The unadjusted trial balance and adjustment data for Elbow Cycle Repair Shop are provided. Prepare worksheet .
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Question:
The unadjusted trial balance and adjustment data for Elbow Cycle Repair Shop are provided.
Prepare worksheet.
ELBOW CYCLE REPAIR SHOP Trial Balance January 31, 2021 | ||||
Debit | Credit | |||
Cash | $ 3,200 | |||
Accounts receivable | 6,630 | |||
Prepaid insurance | 6,420 | |||
Supplies | 5,240 | |||
Land | 50,000 | |||
Building | 190,000 | |||
Accumulated depreciation—building | $ 11,000 | |||
Equipment | 27,000 | |||
Accumulated depreciation—equipment | 4,500 | |||
Accounts payable | 6,400 | |||
Unearned revenue | 21,950 | |||
Mortgage payable | 182,000 | |||
H. Dude, capital | 61,000 | |||
H. Dude, drawings | 101,100 | |||
Service revenue | 235,550 | |||
Salaries expense | 115,200 | |||
Utilities expense | 12,000 | |||
Interest expense | 5,610 | |||
$522,400 | $522,400 |
Additional information:
- 1- The 12-month insurance policy was purchased on June 1, 2020.
- 2- A physical count of supplies shows $1,310 on hand on January 31, 2021.
- 3- The building has an estimated useful life of 50 years. The equipment has an estimated useful life of 9 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, 2021, $1,300 of services related to the unearned revenue have been provided.
- 6- During the next fiscal year, $4,500 of the mortgage payable is to be paid. Prepare a work sheet for the year ended January 31, 2021.
Related Book For
Accounting Principles Volume 1
ISBN: 978-1119502425
8th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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