Scissors Hair Stylists has begun the preparation of its adjusted trial balance as follows: Year-end data: a.
Question:
Scissors Hair Stylists has begun the preparation of its adjusted trial balance as follows:
Year-end data:
a. Supplies remaining on hand, $300
b. Amortization, $1,100
c. Accrued interest expense, $700
Complete the company's adjusted trial balance. Identify each adjustment by its letter. To save time, you may write your answer in the spaces provided on the adjusted trial balance.
Transcribed Image Text:
SCISSORS HAIR STYLISTS Preparation of Adjusted Trial Balance December 31, 2014 Unadjusted Trial Balance Adjusted Trial Balance Adjustments Account Title Credit Debit Debit Credit Debit Credit Cash 600 Supplies 800 Equipment 16,200 Accumulated amortization- equipment Accounts payable Interest payable 1,100 500 | Note payable Suzanne Byrd, capital 2,900 5,300 Service revenue 13,000 Rent expense 4,800 Supplies expense Amortization expense Interest expense 400 22,800 22,800
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 75% (8 reviews)
Scissors Hair Stylists Preparation of Adjusted Trial Balance Dec...View the full answer
Answered By
Jehal Shah
I believe everyone should try to be strong at logic and have good reading habit. Because If you possess these two skills, no matter what difficult situation is, you will definitely find a perfect solution out of it. While logical ability gives you to understand complex problems and concepts quite easily, reading habit gives you an open mind and holistic approach to see much bigger picture.
So guys, I always try to explain any concept keeping these two points in my mind. So that you will never forget any more importantly get bored.
Last but not the least, I am finance enthusiast. Big fan of Warren buffet for long term focus investing approach. On the same side derivatives is the segment I possess expertise.
If you have any finacne related doubt, do reach me out.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Accounting Volume 1
ISBN: 978-0132690096
9th Canadian edition
Authors: Charles T. Horngren, Walter T. Harrison, Jo Ann L. Johnston, Carol A. Meissner, Peter R. Norwood
Question Posted:
Students also viewed these Cost Accounting questions
-
Famous Cut Hair Stylists has begun the preparation of its adjusted trial balance as follows: Year-end data include the following: a. Supplies on hand, $300. b. Depreciation, $1,000. c. Accrued...
-
Famous Cut Hair Stylists has begun the preparation of its worksheet as follows: Year- end data include the following: a. Office supplies on hand, $ 300. b. Depreciation, $ 1,000. c. Accrued interest...
-
Just Right Hair Stylists has begun the preparation of its worksheet as follows: Year-end data include the following: a. Office supplies on hand, $300. b. Depreciation, $700. c. Accrued interest...
-
An unknown nucleus contains 70 neutrons and has twice the volume of the nickel 60 28 Ni nucleus. Identify the unknown nucleus in the form A Z X. Use the periodic table on the inside of the back cover...
-
A projectile alpha particle is headed directly toward a target aluminum nucleus. Both objects are assumed to be spheres. What energy is required of the alpha particle if it is to momentarily stop...
-
Elle Inc. has two types of handbags: standard and custom. The controller has decided to use a plant-wide overhead rate based on direct labour costs. The president has heard of activity-based costing...
-
What are some reasons a potential prospect might not be readily accessible? How far should you go to try to overcome such an accessibility problem before you move to the next lead?
-
Presented here are an incomplete income statement and balance sheet for Schwenke Corporation. Additional information: 1. The gross profit margin is 40%. 2. The income tax rate is 20%. 3. The...
-
Toma company uses process costing. Materail are added at the beginning of the process while conversion costs are added evenly though time. Units of WIP at December 31 were 32,000 and 70% completed...
-
1. What is the cost of debt for Sunrise Bakery? 2. What is their cost of equity? 3. What is the WACC? 4. Which cost of capital should be used to evaluate the feasibility of the oven purchase? 5....
-
During the year ended December 31, 2011, Rainmaker Entertainment Inc. (Rainmaker) experienced numerous accruals and deferrals. As a long-term employee of Rainmaker's accounting and financial staff,...
-
On April 1, 2014, you prepaid three months of rent, for a total of $18,000. Give your adjusting entry to record rent expense at April 30, 2014. Include the date of the entry and an explanation. Then,...
-
House Mountain Breweries (HMB) is planning an IPO. Its underwriters have said the stock will sell at $20 per share. The direct costs (legal fees, printing, etc.) will be $800,000. The underwriters...
-
Name four strategies for communicating with diverse audiences on the job.
-
The operations manager demanded a (substantial, 20 percent, big) reduction in staff travel expenditures. From the choices in parentheses, select the most precise, vigorous words.
-
What are the pillars of Islamic contracts. State and explain briefly.
-
What are the four zones of social media? How do social media compare to traditional media?
-
Which is the most common contract for personal financing being employed by Islamic banks? a. Murabaha b. Musharaka c. Tawarruq d. Mudharaba
-
The standard deviation is an extremely important concept introduced in Chapter 3. Using the sample data from Exercise 1 ?Birth Weights,? part of the calculation of the standard deviation is shown in...
-
Two mutually exclusive investment alternatives are being considered. Alternative A requires an initial investment of $20,000 in a machine. Annual operating and maintenance costs are anticipated to be...
-
In 2020, Renato Corp. had cash receipts from customers of $152,000 and cash payments for operating expenses of $97,000. At January 1, 2020, accounts receivable were $13,000 and total prepaid expenses...
-
Statement of financial position items for Montoya Inc. follow for the current year, 2020: Instructions a. Prepare a classified statement of financial position in good form. The numbers of authorized...
-
The financial statements for Bombardier Inc. for the year ended December 31, 2017, can be found on the companys website or from SEDAR (www.sedar.com). Instructions a. What form of presentation does...
-
Identify an area of Financial Services where you feel significant opportunities lie in relation to process management. Why do you feel this?
-
1. Given the functions f(x) = x + 1 and g(x) = 3-x, determine an equation for the combined function y = f(x)+ g(x). 2. If f= {(-7, 1), (-5, 8), (3, 11), (5,-1)) and g = {(-6, 4), (-5, 3), (-1, 7),...
-
What is urban economics and what components of a city usually results in higher demand of a city's real estate. Describe at least three
Study smarter with the SolutionInn App