Presented is the year-end unadjusted trial balance of Look New Repair Shop. Look New Repair Shop Trial
Question:
Presented is the year-end unadjusted trial balance of Look New Repair Shop.
Look New Repair Shop
Trial Balance
December 31, 2020
Cash P 50,000
Accounts Receivable 59,000
Prepaid Rent 78,000
Equipment 127,000
Accumulated Depreciation-Equipment P 25,000
Accounts Payable 66,000
L, Capital 100,000
L, Drawing 50,000
Repair Income 320,000
Rent Expense 75,000
Salaries Expense 45,000
Utilities Expense 27,000
P 511,000 P 511,000
Year-end adjustments:
Rent Expense for the year is P 28,000.
Depreciation Expense for Equipment is P 25,000.
Allowance for Bad Debts is P3,000.
Expert Answer:
Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Account T... View the full answer
