Consider the unadjusted trial balance of Fabuloso, Inc. at December 31, 2016, and the related month-end...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Consider the unadjusted trial balance of Fabuloso, Inc. at December 31, 2016, and the related month-end adjustment data. O (Click the icon to view the month-end adjustment data.) Requirements 1. Using the worksheet, prepare the adjusted trial balance of Fabuloso, Inc. at December 31, 2016. The unadjusted balances have been entered for you. Key each adjusting entry by letter. 2. Prepare the single-step monthly income statement, the statement of retained earnings, and the classified balance sheet. Requirement 1. Using the worksheet, prepare the adjusted trial balance of Fabuloso, Inc., at December 31, 2016. The unadjusted balances have been entered for you. Key each adjusting entry by letter. Calculate the total debits and credits. Then calculate the adjusted balance of each account and total the debit and credit columns in the adjusted trial balance. Fabuloso, Inc. Trial Balance Work Sheet December 31, 2016 Trial Balance Adjustments Choose from any list or enter any number in the input fields and then continue to the next question. ? a 10:29 PM 底 ) 6/21/2017 hp More Info Adjustment data at December 31, 2016: a. Accrued service revenue at December 31, $2,550. b. Prepaid rent expired during the month. The unadjusted prepaid balance of $1,200 relates to the period December 1, 2016 through February 28, 2017. c. Supplies used during December, $1,400. d. Depreciation on furniture for the month. The estimated useful life of the furniture is five years. e. Accrued salary expense at December 31 for Monday, Tuesday and Wednesday. The five-day weekly payroll of $26,000 will be paid on Friday. Consider the unadjusted trial balance of Fabuloso, Inc. at December 31, 2016, and the related month-end adjustment data. O (Click the icon to view the month-end adjustment data.) Requirements 1. Using the worksheet, prepare the adjusted trial balance of Fabuloso, Inc. at December 31, 2016. The unadjusted balances have been entered for you. Key each adjusting entry by letter. 2. Prepare the single-step monthly income statement, the statement of retained earnings, and the classified balance sheet. Requirement 1. Using the worksheet, prepare the adjusted trial balance of Fabuloso, Inc., at December 31, 2016. The unadjusted balances have been entered for you. Key each adjusting entry by letter. Calculate the total debits and credits. Then calculate the adjusted balance of each account and total the debit and credit columns in the adjusted trial balance. Fabuloso, Inc. Trial Balance Work Sheet December 31, 2016 Trial Balance Adjustments Choose from any list or enter any number in the input fields and then continue to the next question. ? a 10:29 PM 底 ) 6/21/2017 hp More Info Adjustment data at December 31, 2016: a. Accrued service revenue at December 31, $2,550. b. Prepaid rent expired during the month. The unadjusted prepaid balance of $1,200 relates to the period December 1, 2016 through February 28, 2017. c. Supplies used during December, $1,400. d. Depreciation on furniture for the month. The estimated useful life of the furniture is five years. e. Accrued salary expense at December 31 for Monday, Tuesday and Wednesday. The five-day weekly payroll of $26,000 will be paid on Friday.
Expert Answer:
Answer rating: 100% (QA)
Adjusting Entries 31Dec16 Debit Credit Accounts Receivables 2550 Service Revenue 2550 Rent Expense 4... View the full answer
Related Book For
Horngrens Accounting
ISBN: 978-0133855371
10th Canadian edition Volume 1
Authors: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo-Ann L. Johnston, Peter R. Norwood
Posted Date:
Students also viewed these accounting questions
-
The following information is provided for Restoration, Inc. at December 31, 2016: Monthly Account Balances (in thousands of dollars) Accounts payable Balance $ 7,750 Accounts receivable 6,440 Accrued...
-
Accounts with balances that are carried over to future years.is a - expense account b- withdrawal account c-permanent account d temporary account This trial balance is created after adjusting journal...
-
A manufacturing company reports the following for the period: Beginning $ 19,120 Inventories Raw materials Work in process Finished goods 10,500 13,560 Activities for the period Raw materials...
-
A square duct, 30 cm by 30 cm, is maintained at a constant temperature of 30oC and an airstream of 50oC and 1 atm is forced across it with a velocity of 6 m/s. Calculate the heat gained by the duct....
-
Name two things that are positively correlated and two things that are negatively correlated.
-
This is a more difficult but informative problem. James Brodrick & Sons, Inc. is growing rapidly and, if at all possible, would like to finance its growth without selling new equity. Selected...
-
Using SAM, estimate the levelized cost for a central receiver solar power plant with \(10 \mathrm{~h}\) of storage in Phoenix, AZ, similar to the one shown in Figure 8.30. Assume that the receiver is...
-
Chekov Corporation's balance sheet at the end of 2011 included the following items. The following information is available for 2012.1. Net income was $55,000.2. Equipment (cost $20,000 and...
-
Stanford Metal Works produces two types of metal lamps. Stanford manufactures 17,500 basic lamps and 6,160 designer lamps. Its activity-based costing system uses two indirect-cost pools. One cost...
-
Alexander Smith and his wife Allison are married and file a joint tax return for 2021. The Smiths live at 1234 Buena Vista Drive, Orlando, FL 32830. Alexander is a commuter airline pilot but took 6...
-
A companys cash position follows arithmetic Brownian motion with = 2 per quarter. With an initial cash position of 2.28 at the beginning of a year, the company has a 14.23% probability of being in a...
-
Amaze Corp. ended 2020 with shareholders' equity of $620 million. It ended the prior 2019 with $450 million shareholders' equity. Amaze corp. reported $200 million of comprehensive income for 2020....
-
Wong Exporters purchased an $89,000 truck that belongs in CCA class 10 (a 30% class). The company has a marginal tax rate of 33% and a discount rate of 12%. After 3 years, the company expects to sell...
-
Q: Suggest one policy to improve the capital market of Bangladesh with justification. Q:Differentiate between the activities of Mutual Funds and Hedge Funds. Q:Differentiate between Foreign bonds and...
-
Oftentimes, managers perceive it as an attractive strategic decision to pursue the acquisition of another company. However, evidence suggests that stock prices of acquiring companies often drop after...
-
Your clients Sabine and Pavel live in a downtown condominium building near the lake. They pay monthly mortgage payments of $2,000 plus a condo fee of $450. They also pay $300 per month in property...
-
Tillman Company values its inventory, shown below, at the lower of cost or market. Compute Tillman's inventory value using ( 1 ) the item - by - item method and ( 2 ) the major category method. Per...
-
Would you use the adjacency matrix structure or the adjacency list structure in each of the following cases? Justify your choice. a. The graph has 10,000 vertices and 20,000 edges, and it is...
-
Ink Jet Printing reported the following partial list of accounts: 1. Identify the assets (including contra assets) and liabilities. 2. Classify each asset and each liability as current or long term....
-
Describe the similarities and differences between an account payable and a short-term note payable.
-
Following are five pertinent facts about events during the current year at Babcock's Fly and Tackle, a Manitoba fisheries supply company: a. Sales of $911,000 were covered by Babcock's Fly and...
-
The cable has a mass of \(0.5 \mathrm{~kg} / \mathrm{m}\) and is \(25 \mathrm{~m}\) long. Determine the vertical and horizontal components of force it exerts on the top of the tower. B 30 15 m
-
The beams \(A B\) and \(B C\) are supported by the cable that has a parabolic shape. Draw the shear and moment diagrams for members \(A B\) and \(B C\). The hanger at \(B\) is attached to member \(A...
-
A cable has a weight of \(3 \mathrm{lb} / \mathrm{ft}\) and is supported at points that are \(500 \mathrm{ft}\) apart and at the same elevation. If it has a length of \(600 \mathrm{ft}\), determine...
Study smarter with the SolutionInn App