The trial balance for Benner Hair Salon on March 31 is as follows: Data for month-end adjustments are as follows: a. Expired or used-up insurance, $300. b. Depreciation expense on equipment, $500. c. Wages accrued or earned since the last payday, $235 (owed and to be paid on the next payday). d. Supplies remaining at the end of the month, $65. Required 1. Complete a work sheet for the month. (Skip this step if using CLGL.) 2. Journalize the adjusting entries. 3. Prepare an income statement, a statement of owner’s equity, and a balance sheet. Assume that no additional investments were made during March.

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College Accounting (Book Only): A ...

12th Edition
Cathy J. Scott
Publisher: Cengage Learning
ISBN: 9781305084087
BuyFind

College Accounting (Book Only): A ...

12th Edition
Cathy J. Scott
Publisher: Cengage Learning
ISBN: 9781305084087

Solutions

Chapter
Section
Chapter 4, Problem 5PA
Textbook Problem

The trial balance for Benner Hair Salon on March 31 is as follows:

Chapter 4, Problem 5PA, The trial balance for Benner Hair Salon on March 31 is as follows: Data for month-end adjustments

Data for month-end adjustments are as follows:

  1. a. Expired or used-up insurance, $300.
  2. b. Depreciation expense on equipment, $500.
  3. c. Wages accrued or earned since the last payday, $235 (owed and to be paid on the next payday).
  4. d. Supplies remaining at the end of the month, $65.

Required

  1. 1. Complete a work sheet for the month. (Skip this step if using CLGL.)
  2. 2. Journalize the adjusting entries.
  3. 3. Prepare an income statement, a statement of owner’s equity, and a balance sheet. Assume that no additional investments were made during March.

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Chapter 4 Solutions

College Accounting (Book Only): A Career Approach
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