Homework Answers
Adjusted Trial Balance for 31st December, 2018
| Particulars | Dr | Particulars | Cr |
| Cash | 13,500 | Accounts payable | 22,000 |
| Accounts receivable | 10,800 | Notes payable | 25,000 |
| Supplies | 10,000 | Unearned service revenue | 3,000 |
| Prepaid insurance | 600 | Share Capital - Ordinary | 60,000 |
| Land | 80,000 | Rent revenue | 20,000 |
| Equipment | 38,000 | Service revenue | 40,000 |
| Consumption | 13,000 | Dividend payable | 22,000 |
| Insurance | 600 | ||
| Interest | 1,500 | ||
| Depreciation | 2,000 | ||
| Dividend | 22,000 | ||
| TOTAL | 192,000 | 192,000 |
Calculations
1. RM 13000 has been reduced from inventory and booked as consumption
2. 1 year insurance expense for 2018 has been booked as expense and reduced from prepaid - 1200/2
3. Interest on notes payable has been as expense and subsequently reduced from cash - 6% *25000
4. Depreciation on equipment charged as expense and reduced from equipment - 5% X 40000
5. 5000 (8000-3000) has been added in revenue and reduced from Unearned revenue
6. Dividend expense and payable have been booked
2 Deferrals
Prepaid insurance and Unearned revenue as expense and income booking have been deferred for future
Depreciation and dividend
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DECEMBER 31, 2017
Unadjusted
Adjusted
Dr.
Cr.
Dr.
Cr.
Cash
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$13,560
Accounts Receivable
16,310
19,286
Supplies
9,610
6,495
Prepaid Insurance
3,870
2,247
Equipment
60,700
60,700
Accumulated Depreciation-Equipment
$26,150
$30,850
Notes Payable
8,700
8,700
Accounts Payable
1,800
1,800
Interest Payable
0
609
Unearned Service Revenue
4,800
2,864
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Accounts payable $10,000 Accounts receivable 20,000 Notes payable
9,000 Prepaid insurance 15,000 Accumulated depreciation—Equipment
14,000 Equipment 35,000 Service revenue 29,000 Depreciation expense
7,000 Common stock 10,000 Dividends 1,500 Retained earnings 14,000
Advertising expense 1,400 Unearned service revenue 16,000 Rent
expense 800 Salaries and wages expense 12,000 Insurance expense
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2015. Presented below are both the adjusted and unadjusted trial
balances as of December 31, 2017.
WHISPERING ADVERTISING
TRIAL BALANCE
DECEMBER 31, 2017
Unadjusted
Adjusted
Dr.
Cr.
Dr.
Cr.
Cash
$13,560
$13,560
Accounts Receivable
16,310
19,286
Supplies
9,610
6,495
Prepaid Insurance
3,870
2,247
Equipment
60,700
60,700
Accumulated Depreciation-Equipment
$26,150
$30,850
Notes Payable
8,700
8,700
Accounts Payable
1,800
1,800
Interest Payable
0
609
Unearned Service Revenue
4,800
2,864
Salaries and Wages Payable...
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