Using the following additional information, enter the adjustments into the work sheet with the help of unadjusted
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Question:
- Using the following additional information, enter the adjustments into the work sheet with the help of unadjusted trial balance given below: (10 marks)
Unadjusted Trial Balance | |||
No. | Account | Debit | Credit |
101 | Cash | 9,100 | |
106 | Accounts receivable | 18,700 | |
111 | Notes receivable, due February 2015 | 16,000 | |
128 | Prepaid insurance | 5,100 | |
161 | Furniture | 6,750 | |
201 | Accounts payable | 6,925 | |
230 | Unearned tour revenue | 12,430 | |
301 | Jan Rider, capital | 60,975 | |
302 | Jan Rider, withdrawals | -0- | |
403 | Tour revenue | 16,700 | |
623 | Wages expense | 41,380 | |
Totals | 97,030 | 97,030 | |
- Interest of $40 had accrued on the note receivable by month-end.
- The July utility bill for $175 was received in the mail on July 31. It is unpaid and unrecorded.
- Depreciation on the furniture for the month of July is $210.
- The balance in Prepaid Insurance is from a six-month policy that went into effect on July 1, 2014.
- The company has two part-time employees, each of whom gets paid $315 every Friday for a five-day part-time workweek. July 31 falls on a Tuesday, therefore two days of accrued wages need to be recorded.
- At July 31, it was determined that $4,900 of the balance in Unearned Tour Revenue was not yet earned.
- Accrued tour revenue of $1,600 was unrecorded and uncollected at July 31.
Prepare a ten column worksheet, enter unadjusted trial balance and complete it.
Related Book For
Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
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