A partially completed worksheet for Home Auto Detailing Service, a firm that details cars and vans, follows
Question:
INSTRUCTIONS
1. Record balances as of December 31 in the ledger accounts.
2. Prepare the worksheet.
3. Journalize (use 3 as the journal page number) and post the adjusting entries. Use account number 131 for Prepaid Advertising and the same account numbers for all other accounts shown on page 186 for Wells Consulting Services chart of accounts.
4. Journalize (use 4 as the journal page number) and post the closing entries.
5. Prepare a postclosing trial balance.
Analyze: What total debits were posted to the general ledger to complete all closing entries for the month ofDecember?
Home Auto Detalling Service Worksheet Month Ended December 31, 2016 TRIAL BALANCE ADJUSTMENTS ACCOUNT NAME DEBIT CREDIT DEBIT CREDIT Cash Accounts Receivoble Supplies Prepaid Advertising Equipmemt Accumulated Depreciation Equipment Accounts Payable Clifton Dovis, Capital Clijton Dovis, Drawing Fees Income Salares Expense Utiities Expense Supplies Expense 32 05 0 00 5 450 00 δ1 01010100 4 000 00 21 000 00 (a) 2 100 00 b) 190 00 (c580 00 60|0| 0100 45 5 00 00 3 0 00 00 26 600 o0 5 8 0 0 00 800 00 Advertising Expense Depreciation ExenseEquipment Totals (a) 2 10 0 00 (b) 1 90o 00 (c) 5 8o 78 1000078 100 00 580 00 58 0 00 ADJUSTED TRIAL BALANCE INCOME STATEMENT BALANCE SHEET CREDIT DEET 93 40a 00 13 000 00 CREDIT DEBIT 93 400 00 13 00000 oo00 28 00000 85 000 0 4600 00 28: 00000 85 000 00 400 00 13 000 00 142) 이 00:00 3 4 00 00 13 000 00 142 00000 400 00 103 5 0o 0 103 50 0 00 400100 400 00 400 00 15 400 00 300100 261 9 00100 40 0 00 155410000 2 300 00 261 900 0028 50000 75 000 00 103 50 0 00 103 50 0o 233 4ooo 158 400 00 75 000 00 233 4 00 00 103 5 00 233 400 00
Step by Step Answer:
Home Auto Detailing Service Worksheet Month Ended December 31 2016 TRIAL BALANCE ADJUSTMENTS ACCOUNT NAME DEBIT CREDIT DEBIT CREDIT 1 Cash 32 0 5 0 00 2 Accounts Receivable 5 4 5 0 00 3 Supplies 6 0 0 ...View the full answer
College Accounting A Contemporary Approach
ISBN: 978-0077639730
3rd edition
Authors: David Haddock, John Price, Michael Farina
Related Video
A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
Students also viewed these Accounting questions
-
A partially completed worksheet for Nationwide Auto Detailing Service, a firm that details cars and vans, follows on page 178. INSTRUCTIONS 1. Record balances as of December 31 in the ledger...
-
A partially completed worksheet for Scott Wilson, CPA, for the month ending June 30, 2013, is shown below. INSTRUCTIONS 1. Record the balances as of June 30 in the ledger accounts. 2. Prepare the...
-
The condensed balance sheets as of December 31 for Rice and Associates and Rachel Excavation are as follows: As of December 31, the market values of Rachels inventories and property, plant, and...
-
Question 1 of 5 Which statement best illustrates Crusoe's reasons for teaching Friday about his religion? OA. He does not see Friday as a savage but as a soul worthy of saving. B. He thinks Friday...
-
Refer to Exercise 10.20. a. Convert the frequency responses to percentages by calculating the percentage of each column total falling in each row. Also convert the row totals to percentages of the...
-
The pdf of X is f(x) = c/x2, 1 < x < . (a) Calculate the value of c so that f(x) is a pdf. (b) Show that E(X) is not finite
-
Explain the idea behind the following heuristics: most-constrained variable most-constraining variable least-constraining variable min-conflicts
-
Tower Interiors has made the forecast of sales shown in the following table. Also given is the probability of each level of sales. Sales Probability $200,000 ........ 0.20 300,000 ......... 0.60...
-
1. Perform encryption and decryption using the RSA algorithm for p=3, q=5, e=7, d=3, M=13, where p, q are two prime numbers used to generate modulus n, e is the public key component, d is the private...
-
Following are separate financial statements of Michael Company and Aaron Company as of December 31, 2013 (credit balances indicated by parentheses). Michael acquired all of Aarons outstanding voting...
-
On December 31, after adjustments, Gomez Companys ledger contains the following account balances: 101 Cash .................$47,200 Dr. 111 Accounts Receivable .......... 17,800 Dr. 121 Supplies...
-
Sanford Cleaning and Maintenance, owned by Fred Sanford, provides cleaning services to hotels, motels, and hospitals. On January 31, 2016, the firms worksheet showed the following adjustment data....
-
Which of the following taxpayers may use the standard mileage method of calculating transportation costs? a. A taxi driver who owns a fleet of six cars for hire b. A taxpayer who used accelerated...
-
BMI3C- Marketing Fads The fad for this activity is: Furby (kids toy) Complete the following: 1. Name the fad and provide a description. 2. Provide a clip of the fad, which talks about the furby 3....
-
Which of the following questions should be considered when developing a corporation's financial plan? 1. How much net working capital will be needed? II. Will additional fixed assets be required?...
-
This is an in-class activity Each student will present his/her work to the class A hospital ABC is migrating their applications and servers to public cloud and are planning to use Amazon as their...
-
In regard to objectives & issues in a marketing plan, what are Walmart's current issues that it faces in meeting its objectives....Please provide sources..... here are a few paragraphs describing...
-
Troy Engines, Ltd., manufactures a variety of engines for use in heavy equipment. The company usually produces all of the necessary parts for its engines, including all of the carburetors. An outside...
-
If you have ever tried to take a family photo, you know that it is very difficult to get a picture in which no one is blinking. It turns out that the probability of an individual blinking during a...
-
APC16550D UART has a clock running at18.432 MHz and its baud rate is set to 2000.Determine the HEX contents of its DLM and DLL registers. Please can you explain step by step and in detail how you get...
-
A random walk occurs when: a. Stock price changes are random but predictable. b. Stock prices respond slowly to both new and old information. c. Future price changes are uncorrelated with past price...
-
Restful Sleep Mattress Company is planning to expand into selling bedroom furniture. This expansion will require a loan from the bank. The bank has requested financial information. Discuss, in a...
-
What is the fundamental accounting equation?
-
How is net income determined?
-
How do advanced indexing techniques, such as B-trees, hash indexing, and bitmap indexes, improve query performance in RDBMS, and what factors should be considered when choosing the appropriate...
-
Assume that CAPM holds. You are given the following information about stock X and the market portfolio, M: E(r) Riskless Asset (f) 0.05 (5%) 0.00 Stock X ? 0.40 Market Portfolio 0.10 0.20 (M) You are...
-
On January 1, 2024, Taco King leased retail space from Fogelman Properties. The 10-year finance lease requires quarterly variable lease payments equal to 3% of Taco King's sales revenue, with a...
Study smarter with the SolutionInn App