The following is Blossom Tours Inc.'s unadjusted trial balance at its year-end, November 30, 2025. The...
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The following is Blossom Tours Inc.'s unadjusted trial balance at its year-end, November 30, 2025. The company adjusts its accounts annually. Debit Credit Cash $16,605 Accounts Receivable 7,870 Supplies 1,310 Prepaid Rent 2,630 Prepaid Insurance 7,548 Equipment 154,070 Accumulated Depreciation-Equipment $50,390 Accounts Payable 2,155 Unearned Service Revenue 16,300 Notes Payable (due 2028) 54,000 Common Stock 10,230 Retained Earnings 27,455 Service Revenue 130,803 Salaries and Wages Expense 69,790 Maintenance and Repairs Expense 11,400 Rent Expense 13,430 Interest Expense 3,695 Advertising Expense 1,055 Income Tax Expense 1,930 $291,333 $291,333 Additional information: 1. The insurance policy has a 1-year term beginning April 1, 2025. At that time, a premium of $7,548 was paid. 2. The equipment was acquired on December 1, 2022. The equipment is depreciated at an annual rate of $25,195. 3. A physical count shows $530 of supplies on hand at November 30. 4. 5. The note payable has a 5% interest rate. Interest is paid on the first day of each following month and was last paid on November 1. Deposits of $1,630 each were received for advance tour reservations from 10 school groups. At November 30, tours have been provided for all of these groups. 6. Employees are owed a total of $730 in salaries and wages at November 30. 7. A senior citizens' organization that had not made an advance deposit took a river tour for $1,480. This group was not billed until December for the services performed. 8. Additional advertising costs of $490 have been incurred, but the bills have not been received by November 30. 9. 10. On November 1, the company paid $2,630 rent in advance for November and December. Income taxes payable for the year are estimated to be an additional $480 beyond that recorded to date. Prepare the adjusting entries required at November 30. (List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit 1. Nov. 30 Nov. 2. 30 3. Nov. 30 Nov. 4. 30 Nov. 5. 30 Nov. 6. 30 Nov. 7. 30 Nov. 8. 30 Nov. 9. 30 Nov. 10. 30 The following is Blossom Tours Inc.'s unadjusted trial balance at its year-end, November 30, 2025. The company adjusts its accounts annually. Debit Credit Cash $16,605 Accounts Receivable 7,870 Supplies 1,310 Prepaid Rent 2,630 Prepaid Insurance 7,548 Equipment 154,070 Accumulated Depreciation-Equipment $50,390 Accounts Payable 2,155 Unearned Service Revenue 16,300 Notes Payable (due 2028) 54,000 Common Stock 10,230 Retained Earnings 27,455 Service Revenue 130,803 Salaries and Wages Expense 69,790 Maintenance and Repairs Expense 11,400 Rent Expense 13,430 Interest Expense 3,695 Advertising Expense 1,055 Income Tax Expense 1,930 $291,333 $291,333 Additional information: 1. The insurance policy has a 1-year term beginning April 1, 2025. At that time, a premium of $7,548 was paid. 2. The equipment was acquired on December 1, 2022. The equipment is depreciated at an annual rate of $25,195. 3. A physical count shows $530 of supplies on hand at November 30. 4. 5. The note payable has a 5% interest rate. Interest is paid on the first day of each following month and was last paid on November 1. Deposits of $1,630 each were received for advance tour reservations from 10 school groups. At November 30, tours have been provided for all of these groups. 6. Employees are owed a total of $730 in salaries and wages at November 30. 7. A senior citizens' organization that had not made an advance deposit took a river tour for $1,480. This group was not billed until December for the services performed. 8. Additional advertising costs of $490 have been incurred, but the bills have not been received by November 30. 9. 10. On November 1, the company paid $2,630 rent in advance for November and December. Income taxes payable for the year are estimated to be an additional $480 beyond that recorded to date. Prepare the adjusting entries required at November 30. (List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit 1. Nov. 30 Nov. 2. 30 3. Nov. 30 Nov. 4. 30 Nov. 5. 30 Nov. 6. 30 Nov. 7. 30 Nov. 8. 30 Nov. 9. 30 Nov. 10. 30
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Financial Accounting Tools For Business Decision Making
ISBN: 9781119791089
10th Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Jill E. Mitchell
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