Question

In: Accounting

The unadjusted trial balance of Lady Ltd. at October 31​, 2020​, appears in the solution step...

The unadjusted trial balance of

Lady

Ltd. at

October

31​,

2020​,

appears in the solution step below. The adjustment data at

October

31​,

2020​,

is provided.

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​(Click the icon to view the​ month-end adjustment​ data.)Requirements

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Requirement 1. Using the​ worksheet, prepare the adjusted trial balance of

Lady

Ltd. at

October

31​,

2020.

The unadjusted balances have been entered for you. Key each adjusting entry by letter.

Calculate the adjusted balance of each​ account, and then total the debit and credit columns in the adjusted trial balance. ​(Leave unused cells blank. Round your answers to the nearest whole​ number.)

Lady Ltd.

Trial Balance Worksheet

October 31, 2020

Trial Balance

Adjustments

Account

Debit

Credit

Debit

Credit

Cash

8,400

Accounts receivable

10,000

Accrued service revenue

Prepaid rent

2,400

Supplies

2,700

Furniture

37,800

Accumulated depreciation

3,500

Accounts payable

11,000

Salary payable

Share capital

23,000

Retained earnings

12,300

Dividends

4,400

Service revenue

20,000

Salary expense

3,000

Rent expense

Utilities expense

1,100

Depreciation expense

Supplies expense

Total

69,800

69,800

Choose from any list or enter any number in the input fields and then click Check Answer.

Adjustment data at

October

31​,

2020.

a.

 Accrued service revenue at

October

31​,

$1,600.

b.

 Prepaid rent expired during the month. The unadjusted prepaid balance of

​$2,400

relates to the period

October

through

December.

c.

 Supplies used during

October​,

$2,700.

d.

 Depreciation on furniture for the month. The estimated useful life of the furniture is

three

years.

e.

 Accrued salary expense at

October

31

for​ Monday, Tuesday, and Wednesday. The​ five-day weekly payroll of

$4,800

will be paid on​ Friday,

November

2.

Solutions

Expert Solution

Account Name Trial Balance Adjustments Adjusted Trial Balance
Debit Credit Debit Credit Debit Credit
Cash $ 8,400 $ 8,400
Accounts Receivable $ 10,000 $ 10,000
Accrued service revenue $ 1,600 $ 1,600
Prepaid rent $ 2,400 $ 2,400 $ 0
Supplies $ 2,700 $ 300 $ 2,400
Furniture $ 37,800 $ 37,800
Accumulated Depreciation $ 3,500 $ 12,600 $ 16,100
Accounts Payable $ 11,000 $ 11,000
Salary payable $ 2,880 $ 2,880
Share Capital $ 23,000 $ 23,000
Retained earnings $ 12,300 $ 12,300
Dividends $ 4,400 $ 4,400
Service revenue $ 20,000 $ 1,600 $ 21,600
Salary expense [4800 ÷ 5 x 3] $ 3,000 $ 2,880 $ 5,880
Rent expense $ 2,400 $ 2,400
Utilites expense $ 1,100 $ 1,100
Depreciation expense [37,800 x 1/3] $ 12,600 $ 12,600
Supplies expense [2700 - 2400] $ 300 $ 300
Total $ 69,800 $ 69,800 $ 19,780 $ 19,780 $ 86,880 $ 86,880

ekkarill92 answered 2 years ago
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