Question: The trial balance of Lazo Company as of February 28, 20X1, appears below. INSTRUCTIONS 1. Record the trial balance in the Trial Balance section of
The trial balance of Lazo Company as of February 28, 20X1, appears below.
INSTRUCTIONS
1. Record the trial balance in the Trial Balance section of the worksheet.
2. Complete the worksheet by making the following adjustments: supplies on hand at the end of the month, $2,200; expired rent, $2,000; depreciation expense for the period, $1,000.
Analyze:
Why do you think the account Accumulated Depreciation—Equipment has a zero balance on the trial balance shown?
1 2 3 Supplies Cash Accounts Receivable 4 5 Equipment 6 Accumulated Depreciation-Equipment Prepaid Rent 7 Accounts Payable 8 9 1|2|3| 4| 15| 16| | 17 ACCOUNT NAME 10 11 Depreciation Expense-Equipment Thomas Lazo, Capital Thomas Lazo, Drawing Fees Income Rent Expense Salaries Expense 14 Supplies Expense Utilities Expense Totals Lazo Company Worksheet (Partial) Month Ended February 28, 20X1 TRIAL BALANCE DEBIT 73 000 00 640000 420000 24 000 00 46 000 00 300000 630000 160000 164 500 00 L CREDIT 12 000 00 98 500 00 54 0 0 0 00 164 500 00 DEBIT ADJUSTMENTS CREDIT
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Trial Balance Lazo Company Worksheet Partial Month Ended February 28 20X1 TRIAL BALANCE ACCOUNT NAME DEBIT CREDIT Cash 73000 Accounts Receivable 64000... View full answer
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