Your Talent Agency Ltd.'s unadjusted and adjusted trial balances at December 31, 2017, are shown below. Requirements
Question:
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.
3. Prove your answer with the accounting equation.
Transcribed Image Text:
Your Talent Agency Ltd Adjusted Trial Balance December 31, 2017 Trial Balance Adjusted Trial Balance Debit 3 Account Title 4 Cash 5 Accounts receivable 6 Supplies Debit Credit Credit 4,100 11,200 1,000 2,600 $ 4,100 12,400 700 7 Prepaid insurance 8 Office furniture 9 Accumulated de 10 Accounts payable 11 Salary payable 12 Interest 13 Note payable 14 Unearned commission revenue 15 Share capital 16 Retained earnings 17 Dividends 18 Commission revenue 21,600 21,600 S 8,200 6,300 $ 9,300 6,300 on 6,000 1,500 5,000 3,500 6,000 1,100 5,000 3,500 18,300 18,300 72,800 74,400 19 Depreciation expense 20 Supplies expense 21 Utilities e 22 Salary expense 23 Rent expense 24 Interest 1,100 4,900 26,600 12,200 4,900 27,500 12,200 1,200 1,700 25 Insurance expense 26 103,300 $ 103,300$106.900 $106,900 27
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Req 1 Journal DATE ACCOUNT TITLES AND EXPLANATION DEBIT CREDIT 2017 Dec 31 Accounts Receivable 12400 ...View the full answer
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Related Book For
Financial Accounting
ISBN: 978-0134564142
6th Canadian edition
Authors: Walter Jr. Harrison, Charles T. Horngren, C. William Thomas, Greg Berberich, Catherine Seguin
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