The accountant for Eva's Laundry prepared the following unadjusted and adjusted trial balances. Assume that all balances
Question:
Transcribed Image Text:
Eva's Laundry Trial Balances May 31, 2019 Unadjustecd Debit Adjusted Credit Debit Credit Balances Balances Balances Balances 7,500 18,250 3,750 5,200 190,000 7,500 23,250 6,750 1,600 177,000 Accounts Receivable Laundry Supplies.. Prepaid Insurance* Laundry Equipment Accumulated Depreciation-Laundry Equipment Accounts Payable. Wages Payable. Eva Baldwin, Capital Eva Baldwin, Drawing Laundry Revenue... Wages Expense.... 48,000 9,600 110,300 182,100 48,000 9,600 1,000 110,300 .28,775 28,775 182,100 49,200 25,575 18,500 Utilities Expense. Depreciation Expense Laundry Supplies Expense Insurance Expense Miscellaneous Expense 49,200 25,575 18,500 13,000 3,000 600 3,250 3,250 350.000 350,000 358,000 351,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 83% (18 reviews)
1 The accountant debited Accounts Receivable for 5000 but did not credit Laundry Revenue This adjust...View the full answer
Answered By
Lamya S
Highly creative, resourceful and dedicated High School Teacher with a good fluency in English (IELTS- 7.5 band scorer) and an excellent record of successful classroom presentations.
I have more than 2 years experience in tutoring students especially by using my note making strategies.
Especially adept at teaching methods of business functions and management through a positive, and flexible teaching style with the willingness to work beyond the call of duty.
Committed to ongoing professional development and spreading the knowledge within myself to the blooming ones to make them fly with a colorful wing of future.
I do always believe that more than being a teacher who teaches students subjects,...i rather want to be a teacher who wants to teach students how to love learning..
Subjects i handle :
Business studies
Management studies
Operations Management
Organisational Behaviour
Change Management
Research Methodology
Strategy Management
Economics
Human Resource Management
Performance Management
Training
International Business
Business Ethics
Business Communication
Things you can expect from me :
- A clear cut answer
- A detailed conceptual way of explanation
- Simplified answer form of complex topics
- Diagrams and examples filled answers
4.90+
46+ Reviews
54+ Question Solved
Related Book For
Accounting
ISBN: 978-1337899451
27th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
Question Posted:
Related Video
A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
Students also viewed these Cost Accounting questions
-
The accountant for Evas Laundry prepared the following unadjusted and adjusted trial balances. Assume that all balances in the unadjusted trial balance and the amounts of the adjustments are correct....
-
Assume the unadjusted and adjusted trial balances for Amusement Theater, Inc., at September 30, 2012, show the following data: Requirement 1. Journalize the adjusting entries that account for the...
-
Assume the unadjusted and adjusted trial balances for Orbit Theater, Inc., at November 30, 2012, show the following data: Requirement 1. Journalize the adjusting entries that account for the...
-
4. (8 points) Fill in with =, >, >=,
-
The nucleus of 8Be, which consists of 4 protons and 4 neutrons, is very unstable and spontaneously breaks into two alpha particles (helium nuclei, each consisting of 2 protons and 2 neutrons). (a)...
-
Bower Company purchased Lark Corporations net assets on January 3, 20X2, for $625,000 cash. In addition, Bower incurred $5,000 of direct costs in consummating the combination. At the time of...
-
Comment on the statement normal flow is the best-case scenario.
-
Lavoie Corp acquired new equipment at a cost of $100000 plus 7% provincial sales tax and 5% GST (GST is a recoverable tax). The company paid $1700 to transport the equipment to its plant. The site...
-
A Napa wine maker faces a variable cost of $6.75 per bottle, and makes a 50% margin when selling to a wholesaler. The wholesaler obtains a 25% margin by simply reselling to wine stores. Wine stores...
-
Suppose that instead of funding the $300 million investment in 8 percent British loans with CDs issued in the United Kingdom, the FI manager hedges the foreign exchange risk on the British loans by...
-
The unadjusted and adjusted trial balances for American Leaf Company on October 31, 2019, follow: Journalize the five entries that adjusted the accounts at October 31, 2019. None of the accounts were...
-
The following data are taken from recent financial statement of Nike, Inc. (in millions): a. Determine the amount of change (in millions) and percent of change in net income from Year 1 to Year 2....
-
After you have studied Economics in the News on pp. 306307, answer the following questions. a. Explain the distinction between the short run and the long run, and identify when Amazon would want to...
-
In the CAPM, one of the assumptions is that investors have common (homogeneous) beliefs about the return distribution of assets. What is the common assumption about the asset return generating...
-
Why is managing the firms level of accounts receivable important?
-
What is credit scoring, and how is it used to manage accounts receivable?
-
What are the key decision variables at the firms disposal for managing the level of the firms accounts receivable balance?
-
What is the fundamental objective of the EOQ formula?
-
Find the rate of photon production by (a) a radio antenna broadcasting 1.0 kW at 89.5 MHz, (b) a laser producing 1.0 mW of 633-nm light, (c) an X-ray machine producing 0.10-nm X rays with total power...
-
What are conversion costs? What are prime costs?
-
a. What are the two variances between the actual cost and the standard cost for direct materials? b. Discuss some possible causes of these variances.
-
The materials cost variance report for Nickols Inc. indicates a large favorable materials price variance and a significant unfavorable materials quantity variance. What might have caused these...
-
The materials cost variance report for Nickols Inc. indicates a large favorable materials price variance and a significant unfavorable materials quantity variance. What might have caused these...
-
This project requires an investment in fixed assets, at time 0, of 44,000,000. Assets will be depreciated straight line in 5 years. This project has a 4 year life. The revenues for each of the 4...
-
Lorenzo Company applies overhead to jobs on the basis of direct materials cost. At year - end, the Work in Process Inventory account shows the following. Work in Process Inventory Date Explanation...
-
T-bill with a $10,000 par has 174 days until maturity. The T-bill has a bank discount bid quote of 2.208% and ask quote of 2.198%. What is the return on the investment in this T-bill if the trader...
Study smarter with the SolutionInn App