The Trial Balance of the Printer Repair Company at December 31, 2018, contains the following account...

  

Transcribed Image Text:

The Trial Balance of the Printer Repair Company at December 31, 2018, contains the following account balances listed in alphabetical order to increase your skill in sorting amounts to the proper work sheet columns. PRINTER REPAIR COMPANY Trial Balance Account Balances December 31, 2018 Accounts Payable $41,000 Accounts Receivable 92,000 Accumulated Depreciation-Buildings 25,000 Accumulated Depreciation-Equipment 9,000 Buildings 150,000 Capital Stock 65,000 Cash 41,000 Equipment 45,000 Prepaid Insurance 3,600 Retained Earnings, January 1, 2018 4,800 Salaries Expense 96,000 Service Revenue 290,000 Supplies on Hand 4,000 Utilities Expense 3,200 Using these account balances and the following additional information, prepare a work sheet for Printer Repair Company. Arrange the accounts in their approximate usual order. 1. Supplies on hand at December 31, 2018, have a cost of $1,800. 2. The balance in the Prepaid Insurance account represents the cost of a two- year insurance policy covering the period from January 1, 2018, through December 31, 2019. 3. The estimated lives of depreciable assets are buildings, 30 years, and equipment, 15 years. No salvage values are anticipated. MICROTRAIN COMPANY Work Sheet For the Month Ended December 31, 2018 Adjusted Trial Balance Income Statement Statement of Retained Earnings Trial Balance Adjustments Balance Sheet cct. No. Account Titles Debit Credit Debit Debit Credit 8,250 6,200 500 Credit Debit Credit Debit Credit Debit Credit 8,250 6,200 900 2,200 800 40,000 100 Cash 103 Accounts Receivable 107 Supplies on Hand 108 Prepaid Insurance 112 Prepaid Rent 150 Trucks 200 Acounts Payable 216 Unearned Service Fees 300 Capital Stock 310 Retained Earnings, 12/1/18 320 DiMdends 400 Service Revenue 505 Advertisin Expense 506 Gas and OI Expense 507 Salaries Epense 511 Utes Expense 8,250 5,200 1,400 2,400 1,200 40,000 (7) 1,000 3) 900 200 2,200 800 (2) 400 40,000 730 4,500 (5) 1,500 50,000 730 3,000 50,000 730 3,000 50,000 3,000 3,000 3,000 (5) 1,500 (7)1,000 10.700 50 680 3,600 150 13,200 50 680 3,780 150 13,200 50 680 3,780 150 (8) 180 65,930 65,930 512 Insurance Expense $1S Rent Expense 518 Supples Expense 521 Depreciation Expense Trudks 151 Accumulated Depreciation Trudks 121 Interest Recelvable 418 Intered Revenue 206 Salaries Payable 1) 200 12400 13500 200 400 500 200 400 500 (4) 750 750 750 (0 750 600 (6) 750 750 (6) 600 600 600 (3) 600 600 180 5,130 68460 8460 180 180 5,130 6,510 13.800 7.290 Net Income 7,290 7290 13.800 13800 3,000 4.290 7.29 1290 5895 5895 Retained Earnings, 12/31/18 4,290 Adjustment Explanations The Trial Balance of the Printer Repair Company at December 31, 2018, contains the following account balances listed in alphabetical order to increase your skill in sorting amounts to the proper work sheet columns. PRINTER REPAIR COMPANY Trial Balance Account Balances December 31, 2018 Accounts Payable $41,000 Accounts Receivable 92,000 Accumulated Depreciation-Buildings 25,000 Accumulated Depreciation-Equipment 9,000 Buildings 150,000 Capital Stock 65,000 Cash 41,000 Equipment 45,000 Prepaid Insurance 3,600 Retained Earnings, January 1, 2018 4,800 Salaries Expense 96,000 Service Revenue 290,000 Supplies on Hand 4,000 Utilities Expense 3,200 Using these account balances and the following additional information, prepare a work sheet for Printer Repair Company. Arrange the accounts in their approximate usual order. 1. Supplies on hand at December 31, 2018, have a cost of $1,800. 2. The balance in the Prepaid Insurance account represents the cost of a two- year insurance policy covering the period from January 1, 2018, through December 31, 2019. 3. The estimated lives of depreciable assets are buildings, 30 years, and equipment, 15 years. No salvage values are anticipated. MICROTRAIN COMPANY Work Sheet For the Month Ended December 31, 2018 Adjusted Trial Balance Income Statement Statement of Retained Earnings Trial Balance Adjustments Balance Sheet cct. No. Account Titles Debit Credit Debit Debit Credit 8,250 6,200 500 Credit Debit Credit Debit Credit Debit Credit 8,250 6,200 900 2,200 800 40,000 100 Cash 103 Accounts Receivable 107 Supplies on Hand 108 Prepaid Insurance 112 Prepaid Rent 150 Trucks 200 Acounts Payable 216 Unearned Service Fees 300 Capital Stock 310 Retained Earnings, 12/1/18 320 DiMdends 400 Service Revenue 505 Advertisin Expense 506 Gas and OI Expense 507 Salaries Epense 511 Utes Expense 8,250 5,200 1,400 2,400 1,200 40,000 (7) 1,000 3) 900 200 2,200 800 (2) 400 40,000 730 4,500 (5) 1,500 50,000 730 3,000 50,000 730 3,000 50,000 3,000 3,000 3,000 (5) 1,500 (7)1,000 10.700 50 680 3,600 150 13,200 50 680 3,780 150 13,200 50 680 3,780 150 (8) 180 65,930 65,930 512 Insurance Expense $1S Rent Expense 518 Supples Expense 521 Depreciation Expense Trudks 151 Accumulated Depreciation Trudks 121 Interest Recelvable 418 Intered Revenue 206 Salaries Payable 1) 200 12400 13500 200 400 500 200 400 500 (4) 750 750 750 (0 750 600 (6) 750 750 (6) 600 600 600 (3) 600 600 180 5,130 68460 8460 180 180 5,130 6,510 13.800 7.290 Net Income 7,290 7290 13.800 13800 3,000 4.290 7.29 1290 5895 5895 Retained Earnings, 12/31/18 4,290 Adjustment Explanations

Answer rating: 100% (QA)

PRINTER REPAIR COMPANY Worksheet For the Month Ended December 31 2018 Unadjusted TB Debit 41000 9200... View the full answer