The account balances (after adjustments) from the general ledger of Winterholt Company at September 30, 2021, follow
Question:
The account balances (after adjustments) from the general ledger of Winterholt Company at September 30, 2021, follow in alphabetical order. All accounts have normal balances.
a. Prepare an adjusted trial balance.
b. Beside each account, identify whether it is an asset (A), liability (L), capital (C), drawing (D), revenue (R), or expense (E).
c. Beside each account, identify whether it should be included on the income statement (IS), statement of owner?s equity (OE), or balance sheet (BS).
Balance SheetBalance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Accounts payable Accounts receivable Accumulated depreciation-equipment Cash Depreciation expense Equipment Prepaid rent Rent expense Salaries expense Salaries payable Service revenue Unearned revenue W. Winterholt, capital W. Winterholt, drawings $ 1,560 12,215 875 48,450 840 16,150 21,000 $ 2,890 6,050 6,400 1,100 3,100 29,800 780
Step by Step Answer:
Debit Credit Cash Accounts receivable Prepaid rent Equipment Accumulated depreciatio...View the full answer
Accounting Principles Volume 1
ISBN: 978-1119502425
8th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
Related Video
Unearned revenue is money received by an individual or company for a service or product that has yet to be provided or delivered. It can be thought of as a \"prepayment\" for goods or services that a person or company is expected to supply to the purchaser at a later date. As a result of this prepayment, the seller has a liability equal to the revenue earned until the good or service is delivered. This liability is noted under current liabilities, as it is expected to be settled within a year.
Students also viewed these Business questions
-
Prepare an adjusted trial balance for Nature Valley Cleaners as at June 30, 2017. Assume that all accounts have their normal balances. Accounts payable...
-
The following data were taken from the general ledger of Thornton Merchandisers on January 31, the end of the first month of operations in the current fiscal year: Merchandise inventory, January 1 ....
-
The following data were taken from the general ledger of Donald Merchandisers on January 31, the end of the first month of operations in the current fiscal year: Merchandise inventory, January 1 . ....
-
Introduction to Accounting An Integrated Approach EighthEdition Chapter 5 P5.10 P5.10 Engelhaupt Company is considering a switch to JIT. It has gathered the following data: In addition, Engelhaupt...
-
Solve Prob. 10.19 using PSpice. In Problem 10.19 j2 12/ory 4 0.2Vo
-
In zero-shot learning, the model observes test samples from classes that were not observed during training, and needs to predict the category they belong to. Formally, the training data has a label...
-
Plaintiff purchased stain and paint from defendant that, upon application, presented significant issues: discoloration and cracking. These issues became apparent 30 days after receipt of the...
-
The trial balance of Avtar Sandhu Co. shown below does not balance. Each of the listed accounts has a normal balance per the general ledger. An examination of the ledger and journal reveals the...
-
Eyeone and SafetyTwo are a cournot duopoly. Inverse demand function of P=160-2Q where total output is Q=Q1+Q2, Eyeone (Q1) SafetyTwo(Q2). Monthly cost is estimated as C=4Q for both. Eyeone is...
-
Complex wave vectors in the energy gap find an expression for the imaginary part of the wave vector in the energy gap at the boundary of the first Brillouin zone, in the approximation that led to Eq....
-
Trenton Company?s fiscal year end is December 31. On January 31, 2021, the company?s partial adjusted trial balance shows the following: Instructions a. If $1,600 was received in January for services...
-
Shek Enterprises is owned by Memphis Shek and has a December 31 fiscal year end. The company prepares adjusting entries on an annual basis. Some additional information follows: 1. A one-year...
-
How do you evaluate a ratio for a specific year?
-
Tammy Faye Jones owned three passive activities in 2019 (she had no suspended losses prior to 2019): How much is her passive loss deduction (against nonpassive income) and suspended loss for each...
-
Charles Adams, who is single, retired on March 3, 2019, at the age of 65. For the year 2019, he receives the following income: What is Charles' modified AGI? What amount, if any, of his Social...
-
Return to the bicycle manufacturer NatBike in Exercise 6. Assume that the plant has a capacity of 20,000 bicycles. If additional capacity can be added at a cost of $25 per bicycle, how should NatBike...
-
A married couple with two children has earned income of $30,000 with no withholding. Assume they have a taxable income of $100, they paid $2,295 in FICA taxes, and they will receive an earned income...
-
A married couple with two children has $16,000 of earned income. What is the amount of their child and family tax credit?
-
In a stunt being filmed for a movie, a sports car overtakes a truck towing a ramp, drives up and off the ramp, soars into the air, and then lands on top of a flat trailer being towed by a second...
-
A stock has had returns of 8 percent, 26 percent, 14 percent, 17 percent, 31 percent, and 1 percent over the last six years. What are the arithmetic and geometric average returns for the stock?
-
During 2016, Commercial Inc. purchased equity securities held for trading purposes. At December 31, 2016, the securities for Commercial Inc. were as follows: The following transactions with respect...
-
Pepper Corporation, a public company, reported the following on its July 31, 2016, balance sheet. Long-term investments at fair value through other comprehensive income Hegal Ltd. (5,000 common...
-
On January 2, 2017, Hadley Inc., which reports under IFRS, purchased shares of Letourneau Corp. for $10 a share. Hadley intends to hold these shares as a long-term investment. During 2017, Letourneau...
-
how would you order if you have forecasted demand mean and standard deviation of the forecasted demand? and what is the meaning of forecasted demand minus standard deviation of the demand ? how to...
-
Reflect on a time you have seen language interfere with a message either at work, school or in your personal life. How might a change in the formality, simplicity, or reduction in redundancy have...
-
1. A 2 0 - year, 6 . 5 percent coupon bond pays interest annually. The bond has a face value of $ 1 , 0 0 0 . What is the percentage change in the price of this bond if the market yield to maturity...
Study smarter with the SolutionInn App