The unadjusted trial balance and adjustment data for Elbow Cycle Repair Shop are presented in P4-2A. Instructions
Question:
The unadjusted trial balance and adjustment data for Elbow Cycle Repair Shop are presented in P4-2A.
Instructions
Prepare a work sheet for the year ended January 31, 2014.
Taking It Further
Is it still necessary to record the adjusting entries in the journal and post them to the ledger accounts when using a work sheet?
Transcribed Image Text:
ELBOW CYCLE REPAIR SHOP Trial Balance January 31, 2014 Debit Credit Cash Accounts receivable Prepaid insurance Supplies Land Building Accumulated depreciation-building Equipment Accumulated depreciation-equipment Accounts payable Unearned revenue Mortgage payable H. Dude, capital H. Dude, drawings Service revenue Salaries expense Utilities expense Interest expense $ 3,200 6,630 6,420 5,240 50,000 90,000 $ 11,000 27,000 4,500 6,400 1,950 102,000 61,000 101,100 235,550 115,200 12,000 5,610 $422,400 $422,400
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 75% (8 reviews)
Taking It Further Adjusting entries must be recorded in a journal and p...View the full answer
Answered By
Muqadas Javed
I am a mentor by profession since seven years. I have been teaching on online forums and in universities. Teaching is my passion therefore i always try to find simple solution for complicated problems or task grasp them so that students can easily grasp them.I will provide you very detailed and self explanatory answers and that will help you to get good grade. I have two slogans: quality solution and on time delivery.
4.60+
24+ Reviews
144+ Question Solved
Related Book For
Accounting Principles Part 1
ISBN: 978-1118306789
6th Canadian edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow
Question Posted:
Students also viewed these Cost Accounting questions
-
The unadjusted trial balance and adjustment data of Elias Real Estate Appraisal Company at June 30, 2012, follow: Adjustment data at June 30, 2012: a. Prepaid insurance expired, $300. b. Accrued...
-
The unadjusted trial balance and adjustment data for Silver Ridge Plumbing are provided. Additional information: 1. The equipment has an expected useful life of 10 years. The vehicles? expected...
-
The unadjusted trial balance and adjustment data of Elias Real Estate Appraisal Company at June 30, 2012, follow: Adjustment data at June 30, 2012: a. Prepaid insurance expired, $300. b. Accrued...
-
Suppose you have agreed to take a short-term loan amounting of $2,000,000 from your banker. The loan tenure begins on 3 months from today and the financing rate is based on 6-month LIBOR. However,...
-
Heidi Corporation began producing quick-drying paper cement in June (i.e., there was no beginning work-in-process inventory on June 1). The manufacturing process involves only one step. In June, the...
-
This is a potentiometer circuit. a i. Sketch a graph of reading on the voltmeter against length, l, as the jockey is moved from point A to point B. ii. State the readings on the voltmeter when the...
-
It is the end of the month and David is happy with the good start to his merchandising venture. He has completed a physical stocktake, to make sure stock levels are as expected, and so that a value...
-
1. Explain why the communication skills and techniques used within a business unit (department) are not always effective in communicating across business units or up and down the corporate ladder. 2....
-
Kazibwe, a businessman does not maintain a complete set of books for his business transactions. The following is a summary of his cash transactions for the year ended December 31, 2015. Receipts Kshs...
-
Following the instructions in the textbook on pp. 1-26 through 1-28, download: Amazons Form 10-K from the EDGAR website HTML and XLSX versions Alphabets Form 10-K from the EDGAR website HTML and XLSX...
-
Danier Leather Inc. is one of the largest publicly traded specialty apparel leather retailers in the world. The following information (all amounts in thousands) can be found on its recent balance...
-
The adjusted trial balance for Boreal Rock Climbing Centre is as follows:: Instructions (a) Calculate profit or loss for the year. (It is not necessary to prepare an income statement.) (b) Prepare a...
-
Its often been said that perception is reality. Thats one of the problems facing the Coca Cola Company and other soft-drink marketers as they address a variety of marketing communication issues. For...
-
The first challenge is to help Rita to achieve the following: 1- Prepare Personal Cash Flow Statement. 2- Personal Balance Sheet. 3- Calculate the current Ratio, debt to assets ratio and savings...
-
Use the information provided in the table below to calculate the dividend yeild and expeted return on Verizon stock. Verizon Stock Price $ 51.91 Next Expected Dividend $ 2.56 Dividend Growth Rate...
-
1. 1) The term structure of interest rates (30 p) Date 31.10.2008 30.09.2019 1 year yield 0,9738 1,7897 2 year yield 1,4104 1,656 3 year yield 2,0107 1,5498 4 year yield 2,5805 1,4988 5 year yield...
-
What is climate change? Should the company be concerned about climate change? What if any skills does the accountant have to advise the directors about the company's response to climate change? 1 2 3...
-
Required. You are a CPA internal consultant employed by the Falco Group, helping Falco Scooters address the issues below. Ignore taxes. Keep in mind that both Falco Scooter Company and Scorpion...
-
What is the syntactic difference between an HTML widget and its corresponding ASP.NET control?
-
An educational researcher devised a wooden toy assembly project to test learning in 6-year-olds. The time in seconds to assemble the project was noted, and the toy was disassembled out of the childs...
-
The following selected items relate to the qualitative characteristics of useful information: 1. Comparability 2. Materiality 3. Neutrality 4. Timeliness 5. Faithful representation 6. Feedback value...
-
Here are some of the accounting concepts relating to the conceptual framework discussed in this chapter: 1. Going concern assumption 2. Economic entity concept 3. Full disclosure 4. Cost 5. Cost...
-
A list of accounting concepts follows: 1. Revenue recognition 2. Matching 3. Full disclosure 4. Cost 5. Expense recognition 6. Fair value Match these concepts to the following statements, using...
-
By carrying out the audit of the financial statements in the Property, Plant and Equipment area, we were able to determine the reasonableness of the balance of the vehicle depreciation account. The...
-
The link between service delivery and external communications has a profound impact on customer perceptions of service quality. If you were to execute a service blueprint for dairy queen store and...
-
The city of marlohaven has a december 31 fiscal year end, during 20x5 marlohaven levied $1000000 in property taxes. the following details are expected collection of marlohaven's general fund property...
Study smarter with the SolutionInn App