What is the adjusted trial balance? DebitCreditAccounts Receivable29,250Supplies2,700Prepaid rent18,000Equipment70,000Accumulated Depreciation14,000Salary payableUnearned fees26,500Fees earned299,800Salary expense60,000Rent expense24,000Supplies expenseDepreciation expenseAdditional information at December 31 is as follows:1. The unused supplies at December 31 were 1/3 of the amount recorded.2. Equipment is being depreciated over 10 years period without salvage.3. Prepaid rent was paid on September 1 to cover six-month period.4. Two-weeks salary at P2,750 per week for December was not paid.5. Unearned fees at December 31 amounted to P5,500.6. Fees earned but still unbilled at December 31 was P12,250.

Liability / revenue adjustments come from companies receiving advance payments for items. Unearned…

Answered: Debit Credit Accounts Receivable 29,250…

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter3: Basic Accounting Systems: Accrual Basis

Section: Chapter Questions

Problem 3.23E: Adjustment for depreciation The estimated amount of depredation on equipment for the current year is...

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Similar questions

Adjustment for depreciation The estimated amount of depredation on equipment for the current year is $133,000. a. How is the adjustment recorded? Indicate each account affected, whether the account is increased or decreased, and the amount of the increase or decrease. b. If the adjustment in (a) was omitted, which items would be erroneously stated on (1) the income statement for the year and (2) the balance sheet as of December 31?
Prepare the Statement of Comprehensive Income as at: 28 February 2021.Embassy TradersPre-adjustment Trial Balance as at: 28 February 2021Debit CreditBalance Sheet Accounts SectionCapital 1 651 100Drawings 132 900Land and buildings 1 254 800Vehicles at cost 925 000Equipment 662 000Accumulated depreciation on vehicles 528 000Accumulated depreciation on equipment 369 000Fixed deposit: Bob-bank (9% p.a.) 200 000Trading inventory 152 000Debtors control 174 800Provision for bad debts 10 000Bank 127 800Creditors control 184 800Mortgage loan: Bob-bank (18% p.a.) 330 000Nominal Accounts SectionSales 2 075 000Cost of sales 795 000Sales returns 15 000Salaries and wages 586 000Bad debts 18 000Stationary 30 000Rates and taxes 58 000Motor expenses 32 000Advertising 23 000Telephone 44 000Electricity and water 66 000Bank charges 8 000Insurance 5 000Interest on mortgage loan 26 000Interest on fixed deposit 15 000Rent income 171 6005 334 500 5 334 500Adjustments and additional information1.Trading…
For item 5. An SME has the following informationRetained Earnings P 2,400Transactions during the yearRevenues 5,000Dividend Income 800Dividend income and other expenses 3,200Dividend Declared P 350Additional information:• During the year, the SME changed the cost flow for its inventories from the FIFO method to theweighted average.FIFO AverageJan. 1 P 3,200 P 2,600December 31 5,300 6,4005. If the SME opts present a statements of income and retained earnings, the bottom line in thestatement shows an amount equal toa. P2,600 b. P2,850 c. P4,550 d. P4,050
The ledger of X Limited contained the following account balances at December 31, 2019, the end of company's fiscal year. Accounts …… …… …… …… …… …… …… …… Balances ($)Cash …… …… …… …… …… …… …… …… …… 7130Accounts Receivable …… …… …… …… …… 23000Inventory …… …… …… …… …… …… …… …… 37000Supplies …… …… …… …… …… …… …… …… 1010Prepaid Rent …… …… …… …… …… …… …… 9410Machinery …… …… …… …… …… …… …… … 23900Accumulated Depreciation-Machinery …… 9980Equipment …… …… …… …… …… …… …… … 62700Accumulated Depreciation-Equipment …… 7530Land …… …… …… …… …… …… …… …… …… 73000Accounts Payable …… …… …… …… …… …… 976015% Debenture …… …… …… …… …… …… … 31000Common Stock ($ 2.5 par value) …… …… … 40000Additional Paid in Capital-Common Stock … 42000Retained Earnings …… …… …… …… …… …… 59400Sales …… …… …… …… …… …… …… …… …… 547200Sales Returns and Allowances …… …… …… 8000Sales Discount …… …… …… …… …… …… …… 3600Salaries Expense …… …… …… …… …… …… … 75500Cost of Goods Sold …… …… …… …… …… …… 385400Loss from employee strike …… ………
ACCTS RECEIVABLE P 22,500ALLOWANCE FOR IMPAIRMENT LOSS 1,200NOTES RECEIVABLE 20,000OFFICE EQUIPMENT 92,000ACCUMUMULATED DEPRECIATION 4,500RENTAL INCOME 12,000SERVICE INCOME 450,000SUPPLIES EXPENSE 6,250INSURANCE EXPENSE 7,200SALARIES EXPENSE 120,000 REQUIRED:PREPARE ADJUSTING ENTRIES FOR DEC. 31, 2021. 1. UNUSED OFFICE SUPPLIES AT THE END, P 320.2. ONE-YEAR INSURANCE WAS PAID ON APRIL 1 OF THE CURRENT YEAR.3. OFFICE EQUIPMENT HAD A USEFUL LIFE OF 10 YEARS WITH SCRAP VALUE OF P2,000. IT WAS ACQUIRED JULY 1, 2021.4. UNEARNED RENTAL INCOME IS 1/3 OF THE AMOUNT COLLECTED.5. SERVICE INCOME NOT YET COLLECTED, P3,000.6. THE 60-DAY 6% NOTE WAS RECEIVED ON DECEMBER 1, 2021.7. ESTIMATED BAD DEBTS IS 10% OF THE ACCOUNTS RECEIVABLE.8. ACCRUED SALARIES IS P12,000.
The trial balance of Fuzzy Security Services Ltd. as of January 1, Year 9, had the following normal balances:Cash$93,380Petty Cash100Accounts receivable21,390Allowance for doubtful accounts2,485Supplies180Prepaid rent3,000Merchandise inventory (23 @ $280)6,440Equipment9,000Van27,000Accumulated depreciation14,900Salaries payable1,500Common stock50,000Retained earnings91,605During Year 9, Fuzzy Security Services experienced the following transactions:1. Paid the salaries payable from Year 8.2. Paid $9,000 on May 2, Year 9, for one year’s office rent in advance.3. Purchased $425 of supplies on account.4. Purchased 145 alarm systems at a cost of $290 each. Paid cash for the purchase.5. After numerous attempts to collect from customers, wrote off $2,060 of uncollectible accounts receivable.6. Sold 130 alarm systems for $580 each plus sales tax of 5 percent. All sales were on account. (Be sure to compute cost of goods sold using the FIFO cost flow method.)7. Billed $107,000 of monitoring…
The Sky Blue Corporation has the following adjusted trial balance at December 31.Debit CreditCash $ 1,310Accounts Receivable 2,800Prepaid Insurance 3,100Notes Receivable (long-term) 3,800Equipment 16,000Accumulated Depreciation $ 4,200Accounts Payable 6,220Salaries and Wages Payable 1,400Income Taxes Payable 3,700Deferred Revenue 760Common Stock 3,200Retained Earnings 1,320Dividends 380Sales Revenue 49,230Rent Revenue 380Salaries and Wages Expense 23,200Depreciation Expense 2,100Utilities Expense 5,020Insurance Expense 2,200Rent Expense 6,800Income Tax Expense 3,700Total $ 70,410 $ 70,410How would you make the adjusted trial balance sheet
A property company received cash for rent totalling $838,600 in the year ended 31 December 20X6.Figures for rent in advance and in arrears at the beginning and end of the year were:31 December 20X5 31 December 20X6$ $Rent received in advance 102,600 88,700Rent in arrears (all subsequently received) 42,300 48,400What amount should appear in the company's statement of profit or loss for the year ended 31December 20X6 for rental income?
An alphabetical list of Ivanhoe Company adjusted accounts at its fiscal year end, August 31, 2024, follows. All accounts have normal balances.Accounts payable$15,600Notes payable$42,000Accumulated depreciation-equipment14,000Prepaid insurance575Accumulated depreciation-furniture17,500R. Martin, capital65,750Cash17,830R. Martin, drawings71,000Cost of goods sold286,875Rent expense24,800Depreciation expense7,020Salaries expense51,000Equipment35,000Salaries payable2,250Furniture42,000Sales473,000Insurance expense3,575Sales returns and allowances14,000Interest expense1,375Supplies950Interest payable575Supplies expense6.325Merchandise inventory70,950Unearned revenue2,600 1.Prepare a multiple-step income statement. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
Use the trial balance, adjustments and additional information to prepare the Statement ofComprehensive Income for the year ended 28 February 2022.Liat TradersPRE-ADJUSTMENT TRIAL BALANCE AS AT 28 FEBRUARY 2022Balance sheet accounts section Debit CreditR RCapital 550 854Drawings 75 150Land and buildings 477 164Vehicles at cost 91 000Equipment at cost 67 000Accumulated depreciation on vehicles 31000Accumulated depreciation onequipment 23800Trading inventory 68 800Debtors control 45 850Provision for bad debts 1900Bank 15 560Cash float 1 250Petty cash 250Creditors control 38 860Loan: MUFG Bank (15%) 21600Nominal accounts sectionSales 498 000Cost of sales 244 000Sales returns 8 000Wages 42 500Bank charges 2 300Rent income 26000Packing materials 12 000Advertising 8 500Rates 3 000Bad debts 900Discount allowed 750Discount received 980Stationery 8 500Interest on loan 2 970Water and electricity 5 550Insurance 5 000Telephone 7 0001 192 994 1 192 994Adjustments and additional information1. A…
The trial balance of Pacilio Security Services, Incorporated as of January 1, Year 9, had the following normal balances Cash $ 93,380Petty cash 100Accounts receivable 21,390Allowance for doubtful accounts 2,485Supplies 180Prepaid rent 3,000Merchandise inventory (23 @ $280) 6,440Equipment 9,000Van 27,000Accumulated depreciation 14,900Salaries payable 1,500Common stock 50,000Retained earnings 91,605 During Year 9, Pacilio Security Services experienced the following transactions: Paid the salaries payable from Year 8 Paid $9,000 on May 2, Year 9, for one year’s office rent in advance Purchased $425 of supplies on account Purchased 145 alarm systems at a cost of $290 each. Paid cash for the purchase After numerous attempts to collect from customers, wrote off $2,060 of uncollectible accounts receivable Sold 130 alarm systems for $580 each plus sales tax of 5 percent. All sales were on account Record cost of good sold for the sales transaction…
ACCOUNTS PAYABLE 14,500.00ACCOUNTS RECEIVABLE 7,500.00CAPITAL STOCK 20,000.00CASH 21,000.00CONSULTING REVENUE 18,000.00OFFICE EQUIPMENT 13,000.00OFFICE SUPPLIES 500.00RENT EXPENSE 9,000.00UTILITIES EXPENSE 1,500.00Above is a list of balances for Iron Works Construction as at 31st December 2021 .The following additional information was provided :1. Depreciation Charge on Office Equipment is $2,0002. All Office Supplies were used during the period.3. Rent Expense includes $1000 for January 20224. $200 was still owing on Utilities Expense Prepare the adjusted Trial Balance as at31st December ,2021

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