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The trial balance for Dick?s Repair Service appears in Figure

The trial balance for Dick?s Repair Service appears in Figure 4.24 Adjustment Data to Update Trial Balance

Question:

The trial balance for Dick?s Repair Service appears in Figure 4.24

Adjustment Data to Update Trial Balance

1. Insurance expired, $450.

2. Repair supplies on hand, $2,800.

3. Depreciation on repair equipment, $300.

4. Wages earned but unpaid, $240.

Your task is to:

1. Complete a worksheet for Dick?s Repair Service for the month of June.

2. Prepare an income statement for June, a statement of owner?s equity for June, and a balance sheet as of June 30, 201X.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...

Transcribed Image Text:

DICK'S REPAIR SERVICE TRIAL BALANCE JUNE 30, 201X Account Titles Dr. . Cr. Cash 420000 Prepaid Insurance 530000 Repair Supplies 440000 Repair Equipment 350000 Accumulated Depreciation, Repair Equipment 80000 Accounts Payable D. Homer, Capital 546000 416000 10 00000 Revenue from Repairs Wages Expense 240000 55000 |기000 Rent Expense Advertising Expense Totals 20 42000 20 4 2000

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1 2 DICKS REPAIR SERVICE INCOME STATEMENT FOR MONTH ENDED JUNE 30 201X Revenue Revenue from Repairs ...View the full answer

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College Accounting A Practical Approach

ISBN: 9780134729312

14th Edition

Authors: Jeffrey Slater, Mike Deschamps

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Question Posted: Feb 28, 2020 10:18 AM

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