FRED SCHWARTZ DANCE STUDIO, INC. Trial Balance December 31, 2002 Debits Credits Cash....................................................................................... $ 10,800 Clients fees
Question:
FRED SCHWARTZ DANCE STUDIO, INC.
Trial Balance
December 31, 2002
Debits Credits
Cash....................................................................................... $ 10,800
Client’s fees receivable.......................................................... 58,000
Supplies.................................................................................. 7,000
Prepaid studio rent................................................................. 5,000
Studio equipment................................................................... 96,000
Accumulated depreciation: studio equipment....................... $ 45,000
Accounts payable................................................................... 7,000
Notes payable........................................................................ 25,000
Interest payable...................................................................... 500
Unearned client fees.............................................................. 10,000
Income taxes payable............................................................. 3,000
Capital stock.......................................................................... 70,000
Client fees earned.................................................................. 87,000
Supply expense...................................................................... 6,000
Salary expense....................................................................... 19,000
Interest expense .................................................................... 500
Studio rent expense............................................................... 26,000
Utilities expense..................................................................... 4,200
Depreciation expense: studio equipment............................... 9,000
Income taxes expense............................................................ 6,000 ________
$247,500 $247,500
Other data
Supplies on hand at December 31, 2002, total $2,500.
The studio pays rent quarterly (every 3 months). The last payment was made November 1, 2002. The next payment will be made early in February 2003.
Studio equipment is being depreciated over 96 months (8 years).
$250 Interest is yet to be paid.
At December 31, 2002, $4,000 of previously unearned client fees had been earned.
Accrued, but unrecorded and uncollected client fees earned total $700 at Dec 31
Accrued, but unrecorded and unpaid salary expense totals $900 at December 31.
Required: 1) Prepare a 10-column work sheet utilizing the trial balance and adjustments shown above. .2) Also adjusting and closing entries
Expert Answer:
1 Fred Shwartz Dance Studio Worksheet Unadjusted Trial Balance Adjustments Adjusted Trial Balance In... View the full answer
Governmental and Nonprofit Accounting
ISBN: 978-0132751261
10th edition
Authors: Robert Freeman, Craig Shoulders, Gregory Allison, Robert Smi
