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In: Accounting

The trial balance of Kingbird, Inc. on March 31, 2017, is as follows: Kingbird, Inc. Trial...

The trial balance of Kingbird, Inc. on March 31, 2017, is as follows:

Kingbird, Inc.
Trial Balance
March 31, 2017
Debit Credit
Cash $1,850
Accounts receivable 2,740
Supplies 645
Equipment 6,050
Accumulated depreciation—equipment $80
Accounts payable 1,035
Unearned revenue 460
Common shares 6,220
Retained earnings 1,670
Sales revenue 2,490
Salaries and wages expense 545
Miscellaneous expense 125
$11,955 $11,955


Additional information:

1. A physical count reveals only $540 of supplies on hand.
2. Equipment is depreciated at a rate of $20 per month.
3. Unearned ticket revenue amounted to $105 on March 31.
4. Accrued salaries are $720.


Enter the trial balance on a work sheet and complete the work sheet, assuming that the adjustments relate only to the month of March. (Ignore income taxes.)

Solutions

Expert Solution

ekkarill92 answered 1 year ago
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