Your Talent Agency Ltd.'s unadjusted and adjusted trial balances at December 31, 2014, are shown below. Requirements
Question:
Your Talent Agency Ltd.'s unadjusted and adjusted trial balances at December 31, 2014, are shown below.
Requirements
1. Make the adjusting entries that account for the difference between the two trial balances.
2. Compute Your Talent Agency Ltd.'s total assets, total liabilities, total equity, and net income.
Your Talent Agency Ltd. Adjusted Trial Balance December 31, 2014 Trial Balance Adjusted Trial Balance Debit Credit Debit 4,100 12 ,400 700 Account Title Credit S 4,100 $ Accounts receivable Supp Prepaid insurance Office furniture Accumulated depreciation Accounts payable Salary payable Interest payable Note payable Unearned commission revenue Share capital Retained earnings 11,200 1,000 2,600 21,600 21,600 $ 8,200 6,300 S 9,300 6,300 8 6,000 1,500 5,000 3,500 6,000 1,100 5,000 3,500 18,300 18,300 74,400 Commission revenue Depreciation expense Supplies expense Utilities expense Salary expense Rent expense Interest expense Insurance expense 72,800 1,100 4,900 26,600 12,200 4,900 27,500 12,200 1,200 1,700 103,300 $103,300 $106,900 $106,900
Step by Step Answer:
Req 1 Journal DATE ACCOUNT TITLES AND EXPLANATION DEBIT CREDIT 2014 Dec 31 Accounts Receivable 12400 ...View the full answer
Financial Accounting
ISBN: 978-0133472264
5th Canadian edition
Authors: Charles Horngren, William Thomas, Walter Harrison, Greg Berberich, Catherine Seguin
Related Video
A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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