The unadjusted trial balance and adjustment data for Elbow Cycle Repair Shop are presented in P4-4A. Instructions
Question:
Instructions
Prepare a work sheet for the year ended January 31, 2017.
Taking It Further
Is it still necessary to record the adjusting entries in the journal and post them to the ledger accounts when using a work sheet?
ELBOW CYCLE REPAIR SHOP Trial Balance January 31, 2017 Debit Credit $ 3,200 6,630 6,420 5,240 50,000 190,000 Accounts receivable Prepaid insurance Supplies Land Building Accumulated depreciation-building Equipment Accumulated depreciation-equipment Accounts payable Unearned revenue Mortgage payable H. Dude, capital H. Dude, drawings Service revenue Salaries expense Utilities expense Interest expense S 11,000 27,000 4,500 6,400 21,950 182,000 61,000 101,100 235,550 115,200 12,000 5,610 S522,400 $522,400
Step by Step Answer:
ELBOW CYCLE REPAIR SHOP Work Sheet Year Ended January 31 2017 Account Titles Trial Balance Adjustmen...View the full answer
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
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 Managerial Accounting questions
-
The unadjusted trial balance and adjustment data of Elias Real Estate Appraisal Company at June 30, 2012, follow: Adjustment data at June 30, 2012: a. Prepaid insurance expired, $300. b. Accrued...
-
The unadjusted trial balance and adjustment data of Smith Real Estate Appraisal Company at June 30, 2012, follow: Adjustment data at June 30, 2012: a. Prepaid insurance expired, $400. b. Accrued...
-
The unadjusted trial balance and adjustment data of Elias Real Estate Appraisal Company at June 30, 2012, follow: Adjustment data at June 30, 2012: a. Prepaid insurance expired, $300. b. Accrued...
-
The data in CPU reflect the annual values of the consumer price index for all urban consumers (CPI-U) in the United State over the 54-year period 1965 through 2018, using 1982 through 1986 as the...
-
Describe how a job order cost system can be used for professional service businesses.
-
Assume the only choice variable is x. The total benefit function is B (x) = 170 x x2, and the cost function is C (x) = 100 10 x + 2x2. a. What are the marginal benefit and marginal cost functions?...
-
List three or four criteria you could use to qualify a lead as a likely prospect. How would you find out if the lead meets these criteria?
-
Obtain an estimate of the integral from Prob. 22.1, but using two-, three-, and four point Gauss-Legendre formulas. Compute t for each case on the basis of the analytical solution.
-
1 . differentiate between data elements and data types 2 . distinguish among different types of modern databases 3 . explain how businesses identify risks and opportunities associated with emerging...
-
A frame ABC is supported in part by cable DBE which passes through a frictionless ring at B. Knowing that the tension in the cable is 385 N, determine the components of the force exerted by the cable...
-
Has the company's ability to pay its debts improved or weakened over the year? Instructions (a) Calculate Danier Leather's current assets and current liabilities for each period. (b) Calculate Danier...
-
The unadjusted trial balance and adjustment data for Silver Ridge Plumbing are presented in P4-6A. Instructions Prepare a work sheet for the year ended October 31, 2017. Taking It Further Explain why...
-
Without external cues such as the sun, people attempting to walk in a straight line tend to walk in circles. One idea is that most individuals have a tendency to turn in one direction because of...
-
What is the impact of debt financing on owners rate of return?
-
What is a businesss capital structure?
-
What are some questions relevant to the capital structure decision?
-
What is payback?
-
How would you choose between widely different cost-of-equity estimates?
-
Give an example of a software application in which adaptability can mean the difference between a prolonged lifetime of sales and bankruptcy.
-
Outline a general process applicable to most control situations. Using this, explain how you would develop a system to control home delivery staff at a local pizza shop.
-
Judy Cumby is the sole owner of Deer Park, a public camping ground near Gros Morne National Park. Judy has gathered the following financial information for the year ended March 31, 2021: Instructions...
-
The condensed balance sheet of Erickson Corporation reports the following: The market price of the common shares is currently $30 per share. Erickson wants to assess the impact of three possible...
-
The post-closing trial balance of Michaud Corporation at December 31, 2021, contains the following shareholders equity accounts: $4 cumulative preferred shares (15,000 shares issued) ............. $...
-
Your GST bill has arrived. You need to pay GST on $153,890. How much do you need to pay in GST? Explain.
-
Given the fact that the telecom industry is extremely competitive, is it likely that Empire will find willing benchmarking partners among it's competitors?
-
Moxie Inc., a company that produces typewriter replicas, has fixed costs of $20,000 and variable costs of $18 per unit of output. Their expected unit sales is 10,000 units. What is the unit cost of...
Study smarter with the SolutionInn App