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Ledger Accounts, Adjusting Entries, Financial Statements, and Closing Entries; End-of-Period Spreadsheet. The unadjusted trial balance of...

Ledger Accounts, Adjusting Entries, Financial Statements, and Closing Entries; End-of-Period Spreadsheet.

The unadjusted trial balance of Recessive Interiors at January 31, 2018, the end of the year, follows:

Recessive Interiors
Unadjusted Trial Balance
January 31, 2018
Debit Balances Credit Balances
11 Cash 13,100
13 Supplies 8,000
14 Prepaid Insurance 7,500
16 Equipment 113,000
17 Accumulated Depreciation—Equipment 12,000
18 Trucks 90,000
19 Accumulated Depreciation—Trucks 27,100
21 Accounts Payable 4,500
31 Common Stock 30,000
32 Retained Earnings 96,400
33 Dividends 3,000
41 Service Revenue 155,000
51 Wages Expense 72,000
52 Rent Expense 7,600
53 Truck Expense 5,350
59 Miscellaneous Expense 5,450
325,000 325,000

The following additional accounts from Recessive Interiors' chart of accounts should be used: Wages Payable, 22; Income Summary, 34; Depreciation Expense-Equipment, 54; Supplies Expense, 55; Depreciation Expense-Trucks, 56; Insurance Expense, 57.

The data needed to determine year-end adjustments are as follows:

Supplies on hand at January 31 are $2,850.

Insurance premiums expired during the year are $3,150.

Depreciation of equipment during the year is $5,250.

Depreciation of trucks during the year is $4,000.

Wages accrued but not paid at January 31 are $900.

1- Prepare an adjusted trial balance. List the accounts in order by type: Assets, Liabilities, Capital, Dividends, Revenue and Expenses. If an amount box does not require an entry, leave it blank.

Solutions

Expert Solution

The adjusted trial balance is as follows:

1. With the additional information of adjusting entries, the supplies on hand which was counted was to be deducted from the supplies information given in unadjusted trial balance to arrive at the supplies expense.

2. Depreciation expenses are to be added to the accumulated depreciation account and the expense is to be shown in a separate account.

3. Wages payable is to be accounted for, and the amount is also to be added to the wages expense.

Hope this is helpful!!


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