The adjusted trial balance for Fraser Valley Services Ltd. is given in E4-8. In E4-8 The unadjusted
Question:
The adjusted trial balance for Fraser Valley Services Ltd. is given in E4-8.
In E4-8
The unadjusted and adjusted trial balances follow for Fraser Valley Services Ltd. at the end of its fiscal year, August 31. The company adjusts its accounts annually.
Instructions
(a) Prepare the closing entries at August 31.
(b) Prepare a post-closing trial balance.
Transcribed Image Text:
FRASER VALLEY SERVICES LTD Trial Balance August 31, 2012 Unadjusted DebitCredit Adjusted DebitCredit $ 7,430 16,000 3,150 4,550 25,600 S 7,430 Accounts receivable Supplies Prepaid insurance Equipment 1,400 3,450 25,600 Accumulated depreciation-equipment Accounts payable Salaries payable Interest payable Rent payable Income tax payable 3,630 7,800 $ 5,905 7,800 2,200 1,500 1,250 900 700 25,000 5,000 5,400 Unearned revenue Bank loan payable, 6%, due September 1, 2012 1,700 25,000 5,000 5,400 Retained earnings Dividends 39,550 44,275 Service revenue Salaries expense 17,000 13,750 19,200 15,000 2,275 1,750 1,500 1,100 Rent expense Depreciation expense Interest expense Income tax expense Supplies expense $88,080 88,080 $99,930 S99,930
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 58% (12 reviews)
a 2012 Aug 31 Service Revenue 44275 Income Summary 44275 31 Income Summary 41725 Salaries Expense 19...View the full answer
Answered By
SUMAN DINDA
I LIKE TO TEACH STUDENTS. SO, I START MYSELF AS A PRIVATE TUTOR. I TEACH STUDENTS OF DIFFERENT CLASSES. I HAVE ALSO DONE BACHELOR OF EDUCATION DEGREE(B.ED). DURING THIS COURSE I HAD TO TEACH IN A SCHOOL. SO I HAVE A GOOD EXPERIENCE IN TEACHING.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1118024492
5th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
Question Posted:
Students also viewed these Cost Accounting questions
-
The adjusted trial balance for Fraser Valley Services Ltd. was prepared in E4-9. During the year, the company issued common shares for $1,000. Instructions Prepare (a) an income statement, (b) a...
-
The adjusted trial balance for Fraser Valley Services Ltd. was prepared in E4-9. Data from E4-9. Instructions (a) Prepare the closing entries at August 31. (b) Prepare a post-closing trial balance....
-
The adjusted trial balance for Fraser Valley Services Ltd. was prepared in E4.11. Note that the company issued common shares for $1,000 during the year. In E4.11 Fraser Valley Services Ltd. reports...
-
Explain incremental cash flow, externality? Why is timing of cash flows important? What is scenario analysis? Would a project's NPV for a firm be higher or lower if the firm used accelerated rather...
-
In the production of chlorobenzenes by chlorination of benzene, two close-boiling isomers, para-dichlorobenzene (P) and ortho-dichlorobenzene (O), are separated by distillation. The feed to the...
-
Pete Sampras Corporation purchased trading investment bonds for $40,000 at par. At December 31, Sampras received annual interest of $2,000, and the fair value of the bonds was $38,400. Prepare...
-
On July 1, 2020, Allen Corporation purchased \(30 \%\) of the 30,000 outstanding common shares of Towne Corporation at \(\$ 17\) per share as a long-term investment. On the date of purchase, the book...
-
Reichenbach Co., organized in 2011, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2012 and 2013....
-
12. Change the session date to July 8. 2022. Create shortcuts or change modules and enter the following transactions. NOTE: Deposits and withdrawals, except credit card transactions. use Chequing...
-
A soft drink bottling company is interested in controlling its filling operation. Random samples of size 4 are selected and the fill weight is recorded. Table 7-17 shows the data for 24 samples. The...
-
Fill in the missing amounts in the following income tax schedule for the Ducharme Corporation. Assume that 2010 was the company's first year of operations Income tax expense Income tax payable, end...
-
Action Quest Games Inc. initially records all prepaid costs as assets and all revenue collected in advance as liabilities. The company adjusts its accounts annually. The following information is...
-
The graph at the top of the next column shows the typical weight (in kilograms) of an English boy for his first 18 years of life. (a) Sketch the graph of the rate of change of weight with respect to...
-
Consider a plane wave incident from medium#1 having a refractive index n=1.33 to air (medium# 2). The angle of incidence is . The incident electric field is polarized along the y-direction. The...
-
Li Corporation reported pretax book income of $670,000. Tax depreciation exceeded book depreciation by $414,000. Li's beginning book (tax) basis in its fixed assets was $1,970,000 ($1,756,000) and...
-
The inventory of Royal Decking consisted of five products. Information about ending inventory is as follows: Product Cost $ 120 160 Per Unit Selling Price $ 150 180 TTT 160 120 Costs to sell consist...
-
Solve the system: (4x-3y = 5 -8x+6y= -10
-
Haunted Forest, Inc.is selling fog machines. Use the following information about Haunted Forest, Inc. to answer the following questions. Average selling price per unit $335. Variable cost per unit...
-
A firm has a Cobb-Douglas production function, q = 2L0.5K0.5. If it faces factor prices of w = 20 and r = 40 and its capital is fixed at K = 100, what are its short-run average fixed cost, average...
-
If someone's Z-score for a variable was 0.67. Their score is a significant extreme score. Their score is not significant. O Their score is slightly above average. O Their score is an outlier.
-
Suppose that after you graduate with a business degree, you take a job as a manager of a local bookstore. You have been hired to expand the business and you recognize that there are many competitors...
-
Natalie and her parents, Janet and Brian, are anxious to examine and analyze the updated financial statements. Natalie has obtained a copy of the financial statements of a major competitor, a public...
-
Heritage Furniture Limited reports the following information for the 11 months of the year in its February 28, 2015, trial balance: Heritage Furniture incurred the following transactions for the...
-
A taxpayer placed a vehicle into service in TY2022 and claimed bonus depreciation of $19,200 on the vehicle. What is the maximum amount of depreciation that can be claimed on the vehicle in TY2023?...
-
If the Inventories account on a balance sheet is $4,238, the Total Current Assets of the same balance sheet is $10,398, and the Total Assets is $18,892, what percent would show for the Inventories...
-
The budgeted income statement does not contain data from the Blank______. Multiple choice question. cash budget ending balance sheet sales budget beginning balance sheet
Study smarter with the SolutionInn App