The following is Oriole Cycle Repair Shop's trial balance at January 31, 2024, the company's fiscal...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following is Oriole Cycle Repair Shop's trial balance at January 31, 2024, the company's fiscal year end: ORIOLE CYCLE REPAIR SHOP Trial Balance January 31, 2024 Cash Accounts receivable Prepaid insurance Supplies Land Debit Credit $4,800 8,230 8,220 6,840 51,600 Building 191,200 Accumulated depreciation-building $11,070 Equipment 28,170 Accumulated depreciation-equipment 4,695 Accounts payable 8,000 Unearned revenue 23,550 Mortgage payable 183,600 H. Robinson, capital 62,600 H. Robinson, drawings 102,700 Service revenue 245,855 Salaries expense 116,800 Utilities expense 13,600 Interest expense 7,210 $539,370 $539,370 Additional information: 1. The 12-month insurance policy was purchased on June 1, 2023. 2. A physical count of supplies shows $1,470 on hand on January 31, 2024. 3. The building has an estimated useful life of 50 years. The equipment has an estimated useful life of nine years. 4. The mortgage payable has a 5% interest rate. Interest is paid on the first day of each month for the previous month's interest. 5. By January 31, 2024, $1,460 of services related to the unearned revenue have been provided. 6. During the next fiscal year, $4,660 of the mortgage payable is to be paid. (a) Prepare the adjusting entries. (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 O for the amounts. List all debit entries before credit entries.) Date Account Titles Debit Credit Jan. 31 Jan. 31 Jan. 31 Jan. 31 Jan. 31 (To record insurance expired) (To record supplies used) (To record depreciation expense) (To accrue interest expense) (To record revenue for services provided) (b) Prepare an adjusted trial balance. ORIOLE CYCLE REPAIR SHOP Adjusted Trial Balance Total Debit Credit > > > > > > > > > $ $ (C1) Prepare an income statement. ORIOLE CYCLE REPAIR SHOP Income Statement > $ 1A The following is Oriole Cycle Repair Shop's trial balance at January 31, 2024, the company's fiscal year end: ORIOLE CYCLE REPAIR SHOP Trial Balance January 31, 2024 Cash Accounts receivable Prepaid insurance Supplies Land Debit Credit $4,800 8,230 8,220 6,840 51,600 Building 191,200 Accumulated depreciation-building $11,070 Equipment 28,170 Accumulated depreciation-equipment 4,695 Accounts payable 8,000 Unearned revenue 23,550 Mortgage payable 183,600 H. Robinson, capital 62,600 H. Robinson, drawings 102,700 Service revenue 245,855 Salaries expense 116,800 Utilities expense 13,600 Interest expense 7,210 $539,370 $539,370 Additional information: 1. The 12-month insurance policy was purchased on June 1, 2023. 2. A physical count of supplies shows $1,470 on hand on January 31, 2024. 3. The building has an estimated useful life of 50 years. The equipment has an estimated useful life of nine years. 4. The mortgage payable has a 5% interest rate. Interest is paid on the first day of each month for the previous month's interest. 5. By January 31, 2024, $1,460 of services related to the unearned revenue have been provided. 6. During the next fiscal year, $4,660 of the mortgage payable is to be paid. (a) Prepare the adjusting entries. (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 O for the amounts. List all debit entries before credit entries.) Date Account Titles Debit Credit Jan. 31 Jan. 31 Jan. 31 Jan. 31 Jan. 31 (To record insurance expired) (To record supplies used) (To record depreciation expense) (To accrue interest expense) (To record revenue for services provided) (b) Prepare an adjusted trial balance. ORIOLE CYCLE REPAIR SHOP Adjusted Trial Balance Total Debit Credit > > > > > > > > > $ $ (C1) Prepare an income statement. ORIOLE CYCLE REPAIR SHOP Income Statement > $ 1A
Expert Answer:
Related Book For
Accounting Principles
ISBN: 978-1119048503
7th Canadian Edition Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
Posted Date:
Students also viewed these finance questions
-
The Loaned Car ( Scenario ) Colleen is a student, and her older brother has loaned her an old car. The car is in need of several repairs before she will feel comfortable driving it . Colleen needs a...
-
The following is Edge Sports Repair Shop's trial balance at September 30, 2017, the company's fiscal year end: Additional information: 1. Service revenue earned but not recorded at September 30,...
-
The following is Elbow Cycle Repair Shop's trial balance at January 31, 2017, the company's fiscal year end: Additional information: 1. The 12-month insurance policy was purchase don June 1, 2016. 2....
-
import java.util.ArrayList; import java.util.Map; import java.util.Set; import java.util.TreeMap; /* * * This class contains a map of string keys, representing professors, to an array list of...
-
How are costs and expenses different?
-
How does the overtone of military-style training impact Walmart's employment brand? Would this appeal to particular segments of the labor force? How might it impact the company's ability to recruit...
-
Does a capital increase with pre-emptive subscription rights signal overvaluation of the shares more strongly than one without?
-
Peter and Tanya Rothing operated Diamond R Stables near Belgrade, Montana, where they bred, trained, and sold horses. Arnold Kallestad owned a ranch in Gallatin County, Montana, where he grew hay and...
-
161.4 cm = 161.4 cm = m (Type an integer o
-
Mahan purchases 1,000 shares of Bluebird Corporation stock onOctober 3,2021 for $300,000. On December 12,2021, Mahan purchasesan additional 750 shares of Bluebird stock for $210,000. Accordingto ma 2...
-
'Rever Ltd.' is a manufacturing company dealing in Juice. It has been consistently earning good profits for many years. This year too, it has been able to generate enough profits. There is...
-
Point 1. Compute unit costs per pound for products A, B, and C, treating C as a byproduct. Use the NRV method for allocating joint costs. Deduct the NRV of the byproduct produced from the joint cost...
-
Theoretical Probabilities . What is the theoretical probability of an unfavorable outcome? P(x 1) % (Round to the nearest percent.) (fraction) =
-
What measures can be implemented to mitigate the impact of unforeseen disruptions and external variables on operational continuity, safeguarding against deviations from established benchmarks and...
-
A manufacturer uses process costing .It has one direct material cost pool and one conversion cost pool.Information for the month is as follows: Beginning of Month End of Month Work in process: 4,000...
-
When we concern ourselves with finding out what effect a change in an independent variable has on a dependent variable, then we are dealing with which type of analysis: a. Association b. Causation c....
-
The water in tank A is at 270 F with quality of 10% and mass 1 lbm. It is connected to a piston/cylinder holding constant pressure of 40 psia initially with 1 lbm water at 700 F. The valve is opened,...
-
A company often test-markets a proposed product in a specific area or location. Suppose that you wish to test-market your new, revolutionary SuperWax car wax, which requires only one application for...
-
The idea for New Belgium Brewing Company began with a bicycling trip through Belgium, where some of the worlds finest ales have been brewed for centuries. As Jeff Lebesch, a U.S. electrical engineer,...
-
It is helpful to think of a total product offering as having a combination of three interdependent elements: the core product itself, its supplemental features, and its symbolic or experiential...
Study smarter with the SolutionInn App