Sharp Outfitters Unadjusted Trial Balance July 31, 2020 Debit $ Credit $ Cash 3750 Supplies 8600 Prepaid Insurance 3200 Equipment 95000 Accumulated Depreciation 16500 Accounts Payable 3500 Unearned rental fees 8850 C.Sharp, Capital 39000 C.Sharp, Drawing 1200 Rental fees earned 78000 Wages expenses 27800 Rent expense 3300 Advertising expense 2300 Travel expense 700 TOTAL 145850 145850 Sharp Outfitters’ fiscal year ends on July 31 and its accounts are adjusted on a monthly basis. The following additional information are available: 1. Supplies on hand at July 31, amount to $3,300 2. Insurance expense for the month is $600 3. Depreciation for the full year is $8,250 4. The unearned rental fees consist of deposits received from customers in advance when reservations are made. During the month, $2,850 of the unearned rental fees was earned. The remaining deposits apply to rentals for August and September 2020. 5. At July 31, revenue from rental services earned during July but not yet billed or received amounts to $2,500. (Note: Debit Fees Receivable.) 6. Accrued wages payable for equipment handlers and guides amounts to $900 at July 31. REQUIRED: Prepare a worksheet using the adjustment data given above.
Sharp Outfitters
Unadjusted Trial Balance
July 31, 2020
| Debit $ |
Credit $ |
|
| Cash | 3750 | |
| Supplies | 8600 | |
| Prepaid Insurance | 3200 | |
| Equipment | 95000 | |
| Accumulated |
16500 | |
| Accounts Payable | 3500 | |
| Unearned rental fees | 8850 | |
| C.Sharp, Capital | 39000 | |
| C.Sharp, Drawing | 1200 | |
| Rental fees earned | 78000 | |
| Wages expenses | 27800 | |
| Rent expense | 3300 | |
| Advertising expense | 2300 | |
| Travel expense | 700 | |
| TOTAL | 145850 | 145850 |
Sharp Outfitters’ fiscal year ends on July 31 and its accounts are adjusted on a monthly basis. The
following additional information are available:
1. Supplies on hand at July 31, amount to $3,300
2. Insurance expense for the month is $600
3. Depreciation for the full year is $8,250
4. The unearned rental fees consist of deposits received from customers in advance when reservations are
made. During the month, $2,850 of the unearned rental fees was earned. The remaining deposits apply
to rentals for August and September 2020.
5. At July 31, revenue from rental services earned during July but not yet billed or received amounts to
$2,500. (Note: Debit Fees Receivable.)
6. Accrued wages payable for equipment handlers and guides amounts to $900 at July 31.
REQUIRED: Prepare a worksheet using the adjustment data given above.
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