P4-2B. Given the following trial balance and adjustment data for The Debbie Rose Art Studio of...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
P4-2B. Given the following trial balance and adjustment data for The Debbie Rose Art Studio of Richmond, your task is to prepare a worksheet for the month of November, the first month of operations in a new fiscal year. Cash Accounts Receivable Prepaid Rent Painting Supplies Studio Equipment THE DEBBIE ROSE ART STUDIO TRIAL BALANCE NOVEMBER 30, 2021 Accumulated Depreciation, Studio Equipment Accounts Payable Debbie Rose Allen, Capital Painting Revenue Advertising Expense Utilities Expense Wages Expense Totals Dr. 381300 282000 85000 92100 598500 Cr. 199500 178800 582800 781600 51000 27800 225000 1742700 1742700 Adjustment Data a. Painting supplies on hand, $595. b. Prepaid rent represents the first and last months' rent on a new office lease signed November 1, 2018. c. Depreciation on studio equipment is based on straight-line, five-year life and a residual value of $480. d. Wages earned but unpaid amounted to 24.5 hours at $10 per hour. P4-2B. Given the following trial balance and adjustment data for The Debbie Rose Art Studio of Richmond, your task is to prepare a worksheet for the month of November, the first month of operations in a new fiscal year. Cash Accounts Receivable Prepaid Rent Painting Supplies Studio Equipment THE DEBBIE ROSE ART STUDIO TRIAL BALANCE NOVEMBER 30, 2021 Accumulated Depreciation, Studio Equipment Accounts Payable Debbie Rose Allen, Capital Painting Revenue Advertising Expense Utilities Expense Wages Expense Totals Dr. 381300 282000 85000 92100 598500 Cr. 199500 178800 582800 781600 51000 27800 225000 1742700 1742700 Adjustment Data a. Painting supplies on hand, $595. b. Prepaid rent represents the first and last months' rent on a new office lease signed November 1, 2018. c. Depreciation on studio equipment is based on straight-line, five-year life and a residual value of $480. d. Wages earned but unpaid amounted to 24.5 hours at $10 per hour.
Expert Answer:
Answer rating: 100% (QA)
THE DEBBIE ROSE ART STUDIO WORKSHEET FOR THE MONTH ENDED NOVEMBER 30 2021 ACCOUNTS DEBIT CREDIT Cash 381300 Accounts Receivable 282000 Prepaid Rent 17... View the full answer
Related Book For
College Accounting A Practical Approach
ISBN: 978-0132564441
11th Canadian Edition
Authors: Jeffrey Slater, Brian Zwicker
Posted Date:
Students also viewed these accounting questions
-
Given the following trial balance and adjustment data for The Debbie Rose Art Studio of Richmond, your task is to prepare a worksheet for the month of November, the first month of operations in a new...
-
Given the following trial balance and adjustment data for Lauras Screen Printing Service of Richmond, your task is to prepare a worksheet for the month of November, the first month of operations in a...
-
Madison Company and Orwell Corporation are competitors. Compare the two companies by converting their condensed income statements to common-size statements. Which company earned more net income?...
-
Why is scheduling fairly simple for repetitive systems but fairly complex for job shops?
-
Every company faces a variety of pure risks that can have serious financial consequences if a loss occurs. For each of the following threats, identify the category of risk. Explain your answer. a....
-
a. Are the quadratic terms important? Consider a linear model of LNEXPENSES on 12 explanatory variables. For the explanatory variables, include assets, GROUP, both versions of losses and gross...
-
Magness Delivery Service completed the following transactions during December 2016: Dec. 1 Magness Delivery Service began operations by receiving 510,000 cash and a truck with a fair value of $20,000...
-
Current Attempt in Progress Presented here are the financial statements of Metlock Company. Metlock Company Comparative Balance Sheets December 31 Assets 2022 2021 Cash $37,000 $20,500 Accounts...
-
Fenton Ltd is a manufacturing organisation supplying specialised engineered products to a wide range of public and private sector throughout the UK. You are a trainee in the finance office recently...
-
In a gambling game, the player has $ 4. In each game he wins $ 1 with probability 0.70, while losing $ 2 with probability 0.30. The player quits the game if he loses his capital of $ 4 or wins at...
-
The cost structure (%) of an article with a selling price of 45,000 is as follows: An increase of 15 per cent in the cost of material and of 25 per cent in the cost of labour is anticipated. These...
-
A manufacturer can sell part of the output of process 1 as it is or process it further in process 2. What cost are relevant in a decision to sell it as it is or to process it further? What costs are...
-
A company wants to purchase a plant for its expanding operations. The desired plant is available at 3,00,000 in cash or 4,50,000 to be paid in 5 equal annual instalments due at the end of each year....
-
The Libby Oil Corporation incurs unproved property (Lease A) costs of $60,000 on April 1, 2018. An 8% loan is obtained on April 1, 2018 for $500,000 to finance a drilling program. Libby started a...
-
A company is planning to purchase a machine to meet the increased demand for its products in the market. The machine costs 50,000 and has no salvage value. The expected life of the machine is 5...
-
Here is some information about Stokenchurch Incorporated Beta of common stock - 1.2 Treasury bill rate=4% Market risk premium - 6.5% Yield to maturity on long-term debt = 7% Book value of equity =...
-
Assume today is the 21st of February. Using the information below, FT Extract, answer the following questions (parts i and ii). You work for a US company that is due to receive 250 million in June...
-
Dave Chan has asked you to prepare a balance sheet as of April 30, 2013, for Chans Database Service of Orillia. Dave Chan, Capital Accounts Payable Equipment $49,000 Building 27,000 Cash 26,000...
-
Given the following, calculate net sales and net purchases: Gross sales Sales returns and allowances Sales discounts $50 Gross purchases $46 4 2 Purchase returns and allowance 8 2 Purchase discounts
-
(Alternative to 8C-2) Assume the following gross earnings for the employees of Waylon Company of Thunder Bay for the third week of February. Other information remains the same as in 8C-2. Cheque...
-
A hiker is helping a friend up a hill that makes an angle of \(30^{\circ}\) with level ground. The hiker, who is farther up the hill, is pulling on a cable attached to his friend. The cable is...
-
While designing a conveyor belt system for a new airport, you determine that, when a typical suitcase is moving up an incline of \(20^{\circ}\), the magnitude of the maximum forward acceleration a...
-
In the diagrams in Figure 10. 22, the velocity of an object is given along with the vector representing a force exerted on the object. For each case, determine whether the object's speed increases,...
Study smarter with the SolutionInn App