Homework Answers
(A)
Adjustment entries -
No Description Debit Credit
1) Insurance Account...... Dr 2400
To Prepaid Insureance account 2400
( Being prepaid insurance adjusted)
2) Inventory account......... Dr 690
To Supplies account 690
(Being inventory adjusted.)
3) Depreciation account...Dr. 5292
To Accumulated Depreciation Building 5292
( Being Depriciation Charged On Building)
Depreciation account... Dr 1620
To Accumulated Depreciation Equipment 1620
(Being Depriciation Charged on Equipment)
4) Rent Revenue account...Dr 7100
To Unearned Rent Income 7100
( Being rent revenue unearned adjusted.)
Unearned Rent account... Dr 2025
To Rent Revenue account 2025
( Being rent revenue adjusted.)
5) Salaries account...........Dr 340
To Salaries Payble account 340
(Being outstanding salaries adjusted)
6) Accounts Receivable account. . Dr 770
To Rental Revenue account 770
( Being rental revenue accrued but not received)
7) Interest Account......................Dr 1900
To Interest Payble Account 1900
(Being interest outstanding on notes Payble for 3 months.)
( 76000 x 10/100 x 3/12)
(B)
Adjusted Trial Balance
Description Debit Credit
Cash 6000
Prepaid Insurance (3200-2400) 800
Supplies (2000-690) 1310
Land 20300
Building 147000
Acumulated Depreciation
Building (21168 + 5292) 26460
Equipment 18000
Acumulated Depreciation
Equipment (4860 + 1620) 6480
Accounts Payable 4250
Unearned Rent Revenue 9125
(4050 + 7100 - 2025)
Notes Payble 76000
Common Shares 79700
Retained Earnings 4250
Dividends 4550
Rent Revenue 62195
(66500-7100+2025+770)
Salaries and Wages (33648+340) 33988
Insurance Expense (11200+2400) 13600
Interest Expense (3800+1900) 5700
Utilities Expense 7600
Repair and maintenance 3480
Inventory 690
Depreciation (5292+1620) 6912
Salaries Payble 340
Accounts Receivable 770
Interest Payble 1900
Total 270700 270700
Add Answer to:
The trial balance for Whispering Winds Corp. on August 31 is as follows: Whispering Winds Corp....
The trial balance for Novak Corp. on August 31 is as follows: Novak Corp. Trial Balance...
The trial balance for Novak Corp. on August 31 is as follows: Novak Corp. Trial Balance August 31, 2020 Debit Credit $6,900 3,000 1,950 21,300 141,000 $20,304 12,000 Cash Prepaid insurance Supplies Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation equipment Accounts payable Unearned rent revenue Notes payable Common shares Retained earnings Dividends 3,240 4,400 4,600 78,000 81,000 4,250 4,850 71,000 49,314 Rent revenue Salaries and wages expense Insurance expense Interest expense Utilities expense Repairs and maintenance expense 10,500 3,900 8,300...
The trial balance for Bramble Corp. on August 31 is as follows: Bramble Corp. Trial Balance...
The trial balance for Bramble Corp. on August 31 is as follows: Bramble Corp. Trial Balance August 31, 2017 Debit Credit Cash $6,800 Prepaid insurance 3,700 Supplies 1,900 Land 18,300 Buildings 146,000 Accumulated depreciation—buildings $21,024 Equipment 15,100 Accumulated depreciation—equipment 4,077 Accounts payable 4,700 Unearned rent revenue 4,050 Notes payable 79,500 Common shares 81,500 Retained earnings 4,400 Dividends 5,600 Rent revenue 75,000 Salaries and wages expense 48,196 Insurance expense 12,950 Interest expense 3,975 Utilities expense 8,250 Repairs and maintenance expense 3,480...
The trial balance for Martinez Corp. on August 31 is as follows: Martinez Corp. Trial Balance...
The trial balance for Martinez Corp. on August 31 is as follows: Martinez Corp. Trial Balance August 31, 2020 Debit Credit Cash $5,100 Prepaid insurance 4,000 Supplies 2,000 Land 18,700 Buildings 146,000 Accumulated depreciation—buildings $21,024 Equipment 16,000 Accumulated depreciation—equipment 4,320 Accounts payable 4,500 Unearned rent revenue 4,950 Notes payable 78,000 Common shares 81,100 Retained earnings 4,450 Dividends 4,400 Rent revenue 69,000 Salaries and wages expense 42,254 Insurance expense 14,000 Interest expense 3,900 Utilities expense 7,500 Repairs and maintenance expense 3,490...
Trial balance for Indigo Corporation on August 31 is follows: Trial Balance August 31, 2020 Debit...
Trial balance for Indigo Corporation on August 31 is follows: Trial Balance August 31, 2020 Debit Credit Cash $6,000 Prepaid insurance 3,200 Supplies 1.750 Land 19,500 Buildings 141,000 Accumulated depreciation-buildings $20,304 Equipment 14,000 Accumulated depreciation-equipment 3,780 Accounts payable 4,200 Unearned rent revenue Notes payable 76,000 Common shares 80.900 Retained earnings 4,750 Dividends 5,300 Rent revenue 67,000 Salaries and wages expense 44,304 Insurance expense 11,200 Interest expense 3,800 Utilities expense Repairs and maintenance expense 3,480 $261.134 $261,134 4,200 7,600 Additional information:...
The trial balance for Martinez Corp. on August 31 is as follows: Martinez Corp. Trial Balance...
The trial balance for Martinez Corp. on August 31 is as follows: Martinez Corp. Trial Balance August 31, 2020 Debit Credit Cash $5,100 Prepaid insurance 4,000 Supplies 2,000 Land 18,700 Buildings 146,000 Accumulated depreciation—buildings $21,024 Equipment 16,000 Accumulated depreciation—equipment 4,320 Accounts payable 4,500 Unearned rent revenue 4,950 Notes payable 78,000 Common shares 81,100 Retained earnings 4,450 Dividends 4,400 Rent revenue 69,000 Salaries and wages expense 42,254 Insurance expense 14,000 Interest expense 3,900 Utilities expense 7,500 Repairs and maintenance expense 3,490...
The trial balance for Blue Spruce Corp. on August 31 is as follows: Blue Spruce Corp....
The trial balance for Blue Spruce Corp. on August 31 is as follows: Blue Spruce Corp. Trial Balance August 31, 2020 Debit Credit $5.300 3,200 1.950 20.100 150.000 $21,600 14.000 Cash Prepaid insurance Supplies Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation equipment Accounts payable Unearned rent revenue Notes payable Common shares Retained earnings Dividends Rent revenue Salaries and wages expense Insurance expense Interest expense Utilities expense Repairs and maintenance expense 3.780 4,700 4,750 76,000 80,400 4,300 4,550 72,000 41.570 11.200...
Journalize the adjusting entries on May 31. The Whispering Winds Corp.opened for business on May 1,...
Journalize the adjusting entries on May 31.
The Whispering Winds Corp.opened for business on May 1, 2022. Its trial balance before adjustment on May 31 is as follows. Whispering Winds Corp. Trial Balance May 31, 2022 Credit Account Number 101 126 130 Debit $3,430 2,042 2,352 11,760 58,800 14,160 140 141 149 200 Cash Supplies Prepaid Insurance Land Buildings Equipment Notes Payable Accounts Payable Unearned Rent Revenue Common Stock Rent Revenue Advertising Expense Salaries and Wages Expense Utilities Expense 201...
Trial balance for Indigo Corporation on August 31 is follows: Trial Balance August 31, 2020 Debit...
Trial balance for Indigo Corporation on August 31 is follows: Trial Balance August 31, 2020 Debit Credit Cash $6,000 Prepaid insurance 3,200 Supplies 1.750 Land 19,500 Buildings 141,000 Accumulated depreciation-buildings $20,304 Equipment 14,000 Accumulated depreciation-equipment 3,780 Accounts payable 4,200 Unearned rent revenue Notes payable 76,000 Common shares 80.900 Retained earnings 4,750 Dividends 5,300 Rent revenue 67,000 Salaries and wages expense 44,304 Insurance expense 11,200 Interest expense 3,800 Utilities expense Repairs and maintenance expense 3,480 $261.134 $261,134 4,200 7,600 Additional information:...
The trial balance for Hanna Resort Limited on August 31 is as follows: Hanna Resort Limited...
The trial balance for Hanna Resort Limited on August 31 is as follows: Hanna Resort Limited Trial Balance August 31, 2020 Debit Credit Cash $ 6,700 Prepaid insurance 3,500 Supplies 1,800 Land 20,000 Buildings 142,000 Accumulated depreciation—buildings $ 20,448 Equipment 16,000 Accumulated depreciation—equipment 4,320 Accounts payable 4,800 Unearned rent revenue 4,600 Notes payable 77,000 Common shares 81,000 Retained earnings 4,680 Dividends 5,000 Rent revenue 68,002 Salaries and wages expense 43,200 Insurance expense 12,250 Interest expense 3,080 Utilities expense 7,720 Repairs...
The adjusted trial balance of Whispering Winds Corp. at December 31, 2017, includes the following accounts:...
The adjusted trial balance of Whispering Winds Corp. at December 31, 2017, includes the following accounts: Retained Earnings $16,680, Dividends $6,539, Service Revenue $37,549, Salaries and Wages Expense $13,817, Insurance Expense $1,796, Rent Expense $3,899, Supplies Expense $1,519, and Depreciation Expense $929. Prepare an income statement for the year. WHISPERING WINDS CORP. Income Statement
The trial balance for Novak Corp. on August 31 is as follows: Novak Corp. Trial Balance August 31, 2020 Debit Credit $6,900 3,000 1,950 21,300 141,000 $20,304 12,000 Cash Prepaid insurance Supplies Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation equipment Accounts payable Unearned rent revenue Notes payable Common shares Retained earnings Dividends 3,240 4,400 4,600 78,000 81,000 4,250 4,850 71,000 49,314 Rent revenue Salaries and wages expense Insurance expense Interest expense Utilities expense Repairs and maintenance expense 10,500 3,900 8,300...
Trial balance for Indigo Corporation on August 31 is follows: Trial Balance August 31, 2020 Debit Credit Cash $6,000 Prepaid insurance 3,200 Supplies 1.750 Land 19,500 Buildings 141,000 Accumulated depreciation-buildings $20,304 Equipment 14,000 Accumulated depreciation-equipment 3,780 Accounts payable 4,200 Unearned rent revenue Notes payable 76,000 Common shares 80.900 Retained earnings 4,750 Dividends 5,300 Rent revenue 67,000 Salaries and wages expense 44,304 Insurance expense 11,200 Interest expense 3,800 Utilities expense Repairs and maintenance expense 3,480 $261.134 $261,134 4,200 7,600 Additional information:...
The trial balance for Blue Spruce Corp. on August 31 is as follows: Blue Spruce Corp. Trial Balance August 31, 2020 Debit Credit $5.300 3,200 1.950 20.100 150.000 $21,600 14.000 Cash Prepaid insurance Supplies Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation equipment Accounts payable Unearned rent revenue Notes payable Common shares Retained earnings Dividends Rent revenue Salaries and wages expense Insurance expense Interest expense Utilities expense Repairs and maintenance expense 3.780 4,700 4,750 76,000 80,400 4,300 4,550 72,000 41.570 11.200...
Journalize the adjusting entries on May 31.
The Whispering Winds Corp.opened for business on May 1, 2022. Its trial balance before adjustment on May 31 is as follows. Whispering Winds Corp. Trial Balance May 31, 2022 Credit Account Number 101 126 130 Debit $3,430 2,042 2,352 11,760 58,800 14,160 140 141 149 200 Cash Supplies Prepaid Insurance Land Buildings Equipment Notes Payable Accounts Payable Unearned Rent Revenue Common Stock Rent Revenue Advertising Expense Salaries and Wages Expense Utilities Expense 201...
Trial balance for Indigo Corporation on August 31 is follows: Trial Balance August 31, 2020 Debit Credit Cash $6,000 Prepaid insurance 3,200 Supplies 1.750 Land 19,500 Buildings 141,000 Accumulated depreciation-buildings $20,304 Equipment 14,000 Accumulated depreciation-equipment 3,780 Accounts payable 4,200 Unearned rent revenue Notes payable 76,000 Common shares 80.900 Retained earnings 4,750 Dividends 5,300 Rent revenue 67,000 Salaries and wages expense 44,304 Insurance expense 11,200 Interest expense 3,800 Utilities expense Repairs and maintenance expense 3,480 $261.134 $261,134 4,200 7,600 Additional information:...
The adjusted trial balance of Whispering Winds Corp. at December 31, 2017, includes the following accounts: Retained Earnings $16,680, Dividends $6,539, Service Revenue $37,549, Salaries and Wages Expense $13,817, Insurance Expense $1,796, Rent Expense $3,899, Supplies Expense $1,519, and Depreciation Expense $929. Prepare an income statement for the year. WHISPERING WINDS CORP. Income Statement
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