Your Talent Agency Ltd.'s unadjusted and adjusted trial balances at December 31, 2014, are shown below. Requirements
Question:
Your Talent Agency Ltd.'s unadjusted and adjusted trial balances at December 31, 2014, are shown below.
Requirements
1. Make the adjusting entries that account for the difference between the two trial balances.
2. Compute Your Talent Agency Ltd.'s total assets, total liabilities, total equity, and net income.
Your Talent Agency Ltd. Adjusted Trial Balance December 31, 2014 Trial Balance Adjusted Trial Balance Debit Credit Debit 4,100 12 ,400 700 Account Title Credit S 4,100 $ Accounts receivable Supp Prepaid insurance Office furniture Accumulated depreciation Accounts payable Salary payable Interest payable Note payable Unearned commission revenue Share capital Retained earnings 11,200 1,000 2,600 21,600 21,600 $ 8,200 6,300 S 9,300 6,300 8 6,000 1,500 5,000 3,500 6,000 1,100 5,000 3,500 18,300 18,300 74,400 Commission revenue Depreciation expense Supplies expense Utilities expense Salary expense Rent expense Interest expense Insurance expense 72,800 1,100 4,900 26,600 12,200 4,900 27,500 12,200 1,200 1,700 103,300 $103,300 $106,900 $106,900
Step by Step Answer:
Req 1 Journal DATE ACCOUNT TITLES AND EXPLANATION DEBIT CREDIT 2014 Dec 31 Accounts Receivable 12400 ...View the full answer
Financial Accounting
ISBN: 978-0133472264
5th Canadian edition
Authors: Charles Horngren, William Thomas, Walter Harrison, Greg Berberich, Catherine Seguin
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 Accounting questions
-
Valero Sales Company's unadjusted and adjusted trial balances at December 31, 20X7, are given on the next page. Required 1. Make the adjusting entries that account for the differences between the two...
-
Wolcott Consulting's unadjusted and adjusted trial balances at December 31, 2014, follow: Required Journalize the adjusting entries that account for the differences between the two trial balances....
-
Galant Theater Production Company unadjusted and adjusted trial balances at December 31, 2012, follow. Requirement 1. Journalize the adjusting entries that account for the differences between the two...
-
In a bank reconciliation, deposits in transit are: (a) deducted from the book balance. (b) added to the book balance. (c) added to the bank balance. (d) deducted from the bank balance.
-
How should a CFO respond when pressured to manage earnings?
-
In general, a taxpayer can exclude up to $250,000 of gain on the sale of a principal residence. However, this exclusion is only available every two years. Explain the circumstances under which the...
-
It looks to me that you have devoted everything to this company and they have treated you badly. Is that right?
-
Strum Enterprises is a boutique guitar manufacturer. The company produces both acoustic and electric guitars for rising and established professional musicians. Claire Strum, the company's sales...
-
You have made a physical pendulum by swinging a rod of mass M = 0.73 kg and length L = 0.53 meters around its end. The mass of the rod is distributed uniformly along its length. We will assume that...
-
The Premiere Bank soon will be hooking up computer terminals at each of its branch offices to the computer at its main office using special phone lines with telecommunications devices. The phone line...
-
Consider the unadjusted trial balance of Creative Advertising Ltd. at October 31, 2014, and the related month-end adjustment data. Adjustment data: a. Accrued advertising revenue at October 31,...
-
The adjusted trial balance of Reid and Campbell Ltd. at December 31, 2014, appears below. Requirements 1. Prepare Reid and Campbell Ltd.'s 2014 income statement, statement of retained earnings, and...
-
Some of the costs in the list below are costs of quality. For each cost, indicate by the appropriate letter what type of cost it is: prevention cost (P), appraisal cost (A), internal failure cost...
-
The scheduled time for a flight between Kuwait city and the city of Dubai in the United Arab Emirates is 75 minutes. Assume that the actual flight time is uniformly distributed between 73 and 85...
-
A study of the time spent by visitors to finish the viewing of a marine life aquarium is uniformly distributed between 120 and200 minutes. What is the probability that the viewing time will be a....
-
The time it takes for a plane to be cleaned and ready for the next flight is uniformly distributed between 35 and 45 minutes. What is the probability that the cleaning time will be a. less than...
-
A quality control officer heads a department that manufactures 1,000,000 units per annum. Answer the following: a. Is it feasible for him to check all units produced or to check a sample of 1,000...
-
Comment on the normality of the sampling distribution of mean when the a. sample size is 5 b. sample size is 2 c. sample size is 30 d. sample size is 100 Do so for the following scenarios: population...
-
The following procedures were recently implemented by SUP Yoga Co.: a. Each cashier is assigned a separate cash register drawer to which no other cashier has access. b. All sales are rung up on the...
-
Is times interest earned meaningful for utilities? Why or why not?
-
Does every adjusting entry have an effect on determining the amount of net income for a period? Explain.
-
(a) Explain the purpose of the two accounts: Depreciation Expense and Accumulated Depreciation. (b) What is the normal balance of each account? (c) Is it customary for the balances of the two...
-
(a) Explain the purpose of the two accounts: Depreciation Expense and Accumulated Depreciation. (b) What is the normal balance of each account? (c) Is it customary for the balances of the two...
-
Randy Sneaker Company is a maker of mid-priced sneakers. They have recently made a new running sneaker but it has not met its sales expectations. As a result, the company president has asked you to...
-
a. Factorize the following expression 6x+13x-5 b. Express 20% as a decimal number c. Simplify (3y+5) (2y-3) - (y+7)(5y - 1). d. Simplify 7x+x-x-5x-3x-6x4 e. Solve -3x+4 <11 hence represent it...
-
Q4(a) Personal protective equipment (PPE) refers to the equipment worn to minimize the worker's exposure to the hazards which causes occupational injuries and illness. Explain three (3) factors which...
Study smarter with the SolutionInn App