Part I. Using the adjusted trial balance of Margie Decorating Services, compute for the following: 1. Total Expenses 2. Net Income 3. Margie, Capital - end 4. Total Assets 5. Total Liabilities Adjusted Trial Balance Account Title DR CR Cash 95,722.00 Accounts Receivable 55,000.00 Supplies on hand 28,750.00 Furniture 110,750.00 Accum. Dep'n - Furniture 22,150.00 Equipment 90,500.00 Accum. Dep'n - Equipment 24,150.00 Loans Payable 33,660.00 Margie, Capital 150,000.00 Margie, Drawing 80,000.00 Professional Fees 660,000.00 Consultancy expenses 150,000.00 Utilities expense 85,000.00 Membership fees 6,000.00 Taxes and licenses 68,400.00 Salaries expense 86,500.00 1,200.00 Interest expense Miscellaneous expense 12,430.00 Bad Debts expense 1,200.00 Allowance for bad debts 1,200.00 Depreciation - Furniture 5,508.00 Depreciation - Equipment Accrued consultancy 4,010.00 8,000.00 expense Prepaid interest 850.00 Supplies expense 48,425.00 Accrued taxes and licenses 8,400.00 Accrued utilities 3,250.00 Prepaid taxes and licenses 2,750.00 Misc. expense payable Unearned professional fees 2,185.00 20,000.00 Total 932,995.00 932,995.00

Part I. Using the adjusted trial balance of Margie Decorating Services, compute for the following: 1. Total Expenses 2. Net Income 3. Margie, Capital - end 4. Total Assets 5. Total Liabilities Adjusted Trial Balance Account Title DR CR Cash 95,722.00 Accounts Receivable 55,000.00 Supplies on hand 28,750.00 Furniture 110,750.00 Accum. Dep'n - Furniture 22,150.00 Equipment 90,500.00 Accum. Dep'n - Equipment 24,150.00 Loans Payable 33,660.00 Margie, Capital 150,000.00 Margie, Drawing 80,000.00 Professional Fees 660,000.00 Consultancy expenses 150,000.00 Utilities expense 85,000.00 Membership fees 6,000.00 Taxes and licenses 68,400.00 Salaries expense 86,500.00 1,200.00 Interest expense Miscellaneous expense 12,430.00 Bad Debts expense 1,200.00 Allowance for bad debts 1,200.00 Depreciation - Furniture 5,508.00 Depreciation - Equipment Accrued consultancy 4,010.00 8,000.00 expense Prepaid interest 850.00 Supplies expense 48,425.00 Accrued taxes and licenses 8,400.00 Accrued utilities 3,250.00 Prepaid taxes and licenses 2,750.00 Misc. expense payable Unearned professional fees 2,185.00 20,000.00 Total 932,995.00 932,995.00

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 16PB: Prepare an adjusted trial balance from the following account information, and also considering the...

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