The trial balances before and after adjustment for Lane Company at October 31, 2024, which is the
Question:
The trial balances before and after adjustment for Lane Company at October 31, 2024, which is the end of its fiscal year, are as follows:
Instructions
a. Prepare the adjusting entries that were made.
b. Prepare Lane Company’s income statement, statement of owner’s equity, and balance sheet.
Cash Accounts receivable Supplies Prepaid insurance Equipment Accumulated depreciation-equipment Accounts payable Salaries payable Interest payable Unearned revenue Notes payable E. Lane, capital E. Lane, drawings Service revenue Depreciation expense Insurance expense Interest expense Rent expense Salaries expense Supplies expense Totals Before Adjustment Debit $ 9,100 8,700 2,450 3,775 34,100 10,000 0 0 1,500 15,000 17,000 0 $101,625 Credit $ 3,525 5,900 0 0 1,600 40,000 5,600 45,000 $101,625 After Adjustment Debit $ 9,100 9,230 710 2,525 34,100 10,000 2,275 1,250 2,000 15,000 18,125 1,740 $106,055 Credit $ 5,800 5,900 1,125 500 900 40,000 5,600 46,230 $106,055
Step by Step Answer:
a b Oct 31 Oct 31 Supplies Expense 2450 710 Supplies To ...View the full answer
Accounting Principles Volume 1
ISBN: 9781119786818
9th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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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
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