Question

In: Accounting

1. & 2. The following data are taken from the unadjusted trial balance of the Westcott...

1. & 2. The following data are taken from the unadjusted trial balance of the Westcott Company at December 31, 2017. Complete the work sheet following adjustment. (Enter their balances in the correct Debit or Credit column.)
  
Use the following adjustment information to complete the work sheet.

  1. Depreciation on equipment, $22
  2. Accrued salaries, $14
  3. The $25 of unearned revenue has been earned
  4. Supplies available at December 31, 2017, $17
  5. Expired insurance, $13
WESTCOTT COMPANY
Partial Work Sheet
For the year ended December 31, 2017
Unadjusted Trial Balance Adjustments Adjusted Trial Balance
Account Title Dr. Cr. Dr. Cr. Dr. Cr.
Cash $21 $21
Accounts receivable 35 35
Supplies 44
Prepaid insurance 28 13 15
Equipment 42 42
Accumulated depreciation—Equip. $22 22 $44
Accounts payable 23 23
Salaries payable 14 14
Unearned revenue 25 $25
Common stock 12 12
Retained earnings 47 47
Dividends 19
Revenue 116 25 141
Depreciation expense—Equip. 22 22
Salaries expense 31 14
Insurance expense 13
Supplies expense
Utilities expense 25
Totals $245 $245 $74 $74 $135 $281

-really struggling with this chart. I have a few filled out, but I am stuck, please help! thank you

Solutions

Expert Solution

WESTCOTT COMPANY
Partial Work Sheet
For the year ended December 31, 2017
Unadjusted Trial Balance Adjustments Adjusted Trial Balance
Account Title Dr. Cr. Dr. Cr. Dr. Cr.
Cash $ 21.00 $ 21.00
Accounts receivable $ 35.00 $ 35.00
Supplies $ 44.00 $ 27.00 $ 17.00
Prepaid insurance $ 28.00 $ 13.00 $ 15.00
Equipment $ 42.00 $ 42.00
Accumulated depreciation—Equip. $ 22.00 $ 22.00 $ 44.00
Accounts payable $ 23.00 $ 23.00
Salaries payable $ 14.00 $ 14.00
Unearned revenue $ 25.00 $ 25.00
Common stock $ 12.00 $ 12.00
Retained earnings $ 47.00 $ 47.00
Dividends $ 19.00 $ 19.00
Revenue $116.00 $ 25.00 $141.00
Depreciation expense—Equip. $ 22.00 $ 22.00
Salaries expense $ 31.00 $ 14.00 $ 45.00
Insurance expense $ 13.00 $ 13.00
Supplies expense $ 27.00 $ 27.00
Utilities expense $ 25.00 $ 25.00
Totals $245.00 $245.00 $101.00 $101.00 $281.00 $281.00

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

The following unadjusted trial balance was taken from thebooks of Sela Corporation at the end...
The following unadjusted trial balance was taken from the books of Sela Corporation at the end of its fiscal year on June 30, 2020. Sela Corporation offers accounting professional services to clients.Account Debit CreditCash $30,000Accounts Receivable 50,000Notes Payable $24,000Allowance for Doubtful Accounts 1,000Supplies 34,000Prepaid Insurance 20,000Equipment, cost 200,000Accumulated Depreciation--Equip. 25,000Income Tax Payable 10,800Common Stock 44,200Retained Earnings 7/1/2019 50,000Service Revenue 276,000Unearned Service Revenue 5,000Utilities expense 30,000Salaries and Wages Expense 54,000Rent Expense 18,000Totals $436,000 $436,000At year end, the following items have either...
The following list of accounts is taken from the December 31, 2020, unadjusted trial balance of...
The following list of accounts is taken from the December 31, 2020, unadjusted trial balance of Perdu Sales, a business that is owned by Eldon Perdu. Debit Credit Cash $ 8,000 Merchandise inventory 9,800 Prepaid selling expense 8,000 Store equipment 40,000 Accumulated depreciation, store equipment $ 9,800 Accounts payable 14,840 Salaries payable 0 Eldon Perdu, capital 25,360 Eldon Perdu, withdrawals 3,600 Sales 858,000 Sales returns and allowances 33,000 Sales discounts 8,000 Cost of goods sold 431,000 Sales salaries expense 94,000...
The following unadjusted trial balance is taken from the ledger of Tim’s Top Business Services on...
The following unadjusted trial balance is taken from the ledger of Tim’s Top Business Services on 30 June 2019. Account Debit    Credit Cash at bank Accounts receivable Prepaid insurance Equipment Accumulated depreciation – equipment Accounts payable Tim Wang, Capital Tim Wang, Drawings Service revenue Wages expense Electricity expense Sundry expense $48 000 74 000 24 000 130 000 50 000 130 000 54 000   26 000 $60 000 64 000 72 000 340 000              $536 000 $536 000 Additional...
2-a. Post the balance from the unadjusted trial balance and the adjusting entries in to the...
2-a. Post the balance from the unadjusted trial balance and the adjusting entries in to the T-accounts. 2-b. Prepare an adjusted trial balance. [The following information applies to the questions displayed below.] Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, 2017, follows. WTI initially records prepaid expenses and unearned revenues...
The following account balances were taken from ABC Company’s unadjusted trial balance at December 31, 2020:...
The following account balances were taken from ABC Company’s unadjusted trial balance at December 31, 2020: Accounts Payable ............ $56,000 Accounts Receivable ......... $42,000 Cash ........................ $11,000 Common Stock ................ $63,000 Cost of Goods Sold .......... $52,000 Income Tax Expense .......... $12,000 Insurance Expense ........... $21,000 Inventory ................... $70,000 Land ........................ $68,000 Mortgage Payable ............ $49,000 Patent ...................... $31,000 Prepaid Insurance ........... $17,000 Rental Revenue .............. $46,000 Retained Earnings ........... $72,000 (at January 1, 2020) Sales Revenue ............... $95,000 Supplies...
The following account balances were taken from ABC Company’s unadjusted trial balance at December 31, 2020:...
The following account balances were taken from ABC Company’s unadjusted trial balance at December 31, 2020: Accounts Payable ............ $56,000 Accounts Receivable ......... $42,000 Cash ........................ $11,000 Common Stock ................ $63,000 Cost of Goods Sold .......... $52,000 Income Tax Expense .......... $12,000 Insurance Expense ........... $21,000 Inventory ................... $70,000 Land ........................ $68,000 Mortgage Payable ............ $49,000 Patent ...................... $31,000 Prepaid Insurance ........... $17,000 Rental Revenue .............. $46,000 Retained Earnings ........... $72,000 (at January 1, 2020) Sales Revenue ............... $95,000 Supplies...
The following account balances were taken from ABC Company’s unadjusted trial balance at December 31, 2020:...
The following account balances were taken from ABC Company’s unadjusted trial balance at December 31, 2020: Accounts Payable ............ $56,000 Accounts Receivable ......... $42,000 Cash ........................ $11,000 Common Stock ................ $63,000 Cost of Goods Sold .......... $52,000 Income Tax Expense .......... $12,000 Insurance Expense ........... $21,000 Inventory ................... $70,000 Land ........................ $68,000 Mortgage Payable ............ $49,000 Patent ...................... $31,000 Prepaid Insurance ........... $17,000 Rental Revenue .............. $46,000 Retained Earnings ........... $72,000 (at January 1, 2020) Sales Revenue ............... $95,000 Supplies...
3. On the basis of the following data taken from the Adjusted Trial Balance columns of...
3. On the basis of the following data taken from the Adjusted Trial Balance columns of the work sheet for the year ended March 31 for Boles Athletic Company, journalize the four closing entries. Cash $  30,000 Accounts Receivable 45,200 Supplies 5,000 Equipment 169,900 Accumulated Depreciation $  32,000 Accounts Payable 12,500 Capital Stock 71,600 Dividends 47,000 Fees Earned 510,000 Salary Expense 244,500 Rent Expense 48,000 Depreciation Expense 25,000 Supplies Expense 9,500 Miscellaneous Expense       2,000 $626,100 $626,100 Date Description Post Ref Debit Credit...
1, Journailize A-G 2, prepare trial balance 4, Prepare the Unadjusted Trial Balance in the Worksheet...
1, Journailize A-G 2, prepare trial balance 4, Prepare the Unadjusted Trial Balance in the Worksheet 5. Prepare Adjusted Trial Balance including Income Statement and Balance sheet sections. 6. Journailize Adjustments H-J and Post. 7. Prepare Financial Statements. Transaction Ref: Yr: 2018 External Entries included in Trial Balance A 1-Jun Dan Evans invests (contributes) $20,000 cash and $2,000 of supplies in business: Evans Consulting. B 2-Jun Evans pays seven month's rent in advance totaling $8,500 Ck # 101 C 10-Jun...
The following data are taken from the trial balance of Bula Island Limited on 30 June...
The following data are taken from the trial balance of Bula Island Limited on 30 June 2018 with selected comparative information provided for 30 June 2017. 2018 2017 Sales revenue 9,245,000 Interest revenue 850,000 Royalties revenue 1,450,000 Dividend revenue 150,000 Depreciation-building 147,500 Depreciation-plant 262,500 Depreciation-equipment 75,000 Research and development expenditure 1,650,000 Cost of goods sold 4,005,000 Warranty expense 195,000 Wages and salaries expense 3,475,000 Long service leave expense 235,000 Interest expense 305,000 Rates and taxes on property 145,500 Doubtful debts...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT