This question is asking to prepare an adjusted trial balance. I'm not sure where income tax payable, rent payable, and retained earnings go on the trial balance. Also not sure what to do about the bank loan payable for 2024.
This question is asking to prepare an adjusted trial balance. I'm not sure where income tax payable, rent payable, and retained earnings go on the trial balance. Also not sure what to do about the bank loan payable for 2024.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity
Section: Chapter Questions
Problem 12P: Balance Sheet from Adjusted Trial Balance The following is the alphabetical adjusted trial balance...
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Hello,
This question is asking to prepare an adjusted
Thanks
Transcribed Image Text:Yanik Financial Services Ltd. reports the following adjusted account balances, shown in alphabetical order, at the end of its fiscal year,
August 31, 2021:
Accounts payable
$ 2,790
Insurance expense
$ 1,120
Accounts receivable
18,330
Interest expense
1,490
Accumulated depreciation-equipment
5,740
Interest payable
1,490
Bank loan payable, due 2024
25,400
Prepaid insurance
3,550
Cash
11,590
Rent expense
17,040
Common shares
4,880
Rent payable
1,280
Depreciation expense
2,160
Retained earnings
5,530
Deferred revenue
700
Salaries expense
19,630
Dividends declared
600
Salaries payable
2,310
Equipment
25,100
Service revenue
56,150
Income tax expense
2,070
Supplies
3,420
Income tax payable
1,560
Supplies expense
1,730
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