Question

In: Accounting

Miss Socks & Mr. Fore the owners of Jazz Dance Studio have prepared the unadjusted trial...

Miss Socks & Mr. Fore the owners of Jazz Dance Studio have prepared the unadjusted trial balance for Jazz Dance Studio Limited. They know that before they can prepare their financial statements that adjusting journal entries must be prepared but do not know how to make the adjustments. Knowing that you are taking an accounting course they have come to you for assistance. Miss Socks has provided you with the unadjusted trial balance and has gathered the following information for you:

- depreciation has been calculated for the year but hasn't been recorded Equipment

- $2,500 Furniture

- $600

- on August 1 the company paid $4,500 for the rent for August, September & October

- $625 of interestexpense has been incurred but not paid - the balance of office supplies on August 31, 2020 is $1,900.

-Jazz Dance Studio operates 7 days a week and pays it's employees on Saturday for the week then ended. As August 31 falls on a Friday the company owes its employees for 6 days. The total salary for the week ending September 1, 2020 is $5,250

- On August 1 the company received $1,200 from students for dance fees for August, September & October.

Jazz Dance Studio Limited Unadjusted Trial Balance

August 31, 2020

Debit Credit

Cash 75,700

Accounts receivable 1,850

Prepaid rent 4,500

Office supplies 3,600

Equipment 12,500

Accumulated depreciation - equipment 5,000

Furniture 3,600

Accumulated depreciation - furniture 1,800

Accounts payable 4,950

Salary payable -

Interest payable -

Unearned revenue 1,200

Note payable 25,000

Share capital 10,000

Retained earnings 18,600

Revenue 195,000

Advertising expense    9,750

Bank charges expense 1,080

Depreciation expense -

Interest expense -

Office supplies expense 4,900

Repairs expense 6,270

Rent expense 16,500

Salary expense 121,300

261,550 261,550

Solutions

Expert Solution

For prepaid rent and dance fees received we have calculated for one month that us august aas we are only concerned to pass adjusting entry for the expenses and revenues not recognised for this month so both the amounts have been divided by as there are three months

ekkarill92 answered 1 year ago
Next > < Previous

Related Solutions

Transaction Analysis, Trial Balance, and Financial Statements Kate Smith operates the Smith Dance Studio. The trial...
Transaction Analysis, Trial Balance, and Financial Statements Kate Smith operates the Smith Dance Studio. The trial balance as of June 30 is as follows: SMITH DANCE STUDIO Trial Balance June 30 Debit Credit Cash $25,110 Accounts Receivable 13,480 Piano 6,000 Accounts Payable 180 Notes Payable 9,500 Common Stock 11,870 Retained Earnings 13,780 Dividends 900 Instructional Fees Earned 9,600 Performance Revenue 6,300 Rent Expense 4,600 Utilities Expense 480 Advertising Expense 550 Interest Expense 110 Totals 50,230 50,230 Required c. Prepare an...
Transaction Analysis, Trial Balance, and Financial Statements Angela Mehl operates the Mehl Dance Studio. On June...
Transaction Analysis, Trial Balance, and Financial Statements Angela Mehl operates the Mehl Dance Studio. On June 1, the business's general ledger contained the following information: Cash $6,523 Accounts Receivable 8,162 Total $14,685 Accounts Payable $528 Notes Payable 3,300 Common Stock 8,657 Retained Earnings 2,200 Total $14,685 The following transactions occurred during the month of June: 1 Paid June rent for practice studio. $1,073 2 Paid June piano rental (Rent Expense). 99 3 Collected from students on account. 5,852 4 Borrowed...
The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. NELSON COMPANY Unadjusted...
The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. NELSON COMPANY Unadjusted Trial Balance January 31, 2019 Debit Credit Cash $ 17,550 Merchandise inventory 12,500 Store supplies 5,400 Prepaid insurance 2,500 Store equipment 42,700 Accumulated depreciation—Store equipment $ 16,200 Accounts payable 17,000 J. Nelson, Capital 16,000 J. Nelson, Withdrawals 2,000 Sales 130,300 Sales discounts 1,850 Sales returns and allowances 2,300 Cost of goods sold 38,000 Depreciation expense—Store equipment 0 Sales salaries expenses 15,250 Office salaries expenses...
The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. NELSON COMPANY Unadjusted...
The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. NELSON COMPANY Unadjusted Trial Balance January 31, 2017 Debit Credit Cash $ 3,300 Merchandise inventory 14,000 Store supplies 5,400 Prepaid insurance 2,300 Store equipment 42,500 Accumulated depreciation—Store equipment $ 19,850 Accounts payable 15,000 Common stock 3,200 Retained earnings 16,000 Dividends 2,000 Sales 114,700 Sales discounts 1,900 Sales returns and allowances 2,150 Cost of goods sold 38,000 Depreciation expense—Store equipment 0 Salaries expense 30,700 Insurance expense 0 Rent...
The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. NELSON COMPANY Unadjusted...
The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. NELSON COMPANY Unadjusted Trial Balance January 31, 2017 Debit Credit Cash $ 6,150 Merchandise inventory 15,000 Store supplies 5,700 Prepaid insurance 2,700 Store equipment 42,600 Accumulated depreciation—Store equipment $ 17,550 Accounts payable 14,000 J. Nelson, Capital 18,000 J. Nelson, Withdrawals 2,100 Sales 115,250 Sales discounts 1,850 Sales returns and allowances 2,100 Cost of goods sold 38,000 Depreciation expense—Store equipment 0 Salaries expense 25,800 Insurance expense 0 Rent...
The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. NELSON COMPANY Unadjusted...
The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. NELSON COMPANY Unadjusted Trial Balance January 31, 2017 Debit Credit Cash $ 6,150 Merchandise inventory 15,000 Store supplies 5,700 Prepaid insurance 2,700 Store equipment 42,600 Accumulated depreciation—Store equipment $ 17,550 Accounts payable 14,000 J. Nelson, Capital 18,000 J. Nelson, Withdrawals 2,100 Sales 115,250 Sales discounts 1,850 Sales returns and allowances 2,100 Cost of goods sold 38,000 Depreciation expense—Store equipment 0 Salaries expense 25,800 Insurance expense 0 Rent...
The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. NELSON COMPANY Unadjusted...
The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. NELSON COMPANY Unadjusted Trial Balance January 31, 2016 Debit Credit Cash $ 24,250 Merchandise inventory 13,000 Store supplies 5,200 Prepaid insurance 2,400 Store equipment 42,600 Accumulated depreciation—Store equipment $ 19,650 Accounts payable 12,000 Common stock 18,000 Retained earnings 20,000 Dividends 2,200 Sales 115,600 Sales discounts 1,800 Sales returns and allowances 2,100 Cost of goods sold 38,000 Depreciation expense—Store equipment 0 Salaries expense 28,500 Insurance expense 0 Rent...
The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. NELSON COMPANY Unadjusted...
The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. NELSON COMPANY Unadjusted Trial Balance January 31, 2017 Debit Credit Cash $ 32,550 Merchandise inventory 14,000 Store supplies 5,600 Prepaid insurance 2,300 Store equipment 42,900 Accumulated depreciation—Store equipment $ 18,000 Accounts payable 17,000 Common stock 3,200 Retained earnings 16,000 Dividends 2,050 Sales 141,750 Sales discounts 1,850 Sales returns and allowances 2,200 Cost of goods sold 38,000 Depreciation expense—Store equipment 0 Salaries expense 29,000 Insurance expense 0 Rent...
The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company.
The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company.      NELSON COMPANYUnadjusted Trial BalanceJanuary 31, 2017   Debit Credit Cash $ 1,000     Merchandise inventory   12,500     Store supplies   5,800     Prepaid insurance   2,400     Store equipment   42,900     Accumulated depreciation—Store equipment     $ 15,250 Accounts payable       10,000 J. Nelson, Capital       32,000 J. Nelson, Withdrawals   2,200     Sales...
Below is an unadjusted Trial Balance prepared by Wendy Donald for her business. Wendy is a...
Below is an unadjusted Trial Balance prepared by Wendy Donald for her business. Wendy is a Financial Consultant. Trial Balance of Wendy Donald for the year ended 30 June, 2019 Account A/c No Debit Credit Cash at Bank 5 200 Accounts Receivable 9 260 Office Supplies 1 140 Land 60 000 Building 152 000 Accumulated Depreciation – Building 64 000 Office Equipment 23 400 Accumulated Depreciation – Office Equipment 6 420 Accounts Payable 7 960 Unearned Consulting Fees 1 560...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT