The trial balance for Benner Hair Salon on March 31 is as follows: Data for month- end
Question:
Data for month- end adjustments are as follows:
a. Expired or used- up insurance, $ 300.
b. Depreciation expense on equipment, $ 500.
c. Wages accrued or earned since the last payday, $ 235 (owed and to be paid on the next payday).
d. Supplies remaining at the end of the month, $ 65.
Required
1. Complete a work sheet for the month.
2. Journalize the adjusting entries.
3. Prepare an income statement, a statement of owners equity, and a balance sheet. Assume that no additional investments were made duringMarch.
Benner Hair Salorn Trial Balance March 31,20 Debit 4 440 150 2,354 10,507 Account Name Cash Supplies Prepaid Insuranoe Equipment Accumulated Depreciation, Equipment Accounts Payable A. Benner, Capital A. Benner, Drawing Salon Fees Wages Expense Rent Expense Utilities Expense Repair Expense Miscellaneous Expense Credit 1,000 240 13,449 1,500 6,230 1,036 650 130 65 87 20,919 20,919
Step by Step Answer:
Benner Hair Salon Work Sheet For Month Ended March 31 20 TRIAL BALANCE ADJUSTMENTS ACCOUNT NAME DEBIT CREDIT DEBIT CREDIT Cash 444000 Supplies 15000 d ...View the full answer
College Accounting
ISBN: 978-1111528126
11th edition
Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille
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
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