Consider the unadjusted trial balance of Freight Line Transport at May 31, 2017, and the related...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Consider the unadjusted trial balance of Freight Line Transport at May 31, 2017, and the related month-end adjustment data. Freight Line Transport Trial Balance May 31, 2017 Account Cash Accounts receivable Prepaid rent Supplies Automobile Accumulated depreciation Accounts payable Salary payable Common stock Retained earnings Dividends Service revenue Salary expense Rent expense Fuel expense Depreciation expense Supplies expense Total Trial Balance Debit 7,400 1,440 5,500 1,700 84,500 4,100 3,250 Credit 3,300 4,990 4,200 74,700 10,500 16,800 111,190 111,190 Adjustment data at May 31, 2017: a. Accrued service revenue at May 31, $2,200. b. One-fifth of the prepaid rent expired during the month. c. Supplies on hand at May 31, $1,250. d. Depreciation on automobiles for the month, $800. e. Accrued salary expense at May 31 for one day only. The five-day weekly payroll is $1,100. Requirements: R1. Write the trial balance on a work sheet, and prepare the adjusted trial balance of Freight Line Transport at March 31, 2012. Key each adjusting entry by letter. R2. Prepare the income statement and the statement of retained earnings for the month ended May 31, 2017, and the balance sheet at that date. Consider the unadjusted trial balance of Freight Line Transport at May 31, 2017, and the related month-end adjustment data. Freight Line Transport Trial Balance May 31, 2017 Account Cash Accounts receivable Prepaid rent Supplies Automobile Accumulated depreciation Accounts payable Salary payable Common stock Retained earnings Dividends Service revenue Salary expense Rent expense Fuel expense Depreciation expense Supplies expense Total Trial Balance Debit 7,400 1,440 5,500 1,700 84,500 4,100 3,250 Credit 3,300 4,990 4,200 74,700 10,500 16,800 111,190 111,190 Adjustment data at May 31, 2017: a. Accrued service revenue at May 31, $2,200. b. One-fifth of the prepaid rent expired during the month. c. Supplies on hand at May 31, $1,250. d. Depreciation on automobiles for the month, $800. e. Accrued salary expense at May 31 for one day only. The five-day weekly payroll is $1,100. Requirements: R1. Write the trial balance on a work sheet, and prepare the adjusted trial balance of Freight Line Transport at March 31, 2012. Key each adjusting entry by letter. R2. Prepare the income statement and the statement of retained earnings for the month ended May 31, 2017, and the balance sheet at that date.
Expert Answer:
Related Book For
Financial Accounting
ISBN: 978-0134127620
11th edition
Authors: Walter Harrison, Charles Horngren, William Thomas, Wendy Tietz
Posted Date:
Students also viewed these accounting questions
-
At December 31, the unadjusted trial balance of H& R Tacks reports Equipment of $ 30,000 and zero balances in Accumulated Depreciation Equipment and Depreciation Expense. Depreciation for the period...
-
On December 31, the unadjusted trial balance of Masterson Employment Agency shows the following selected data: Accounts receivable ............. $24,000 ................... Cash .......... $ 7,600...
-
The unadjusted trial balance of Overland Trekkers appears below: Additional information at September 30, 2017: a. The business had sales that were not recorded yet in the amount of $840. It must...
-
Show that for an integer n > 2, the period of the decimal expression for the rational number is at most n - 1. Find the first few values of n for which the period of - is equal ton- 1. Do you notice...
-
How might online attacks actually help corporations in the long run? In the pre-Internet days, disgruntled employees and customers wrote letters of complaint to corporate management or to the editors...
-
List and describe six main techniques used to gather audit evidence.
-
For the following observed and expected frequencies: a. Compute the value of X2. b. How many degrees of freedom are there? c. Test the hypothesis that the distribution of the observed frequencies is...
-
Equity method entries. Hanna Company purchased 100% of the common stock of Denver Company on January 2 for $550,000. The common stock of Denver Company at this date was $200,000, and the retained...
-
Haminder has just been hired at a new job and is planning to pay off his credit card debt of $20,000. He plans to make equal monthly payments for 48 months, starting next month. His bank has quoted...
-
The 50-lb plate ABCD is attached at A and D to collars that can slide on the vertical rod. Knowing that the coefficient of static friction is 0.40 between both collars and the rod, determine whether...
-
6-7 Given A and b to the right, write the augmented matrix for the linear system that corresponds to the matrix equation Ax=b. Then solve the system and write the solution as a vector. -2 -2 4b= 16...
-
How would your answers change to exercises I through S if you were developing for a global marketplace?
-
How can you keep your customers engaged with your social media sites?
-
What do you think are three common mistakes that novice analysts make in navigation design?
-
What do you think are three common mistakes that novice analysts make in input design?
-
What do you think are three common mistakes that novice analysts make in output design?
-
The simplest account structure is shaped like the letter T . The account title and account number appear above the T. Debits (abbreviated Dr.) always go on the left side of the T, and credits...
-
Read the following description and Write a response of it. The discretion of public administrators can be decreased, but not altogether eliminated. Officials will use their discretion in any given...
-
Bargain Hut Corporation operates general merchandise and food discount stores in the United States. The company reported the following information for the three years ending February 28, 2015:...
-
The cash data of Duffy Automotive for July 2016 follow: Duffy Automotive received the following bank statement on July 31, 2016: Additional data for the bank reconciliation include the following: a....
-
Hughes Foods completed the following selected transactions. 2016 Oct 31 Sold goods to BiLo's Foods, receiving a $36,000, three-month, 4.5% note. (You do not need to make the cost of goods sold...
-
The following events occurred during the first month of business of Hair Affair Pty Ltd, Kate Browns hairdressing salon: 1. issued shares to shareholders in exchange for \($20\) 000 cash 2. purchased...
-
How does journalising differ from posting?
-
On 5 January, the day of her successful grand opening of Hair Affair Pty Ltd, Kate Brown collected \($2280\) in cash for hair styling services, and paid \($400\) in wages and \($92\) for rent. Kate...
Study smarter with the SolutionInn App