The following is Sandhill Photo Tours Limited's unadjusted trial balance at its year end. January 31,...
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The following is Sandhill Photo Tours Limited's unadjusted trial balance at its year end. January 31, 2024. The company adjusts its accounts annually. Cash Accounts receivable Supplies Prepaid rent Prepaid insurance Equipment Accumulated depreciation-equipment Vehicles Accumulated depreciation-vehicles Accounts payable Deferred revenue Bank loan payable, due 2027 Common shares Retained earnings Fees earned Salaries expense Repairs and maintenance expense Rent expense Interest expense Advertising expense Income tax expense Debit $55,180 39,370 6,510 37,200 18,600 734,700 892,800 278,380 73,780 446,400 148,800 232,500 5,270 $2,969,490 Credit $297,600 130,200 74,400 108,500 620,000 396,800 520,490 821,500 $2,969,490 Additional information: 1. The bank loan payable has a 9% interest rate. Interest is paid quarterly on March 1, June 1, September 1, and December 1. Interest was last paid on December 1. 2. Additional advertising costs of $3,100 have been incurred, but the company was not invoiced by January 31. 3. Income tax payable for the year is estimated to be an additional $5,270 beyond that recorded to date. 4. On January 28, the company paid $37,200 rent in advance for February. 5. Awilderness organization that had not made an advance deposit took a tour to photograph the aurora borealis. The tour was completed on January 26 for fees of $37,820. This group was not billed until February for the services performed. 6. The insurance policy has a one-year term beginning January 1, 2024. At that time, a premium of $18,600 was paid. 7. Employees are owed a total of $15,500 at January 31. 8. The equipment was acquired on October 1, 2022, and has an estimated useful life of 10 years. The vehicles were acquired on December 1, 2022, and have an estimated useful life of 8 years. The company uses straight-line depreciation. 9. Deposits of $108,500 were received for advance tour reservations for services to be provided in 2024. At January 31, only 10% all of these deposits have been earned. 10. A year-end physical count shows $780 of supplies on hand. Prepare adjusted entries The following is Sandhill Photo Tours Limited's unadjusted trial balance at its year end. January 31, 2024. The company adjusts its accounts annually. Cash Accounts receivable Supplies Prepaid rent Prepaid insurance Equipment Accumulated depreciation-equipment Vehicles Accumulated depreciation-vehicles Accounts payable Deferred revenue Bank loan payable, due 2027 Common shares Retained earnings Fees earned Salaries expense Repairs and maintenance expense Rent expense Interest expense Advertising expense Income tax expense Debit $55,180 39,370 6,510 37,200 18,600 734,700 892,800 278,380 73,780 446,400 148,800 232,500 5,270 $2,969,490 Credit $297,600 130,200 74,400 108,500 620,000 396,800 520,490 821,500 $2,969,490 Additional information: 1. The bank loan payable has a 9% interest rate. Interest is paid quarterly on March 1, June 1, September 1, and December 1. Interest was last paid on December 1. 2. Additional advertising costs of $3,100 have been incurred, but the company was not invoiced by January 31. 3. Income tax payable for the year is estimated to be an additional $5,270 beyond that recorded to date. 4. On January 28, the company paid $37,200 rent in advance for February. 5. Awilderness organization that had not made an advance deposit took a tour to photograph the aurora borealis. The tour was completed on January 26 for fees of $37,820. This group was not billed until February for the services performed. 6. The insurance policy has a one-year term beginning January 1, 2024. At that time, a premium of $18,600 was paid. 7. Employees are owed a total of $15,500 at January 31. 8. The equipment was acquired on October 1, 2022, and has an estimated useful life of 10 years. The vehicles were acquired on December 1, 2022, and have an estimated useful life of 8 years. The company uses straight-line depreciation. 9. Deposits of $108,500 were received for advance tour reservations for services to be provided in 2024. At January 31, only 10% all of these deposits have been earned. 10. A year-end physical count shows $780 of supplies on hand. Prepare adjusted entries
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Answer rating: 100% (QA)
Answer Adjusted entries Account Debit Credit Interest Expense 4350 4350 Advertising Expense 3100 3100 Income Tax Expense 5270 5270 Rent Expense 37200 ... View the full answer
Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1118024492
5th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
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