Question: Coleson Services unadjusted trial balance at the end of December 2019 is presented below. Adjusting entries have not yet been made. Use the trial balance

image text in transcribed

Coleson Services unadjusted trial balance at the end of December 2019 is presented below. Adjusting entries have not yet been made. Use the trial balance and the information below to complete the worksheet.

Dec 31 | Services were provided worth $450, to be paid next month Dec 31 | The equipment was purchased at the beginning of the year and is expected to last four years w/t no residual value Dec 31 | Of the balance of unearned revenue, $440 has been earned Dec 31 | The amount in prepaid insurance is for an annual policy that was paid on September 1st, 2019

Worksheet December 31, 2019 Unadjusted Adjustments Adjusted Trial Balance DR CRDR CR DR CR 1800 2,300 3750 income Statement DR CR ccount Balance Sheet D R CR 1800 1,80 counts Receivable 3750 repaid insurance 2.400 quipment 6.300 ccumulated Depreciation 1575 SI ccounts Payable 2900 nearned Revenue 2900 760 1200 5400 ank Loan 1200 Coleson Capital 5400 Coleson, Withdrawals 2,000 ervice Revenue epreciation Expense 1575 1575 1575 surance Expense Haintenance Expense 1400 1900 1400 1300 ment Expense alaries Expense 1.300 1,900 1000 1900 elephone Expense 1000 ravel Expense 22.100 22,100

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

100% Satisfaction Guaranteed-or Get a Refund!

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

What are the auditors communication responsibilities when he or she suspects or finds evidence of fraud? How do his or her responsibilities differ if the fraud involves low-level employees or...

Q:

6. To maintain power, you should not compromise, even when an issue is of minor importance to you.

Q:

Am I surfing to avoid a more difficult or unpleasant t ask?

Q:

Jordan Cates and LaToya Orr have operated a successful firm for many years, sharing net income and net losses equally. Caleb Webster is to be admitted to the partnership on June 1 of the current...

Q:

The Newman Parts Division of Young Company plans to set up a facility with the capacity to make 9,300 units annually of a webcam for laptop computers. The avoidable cost of making the webcam is as...

Q:

Required information Foundational (LO4-1, L04-2, LO4-3, L04-4] Greenwood Company manufactures two products14,000 units of Product Y and 6,000 units of Product Z. The company uses a plantwide overhead...

Q:

The Plastics Division of Minock Manufacturing currently earns $3.22 million and has divisional assets of $23 million. The division manager is considering the acquisition of a new asset that will add...

Q:

Rock Music Inc. (RMI), a public corporation, supplied all the sound and lighting equipment for an outdoor concert on July 24, 2021. One of the light stands collapsed and several concert goers...

Q:

Skysong needs to calculate the company's expected cash receipts for the upcoming month to determine whether additional financing is needed. Typically, the company's sales consist of 40% cash sales...

Q:

The charter for ASAP - TV, Inc. authorizes the company to issue 100,000 shares of $5, no-par preferred stock and 500,000 shares of common stock with $1 par value. During its start-up phase, ASAP - TV...

Q:

Which of the following statements regarding the completed contract method is NOT true? a) The company makes different entries to recognize revenue than under percentage-of-completion method. b) The...

Q:

1 If outsourcing to companies or subsidiaries in parts of the world where labour is cheaper continues in the coming years, what will be the implications for HRM in those companies/ subsidiaries?...

Q:

3 How can flexible work arrangements have an impact on employee motivation? In Japan In Japan there is an erosion of the social contract that Japanese workers viewed as sacred for half a century....

Q:

1 Should empowerment be a central part of all HRM policies? Give reasons for your answer Empowerment is a management practice concerned with giving front- line employees more responsibility,...

Related Book

ICSA Study Text In Management Accounting 4th Edition by Richard Lyall

Ask a Question and Get Instant Help