 237 178 Supplies Prepaid Insurance 389 233 Land 556 556 856 856 171 279 515 515 Equipment Accumulated Depreciation - Equipment Accounts Payable Wages Payable Common Stock Retained Earnings Dividends 0 22 1,317 1,317 500 500 164 164 1,640 1,557 Fees Earned 474 496 158 158 0 156 79 79 Wages Expense Rent Expense Insurance...
Cold Cllmate Unadjusted Trial Balance December 31 Debit Account Credit Cash $95,000 Accounts Receivable 171,000 129,950...
Cold Cllmate Unadjusted Trial Balance December 31 Debit Account Credit Cash $95,000 Accounts Receivable 171,000 129,950 Inventory Store Supplies Office Supplies Accum Depreciation -Store Fixtures 2,600 2,050 1,300 Accum Depreciation- Office Furniture Accounts Payable Retained Earnings 4,230 83,000 297,670 Sales 943,755 Sales Discounts 9,500 Sales Returns and Allowances 18,500 Cost of Goods Sold 527,215 Rent Expense- Office Rent Expense - Selling Sales Salary Expense 22,900 6,000 191,000 146,000 Office Salary Expense Delivery Expense Depreciation Expense- Store Fixtures Depreciation Expense- Office...
Crazy Mountain Outfitters Co., an outfitter store for fishing
treks, prepared the following unadjusted trial balance at the end
of its first year of operations:
Crazy
Mountain Outfitters Co.
Unadjusted Trial Balance
April 30,
20Y5
Debit
Balances
Credit
Balances
Cash
13,880
Accounts Receivable
92,140
Supplies
22,200
Equipment
464,980
Accounts Payable
21,650
Unearned Fees
24,420
Common Stock
55,000
Retained Earnings
264,000
Dividends
18,320
Fees Earned
555,060
Wages Expense
128,770
Rent Expense
98,250
Utilities Expense
70,490
Miscellaneous Expense
11,100
920,130
920,130
For...
Adjusting Entries Crazy Mountain Outfitters Co., an outfitter store for fishing treks, prepared the following unadjusted trial balance at the end of its first year of operations: Crazy Mountain Outfitters Co. Unadjusted Trial Balance April 30, 2019 Debit Balances Credit Balances Cash 11,400 Accounts Receivable 72,600 Supplies 7,200 Equipment 112,000 Accounts Payable 12,200 Unearned Fees 19,200 137,800 John Bridger, Capital John Bridger, Drawing 10,000 Fees Earned 305,800 Wages Expense Rent Expense Utilities Expense 157,800 55,000 42,000 7,000 Miscellaneous Expense 475,000...
Reece Financial Services Co. Unadjusted Trial Balance July 31, 2019 Debit Balances Credit Balances Cash 10,200 34,750 Accounts Receivable Prepaid Insurance 6,000 Supplies Land 1,725 50,000 155,750 Building Accumulated Depreciation---Building 62,850 Equipment 45,000 Accumulated Depreciation Equipment 17,650 Accounts Payable 3,750 Unearned Rent Joni Reece, Capital Joni Reece, Drawing 3,600 153,550 8,000 Fees Eamed 158,600 Salaries and Wages Expense 56,850 Land 155,750 Building Accumulated Depreciation-Building S 62,850 45.000 I SA 17,650 Equipment Accumulated Depreciation-Equipment Accounts Payable Unearned Rent 3,750 3,600 Joni...
Trident Repairs & Service UNADJUSTED TRIAL BALANCE November 30, 20Y3 ACCOUNT TITLE DEBIT CREDIT 1 Cash 10,210.00 2 Accounts Receivable 67,660.00 3 Supplies 15,710.00 4 Equipment 111,420.00 5 Accounts Payable 15,920.00 6 Unearned Fees 17,840.00 7 Common Stock 8,500.00 8 Retained Earnings 109,130.00 9 Dividends 13,870.00 10 Fees Earned 293,940.00 11 Wages Expense 94,160.00 12 Rent Expense 72,020.00 13 Utilities Expense 52,080.00 14 Miscellaneous Expense 8,200.00 15 Totals 445,330.00 445,330.00 For preparing the adjusting entries, the following data were assembled:...
The unadjusted trial balance for a company as of December 31, 2015 appears below. Debit Credit Cash $1,200 900 Accounts Receivable Prepaid Insurance Supplies Land Office Furniture 900 2,000 10,000 4,500 Accounts Payable 900 Unearned Revenue 1,500 Note Payable 5,500 Common Stock 3,000 Retained Earnings 7,400 Dividends 1,100 Service Revenues 4,100 Rent Expense 600 Salaries Expense 1.200 $22,400 $22,400 Additional Information: 1. The Company paid $900 for a one-year insurance policy on July 1, 2015 2. The office furniture was...
The trial balance for Cozy Fireplaces Inc. for December 31, 2020, follows: Credit balances Debit balances $ 88,300 38,100 95,400 5,000 46,700 79,800 151,000 $19,635 21,400 Cash Accounts receivable Inventory Supplies Prepaid rent Land Building Accumulated depreciation, building Accounts payable Wages payable Interest payable Income tax payable Unearned revenue Bank loan payable Common shares Retained earnings Sales revenue Cost of goods sold Wages expense Rent expense Supplies expense Depreciation expense Interest expense Miscellaneous expenses Income tax expense Dividends declared 12,500...
American Leaf Company Trial Balance August 31, 2018 Unadjusted Adjusted Debit Balances Credit Balances Debit Balances Credit Balances Cash 316 316 752 Accounts Receivable 835 237 178 Supplies Prepaid Insurance 389 233 Land 556 556 856 856 171 279 515 515 Equipment Accumulated Depreciation - Equipment Accounts Payable Wages Payable Common Stock Retained Earnings Dividends 0 22 1,317 1,317 500 500 164 164 1,640 1,557 Fees Earned 474 496 158 158 0 156 79 79 Wages Expense Rent Expense Insurance...
Cold Cllmate Unadjusted Trial Balance December 31 Debit Account Credit Cash $95,000 Accounts Receivable 171,000 129,950 Inventory Store Supplies Office Supplies Accum Depreciation -Store Fixtures 2,600 2,050 1,300 Accum Depreciation- Office Furniture Accounts Payable Retained Earnings 4,230 83,000 297,670 Sales 943,755 Sales Discounts 9,500 Sales Returns and Allowances 18,500 Cost of Goods Sold 527,215 Rent Expense- Office Rent Expense - Selling Sales Salary Expense 22,900 6,000 191,000 146,000 Office Salary Expense Delivery Expense Depreciation Expense- Store Fixtures Depreciation Expense- Office...
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