Aspin Hockey Training Inc. prepares adjustments annually and showed the following on its June 30, 2020,...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Aspin Hockey Training Inc. prepares adjustments annually and showed the following on its June 30, 2020, year-end. The unadjusted Trial Balance as below: Aspin Hockey Training Trial Balances 30-Jun-20 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Account Debit Credit Debit Credit Debit Credit Cash $112,000.00 $ 28,000.00 $ 2,800.00 $182,000.00 $428,000.00 Accounts receivable Repair supplies Prepaid arena rental Hockey equipment Accumulated depreciation, Hockey equipment Accounts payable Unearned training revenue Notes payable Frank Gibson, capital Frank Gibson, withdrawals Training revenue Salaries expense Arena rental expense Other expenses Totals $ 164,000.00 5,400.00 $ 19,600.00 $ 160,000.00 $ 451,400.00 $ 72,000.00 $ 550,000.00 $350,000.00 $168,000.00 $ 7,600.00 $1,350,400 $1,350,400 Prepare the "Adjustments "each additional information available below at year-end, and fill out the "Adjustments" 1. a. The Prepaid Arena Rental of $182,000 was paid on February 1, 2020. It represents seven months of rent on the arena. b. Annual Depreciation of the skate equipment was $82,000. c. Areview of the Unearned Training Revenue account at year-end showed that included in the balance was $12,600 that had not yet been earned. d. Accrued salaries of $58,000 has not been recorded at year-end. e. Interest of $1,800 had accrued regarding the Note Payable. I. Prepare Adjusted Trial Balance based on the Unadjusted Trial Balance from question and Adjustments from Part I. Fill out the Adjusted Trial Balance section as format provided above. Aspin Hockey Training Inc. prepares adjustments annually and showed the following on its June 30, 2020, year-end. The unadjusted Trial Balance as below: Aspin Hockey Training Trial Balances 30-Jun-20 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Account Debit Credit Debit Credit Debit Credit Cash $112,000.00 $ 28,000.00 $ 2,800.00 $182,000.00 $428,000.00 Accounts receivable Repair supplies Prepaid arena rental Hockey equipment Accumulated depreciation, Hockey equipment Accounts payable Unearned training revenue Notes payable Frank Gibson, capital Frank Gibson, withdrawals Training revenue Salaries expense Arena rental expense Other expenses Totals $ 164,000.00 5,400.00 $ 19,600.00 $ 160,000.00 $ 451,400.00 $ 72,000.00 $ 550,000.00 $350,000.00 $168,000.00 $ 7,600.00 $1,350,400 $1,350,400 Prepare the "Adjustments "each additional information available below at year-end, and fill out the "Adjustments" 1. a. The Prepaid Arena Rental of $182,000 was paid on February 1, 2020. It represents seven months of rent on the arena. b. Annual Depreciation of the skate equipment was $82,000. c. Areview of the Unearned Training Revenue account at year-end showed that included in the balance was $12,600 that had not yet been earned. d. Accrued salaries of $58,000 has not been recorded at year-end. e. Interest of $1,800 had accrued regarding the Note Payable. I. Prepare Adjusted Trial Balance based on the Unadjusted Trial Balance from question and Adjustments from Part I. Fill out the Adjusted Trial Balance section as format provided above.
Expert Answer:
Answer rating: 100% (QA)
Aspin Hockey Training Trial Balance 30Jun20 Account Unadjusted Trial Balance Adjustments Adjusted Trial balance Debit Credit Debit Credit ... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
B52 Skate Training prepares adjustments annually and showed the following on its June 30, 2014, year-end: a. The Prepaid Arena Rental of $182,000 was paid on February 1, 2014. It represents seven...
-
The Sugarland Company reported the following on its balance sheet at December 31, 2012: Common Stock, $2.25 par value, 550,000 shares authorized, 400,000 shares issued and outstanding...... $ 900,000...
-
Unadjusted trial balance as at December 31, 2018 for Travel Inc. : Account Name Debit Credit Cash 591,400 Accounts receivable 5,600 Note receivable 21,000 Trademark 40,000 Supplies 42,500 Accounts...
-
An increase in the supply of U.S. dollars by the Federal Reserve will raise the value of the dollar because it will stimulate U.S. economic growth raise the value of the dollar because it will lead...
-
A supplier contract calls for a key dimension of a part to be between 1.96 and 2.04 centimeters. The supplier has determined that the standard deviation of its pro-cess, which is normally...
-
Identify the following data as either time series or cross-sectional. a. The 2007 CEO compensation of the 500 largest U.S. companies. b. The annual compensation for the CEO of Coca-Cola Enterprises...
-
Bernardino Santos-Rodiguez was piloting a boat owned by his friend, Raul Viera-Torres, in waters near Guayama, Puerto Rico. The boat was equipped with a hydraulic steering system manufactured by...
-
Mohave Corp. is considering outsourcing production of the umbrella tote bag included with some of its products. The company has received a bid from Willow Co. to produce 8,000 units per year for...
-
Suppose that T: R R is a linear map, and . . . 2 2 3 T2 3 T1 = 2 and T 0 2 5 0 Then 2 T4 7
-
Assume a company has only one service department and one operating department. The service departments budgeted and actual variable costs for the period were $80,000 and $84,000, respectively. The...
-
In a football match, the ticket for children and adults were sold at D 3.00 and D 5.00 respectively, if 400 people attended the football match and D 1,700 was collected in tickets sales (a) how many...
-
Consider the definition of work ethic, does a work ethic reflect the stereotypical expectation of Generation X? Is the work ethic generationally founded, formed by the timeframe and events of...
-
Every team member will answer the following questions for their decision making in the specific quarter, starting with your name, followed by your explanations on the next line. 1. What changes...
-
Preparation is the key to a Successful Negotiation, in the reading Control the Negotiation Before it Begins , the author asserts that four strategies set the stage for a successful negotiation. Take...
-
Analyze how the degree of psychological safety, employee empowerment, and engagement are positive or negative factors for healthcare quality care and safety issues.
-
What are procurement practices of Amazon in terms of following elememts: Requirements - Planning the Procurement Requisitions - Conducting the Procurement Solicitations - Requesting Seller Response...
-
A listing of the MFH's ledger accounts as of March 31 is given below: Assets Cash Accounts receivable ($130,000 February sales; $1,600,000 March sales) Stock Prepaid insurance Property and equipment...
-
A city maintains a solid waste landfill that was 12 percent filled at the end of Year 1 and 26 percent filled at the end of Year 2. During those periods, the government estimated that total closure...
-
Assume that Dog Town Boards has the following LIFO perpetual inventory record for snowboards for the month of March: At March 31, the accountant for Dog Town Boards determines that the current...
-
Russell Freightway provides freight service. The companys balance sheet includes Land, Buildings, and Motor-Carrier Equipment. Russell uses a separate accumulated depreciation account for each...
-
Following are pertinent facts about events during the current year at Lerner Snowboards. a. December sales totaled $402,000, and Lerner collected sales tax of 8%. The sales tax will be sent to the...
-
Which strategy for entering a new international market should (a) an architectural design firm, (b) an online discount broker, and (c) a satellite TV channel consider, and why?
-
How can a firm design perceived control into a service encounter? Apply it to one face-to-face and one online encounter.
-
Give examples of how Internet and telecommunications technologies (e.g., mobile commerce [M-Commerce] and apps) have changed some of the services you use.
Study smarter with the SolutionInn App