Concept explainers
Bug-Off Exterminators provides pest control services and sells extermination products manufactured by other companies. The following six-column table contains the company's unadjusted
MinrrfTTTrTB | Adjusted | ||
December 31. 2019 | Trial Balance | Adjustments | Trial Balance |
Cash.......................... | ......... i 17.000 | ||
Accounts receivable............. | ......... 4.000 | ||
Allowance for doubtful accounts .. | ........ S 82B | ||
Merchandise inventory........... | ......... 11,700 | ||
Trucks......................... | ..... 32J0OO | ||
Accum. depreciation—Trucks...... | ......... 0 | ||
Equipment..................... | ......... 45J0OO | ||
Accum. depreciation—Equipment . | ........ 12.200 | ||
Accounts payable............... | ........ 5.000 | ||
Estimated warranty liability........ | ........ 1.400 | ||
Unearned services revenue....... | ......... 0 | ||
Interest payable................. | ......... 0 | ||
Long-term notes payable......... | ........ 15,000 | ||
D. Buggs,Capital................ | ......... 59,700 | ||
D. Buggs, Withdrawals........... | ......... 10,000 | ||
Extermination services revenue____ | ........ 60.000 | ||
Interest revenue................ | ........ 872 | ||
Sales (of merchandise)........... | ......... 71.026 | ||
Cost of goods sold............... | ......... 46.300 | ||
Depreciation expense—Trucks | ......... 0 | ||
Depreciation expense—Equipment | ......... 0 | ||
Wages expense................. | ......... 35,000 | ||
Interest expense................ | ......... 0 | ||
Rent expense................... | ......... 9,000 | ||
........ 0 | |||
Miscellaneous expense........... | ........ 1,226 | ||
Repairs expense................ | ......... a.ooo | ||
Utilities expense................ | ......... 6.B00 | ||
Warranly expense............... | ......... 0 | ||
Totals......................... | ......... S226.026 $226,026 | ||
The following information in a through h ap | iplies to the company at the end of the current | year. | - |
3. The bank reconciliation as of December 31. 2019. includes the following facts. | |||
Cash balance per bank.............. | $15,100 Deposit in transit............... | ........... $2,450 |
Cash balance per books.............. 17.000 Interest earned (on bank account}.................. 52
Outstanding checks................. 1.800 Bankservicecharges(mrscellaneousexpense)....... 15
Reported on the bank statement is a canceled check that the company failed to record. (Information from the bank reconciliation allows you to determine the amount of this check, which is a payment on an account payable.)
b. An examination of customers' accounts shows that accounts totaling S679 should be written off as uncollectible. Using an aging of receivables, the company determines that the ending balance of the Allowance for Doubtful Accounts should be S700.
C. A truck is purchased and placed in service on January 1= 2019. Its cost is being
Original cost....... J32.000 Expected salvage value......... SE.000 Useful life (years)........ 4
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BA 511 CUSTOM CONNECT FOR FUND ACC PRINC
- The Trial Balance of BMR Limited contained the following accounts (alphabetically) at December 31, 2020, the end of company's fiscal year.Accounts …… …… …… …… …… …… …… Balances ($) . . . . ||| . . . . Accounts …… …… …… …… …… Balances ($)Accumulated Depreciation-Building…. …… 130000 . . . . ||| . . . . Loss on Sale of Property …. …. …. …. 7680Accumulated Depreciation-Equipment….…. 36000 . . . . ||| . . . . Merchandise Inventory …. …. ……. 230000Additional Paid in Capital-Common Stock.. 233000 . . . . ||| . . . . Mortgage Loan …. …. …. …. …. …… 114000Auditors Fee …. …. …. …. …. …. ….. ….. ….. .. 207000 . . . . ||| . . . . Rent Revenue …. …. …. …. …. …. … 53000Buildings…. …. …. …. …. …. ….. ….. ….. ….. ... 401000 . . . . ||| . . . . Retained Earnings …. …. …. …. …… 52600Cash …. …. …. …. …. …. ….. ….. ….. ….. ….. …. 204340 . . . . ||| . . . . Salaries and Wages Expense …. …. 106000Common Stock ($2 each)…. …. …. …. …. ….. 113000 . . . . ||| . . . . Sales …. …. …. …. …. …. ….. ….. …….…arrow_forwardRecover Rehabilitation Hospital has the following balances that are extracted from its December 31, 2019, trial balance: Account Debit Credit Nursing Services Expense. . . . . . . . . . Professional Fees Expense. . . . . . . . . . . . . . . . . . . . . . . General and Administrative Expense . . . . . . . . . . . . Depreciation Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest Expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Asset Whose Use Is Limited . . . . . . . . . . . . . . . . . . . . . Repairs and Maintenance Expense . . . . . . . . . . . . . . . . Provision for Uncollectible Accounts . . . . . . . . . . . . . . Contractual Adjustments . . . . . . . . . . . . . . . . . . . . . . . . . Patient Service Revenues. . . .. . . . . . . . . . .. . . . . . . . Seminar Income.. . . .. . . . . . . . . . .. . . . . . . . Child Day Care Income. . . .. . . . . . . . . . .. . . . . . . . Parking Fees. . . .. . . . . . . . . . .. .…arrow_forwardRecover Rehabilitation Hospital has the following balances that are extracted from its December 31, 2019, trial balance: Account Debit Credit Nursing Services Expense. . . . . . . . . . Professional Fees Expense. . . . . . . . . . . . . . . . . . . . . . . General and Administrative Expense . . . . . . . . . . . . Depreciation Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest Expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Asset Whose Use Is Limited . . . . . . . . . . . . . . . . . . . . . Repairs and Maintenance Expense . . . . . . . . . . . . . . . . Provision for Uncollectible Accounts . . . . . . . . . . . . . . Contractual Adjustments . . . . . . . . . . . . . . . . . . . . . . . . . Patient Service Revenues. . . .. . . . . . . . . . .. . . . . . . . Seminar Income.. . . .. . . . . . . . . . .. . . . . . . . Child Day Care Income. . . .. . . . . . . . . . .. . . . . . . . Parking Fees. . . .. . . . . . . . . . .. .…arrow_forward
- The following trial balance was taken from the books of Venus Corporation at December 31, 2020: Account Debit Credit Cash........................................................................................................... $ 40,000 Accounts Receivable.................................................................................... 106,000 Prepaid Rent ............................................................................................... 12,800 Note Receivable................................................................................................ 8,000 Merchandise Inventory................................................................................... 54,000 Unexpired Insurance......................................................................................... 4,800 Furniture and…arrow_forwardThe following trial balance was taken from the books of Venus Corporation at December 31, 2020: Account Debit Credit Cash........................................................................................................... $ 40,000 Accounts Receivable.................................................................................... 106,000 Prepaid Rent ............................................................................................... 12,800 Note Receivable................................................................................................ 8,000 Merchandise Inventory................................................................................... 54,000 Unexpired Insurance......................................................................................... 4,800 Furniture and…arrow_forwardThe following trial balance was taken from the books of Venus Corporation at December 31, 2020: Account Debit Credit Cash........................................................................................................... $ 40,000 Accounts Receivable.................................................................................... 106,000 Prepaid Rent ............................................................................................... 12,800 Note Receivable................................................................................................ 8,000 Merchandise Inventory................................................................................... 54,000 Unexpired Insurance......................................................................................... 4,800 Furniture and…arrow_forward
- Following is the trial balance extracted from the books of NICK CHARLES INVESTIGATIONS for the month ended March 31, 2020 : Rs. Rs. Cash........................................................................................ 17,150 Fee Receivable........................................................................ 37,800 Unexpired Insurance................................................................. 1,600 Prepaid Rent............................................................................. 2,400 Office Supplies......................................................................... 1,050 Office Equipment................................................................... 17,100 Accumulated Depreciation : Office Equipment..................................................... 5,700 Accounts…arrow_forwardPrepare a November 30 balance sheet in proper form for Green Bay Delivery Service from the following alphabetical list of the accounts at November 30: Accounts receivable....................... $10,000Accounts payable................................ 18,000Building.............................................. 28,000Cash.................................................. 8,000Notes payable..................................... 45,000Office equipment................................... 12,000R. Perkins, Capital................................ 50,000Trucks............................................... 55,000[Hint: Please follow the balance sheet format. You need to re-organize the order of the account. Remember to include the heading (name of company...etc)]arrow_forwardUse the following items taken from the financial statements of the Postal Service for the year ending December 31, 2018 to answer questions: Accounts payable ..............................................................$10,000 Accounts receivable ............................................................11,000 Accumulated depreciation – equipment ..........................28,000 Advertising expense ............................................................21,000 Cash ......................................................................................14,000 Owner’s capital (1/1/18) ...................................................105,000 Owner’s drawings ...............................................................14,000 Depreciation expense ........................................................12,000 Insurance expense ...............................................................3,000 Note payable, due 6/30/19…arrow_forward
- art A Sammy accounts for VAT on an invoice basis. The following details have been extracted from the business records kept for the January/February 2020 VAT period Invoices issued VAT inclusive............................................. €145,684 Credit notes issued VAT inclusive ..................................... €363 Money collected from debtors ............................................ €200,618 If the VAT rate applicable to sales is 23%, the VAT due on sales for the January/February 2020 VAT period amounts to?arrow_forward1. Prepare a November 30 balance sheet in proper form for Green Bay Delivery Service from the following alphabetical list of the accounts at November 30: Accounts receivable.......................$10,000Accounts payable................................18,000Building..............................................28,000Cash..................................................8,000Notes payable.....................................45,000Office equipment...................................12,000R. Perkins, Capital................................?Trucks...............................................55,000arrow_forwardComplex Company prepares monthly financial statements. Below are listed some selected accounts and their balances in the September 30 trial balance before any adjustments have been made for the month of September. Instruction: Using the information given, prepare the adjusting entries that should be made by Complex Company on September 30. Complex COMPANY Trial Balance (Selected Accounts) September 30, 2010 Debit Credit Office Supplies....................................................................................$ 2,700 Prepaid Insurance..............................................................................$4,200 Office Equipment............................................................................. $16,200 Accumulated Depreciation—Office…arrow_forward
- Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College