TAMARISK CLEANING SERVICES INC. Trial Balance choose the accounting period 2/28/22For the Quarter Ended 2/28/22For the Year
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TAMARISK CLEANING SERVICES INC. Trial Balance choose the accounting period 2/28/22For the Quarter Ended 2/28/22For the Year Ended 2/28/22 | ||
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Debit | Credit | |
cash | 11217 | |
accounts receivable | 6500 | |
supplies | 1120 | |
prepaid insurance | 2805 | |
prepaid expenses | 250 | |
equipment | 5490 | |
accounts payable | 780 | |
notes payable | 9120 | |
unearned service revenue | 612 | |
common stock | 8550 | |
paid in capital in excess of par value- common stock | 6270 | |
cash dividends | 1340 | |
treasury stock | 1020 | |
service revenue | 9350 | |
utilities expense | 250 | |
salaries and wages expense | 4400 | |
loss on disposal of plant assets | 290 | |
Totals | 34682 | 34682 |
(d) Journalize the following adjustments. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem. Round answers to 0 decimal places, e.g. 1,527.)
1. | Services performed for customers through February 27, 2022, but unbilled and uncollected were $4,330. | |
2. | Received notice that a customer who was billed $230 for services performed February 10 has filed for bankruptcy. Tamarisk Cleaning Services does not expect to collect any portion of this outstanding receivable. | |
3. | Tamarisk Cleaning Services uses the allowance method to estimate bad debts. Tamarisk Cleaning Services estimates that 3% of its month-end receivables will not be collected. | |
4. | Record 1 month of depreciation for the floor equipment. Use the straight-line method, an estimated life of 4 years, and $570 salvage value. | |
5. | Record 1 month of insurance expense. | |
6. | An inventory count shows $460 of supplies on hand at February 28. | |
7. | One week of services were performed for the customer who paid in advance on February 17. | |
8. | Accrue for wages owed through February 28, 2022. | |
9. | Accrue for interest expense for 1 month. | |
10. | Karen estimates a 20% income tax rate. (Hint: Prepare an income statement up to “income before taxes” to help with the income tax calculation.) |
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