Excel Templates Chapter 4
Demonstration Case
	Given Data
	GOODBYE GRASS CORPORATION
	Unadjusted Trial Balance
	At April 30, 2020
	Account Name	Debits	Credits
	Cash	$ 4,510
	Accounts Receivable	1,700
	Note Receivable	1,250
	Interest Receivable	-0-
	Prepaid Insurance	300
	Equipment	4,600
	Accumulated Depreciation		$ -0-
	Land	3,750
	Accounts Payable		620
	Deferred Revenue		1,600
	Wages Payable		-0-
	Interest Payable		-0-
	Income Tax Payable		-0-
	Dividends Payable		-0-
	Note Payable		4,000
	Contributed Capital		9,000
	Retained Earnings		-0-
	Dividends Declared	-0-
	Mowing Revenue		5,200
	Interest Revenue		-0-
	Wages Expense	3,900
	Fuel Expense	410
	Insurance Expense	-0-
	Depreciation Expense	-0-
	Interest Expense	-0-
	Income Tax Expense	-0-
		$ 20,420	$20,420
a.	Portion of the $1,600 cash received from the city at the beginning of April for future mowing service earned in April. The $1,600 in Deferred Revenue represents four months of service (April through July).
b.	Insurance purchased at the beginning of April for $300 provides coverage for this many months (April through September). The insurance coverage for April has now been used. TIP: Account for the expiry of prepaid insurance just like the expiry of prepaid rent.
c.	Yearly depreciation on mowers, edgers, rakes, and hand tools (equipment).
d.	Number of days since last pay day in April
	Daily wages
e.	Interest incurred and payable on the note payable for the month of April.
f.	Interest earned and receivable on the note receivable for the month of April.
g.	The estimated income tax rate
h.	Dividends declared on April 30