Question

In: Accounting

E.Pace Consulting Work Sheet For the Year Ended December 31. 2021               Unadjusted Trial Balance      &nbsp

E.Pace Consulting
Work Sheet
For the Year Ended December 31. 2021
              Unadjusted Trial Balance            Adjustments    Adjusted Trial Balance
Account Titles                        Dr. Cr. Dr. Cr. Dr. Cr.
Cash 8,000
10,000
Supplies 6,000
Equipment 14,000
Accum. Depr-Eqpt. 4,000
Accounts Payable 5,000
Unearned Revenues 5,000
Salaries Payable
Common Stock 3,000
Retained Earnings 15,500
Dividends 1,500
Revenue Earned 20,000 <<
(include above)
Salaries Expense 9,000
Rent Expense 4,000
Supplies Expense
Depreciation Expense
Totals 52,500 52,500
Required:
a. Using the following information, complete the work sheet including totals for each column and extending each
account to the adjusted trial balance columns.
a) Salaries earned by employees that wwere unpaid and unrecorded at year end, $2,000.
b) A count of supplies costing $1,300 were still on hand at year end.
c) Depreciation expense for the year is $4,000.
d) Review of Unearned Revenue confirmed $3,000 had been earned.
e) Revenue of $6,000 had been earned but not yeat billed.

Solutions

Expert Solution

Unadjusted Trial Balance Adjustments    Adjusted Trial Balance
Account Titles Dr. Cr. Dr. Cr. Dr. Cr.
Cash $             8,000 $          8,000
Accounts Receivable $           10,000 $            6,000 $        16,000
Supplies $             6,000 $       4,700 $          1,300
Equipment $           14,000 $        14,000
Accum. Depr-Eqpt. $             4,000 $       4,000 $               8,000
Accounts Payable $             5,000 $               5,000
Unearned Revenues $             5,000 $            3,000 $               2,000
Salaries Payable $       2,000 $               2,000
Common Stock $             3,000 $               3,000
Retained Earnings $           15,500 $             15,500
Dividends $             1,500 $          1,500
Revenue Earned $           20,000 $       9,000 $             29,000
Salaries Expense $             9,000 $            2,000 $        11,000
Rent Expense $             4,000 $          4,000
Supplies Expense $            4,700 $          4,700
Depreciation Expense $            4,000 $          4,000
Totals $           52,500 $           52,500 $         19,700 $     19,700 $        64,500 $            64,500

ekkarill92 answered 1 year ago
Next > < Previous

Related Solutions

The unadjusted trial balance as of December 31, 2021, for the Bagley Consulting Company appears below....
The unadjusted trial balance as of December 31, 2021, for the Bagley Consulting Company appears below. December 31 is the company’s reporting year-end. Account Title Debits Credits Cash 9,950 Accounts receivable 8,000 Prepaid insurance 3,300 Land 220,000 Buildings 62,500 Accumulated depreciation—buildings 25,000 Office equipment 96,000 Accumulated depreciation—office equipment 38,400 Accounts payable 29,200 Salaries payable 0 Deferred rent revenue 0 Common stock 240,000 Retained earnings 47,400 Service revenue 83,500 Interest revenue 4,400 Rent revenue 5,400 Salaries expense 33,000 Depreciation expense 0...
The unadjusted trial balance as of December 31, 2021, for the Bagley Consulting Company appears below....
The unadjusted trial balance as of December 31, 2021, for the Bagley Consulting Company appears below. December 31 is the company’s reporting year-end. Account Title Debits Credits Cash 13,150 Accounts receivable 7,250 Prepaid insurance 2,900 Land 205,000 Buildings 55,000 Accumulated depreciation—buildings 22,000 Office equipment 87,000 Accumulated depreciation—office equipment 34,800 Accounts payable 28,150 Salaries payable 0 Deferred rent revenue 0 Common stock 220,000 Retained earnings 46,050 Service revenue 79,000 Interest revenue 3,800 Rent revenue 4,500 Salaries expense 30,000 Depreciation expense 0...
The unadjusted trial balance as of December 31, 2021, for the Bagley Consulting Company appears below....
The unadjusted trial balance as of December 31, 2021, for the Bagley Consulting Company appears below. December 31 is the company’s reporting year-end. Account Title Debits Credits Cash 10,250 Accounts receivable 6,250 Prepaid insurance 2,500 Land 180,000 Buildings 42,500 Accumulated depreciation—buildings 17,000 Office equipment 75,000 Accumulated depreciation—office equipment 30,000 Accounts payable 26,750 Salaries payable 0 Deferred rent revenue 0 Common stock 180,000 Retained earnings 44,250 Service revenue 73,000 Interest revenue 2,800 Rent revenue 3,300 Salaries expense 26,000 Depreciation expense 0...
The unadjusted trial balance as of December 31, 2021, for the Bagley Consulting Company appears below....
The unadjusted trial balance as of December 31, 2021, for the Bagley Consulting Company appears below. December 31 is the company’s reporting year-end. Account Title Debits Credits Cash 13,150 Accounts receivable 7,250 Prepaid insurance 2,900 Land 205,000 Buildings 55,000 Accumulated depreciation—buildings 22,000 Office equipment 87,000 Accumulated depreciation—office equipment 34,800 Accounts payable 28,150 Salaries payable 0 Deferred rent revenue 0 Common stock 220,000 Retained earnings 46,050 Service revenue 79,000 Interest revenue 3,800 Rent revenue 4,500 Salaries expense 30,000 Depreciation expense 0...
The unadjusted trial balance as of December 31, 2021, for the Bagley Consulting Company appears below....
The unadjusted trial balance as of December 31, 2021, for the Bagley Consulting Company appears below. December 31 is the company’s reporting year-end. Account Title Debits Credits Cash 10,250 Accounts receivable 6,250 Prepaid insurance 2,500 Land 180,000 Buildings 42,500 Accumulated depreciation—buildings 17,000 Office equipment 75,000 Accumulated depreciation—office equipment 30,000 Accounts payable 26,750 Salaries payable 0 Deferred rent revenue 0 Common stock 180,000 Retained earnings 44,250 Service revenue 73,000 Interest revenue 2,800 Rent revenue 3,300 Salaries expense 26,000 Depreciation expense 0...
The unadjusted trial balance of Ayayai Enterprises for the year ending December 31, 2021, follows: AYAYAI...
The unadjusted trial balance of Ayayai Enterprises for the year ending December 31, 2021, follows: AYAYAI ENTERPRISES Trial Balance December 31, 2021 Debit   Credit   Cash $15,000 Accounts receivable 19,200 Merchandise inventory 37,050 Prepaid insurance 3,000 Supplies 2,950 Equipment 150,000 Accumulated depreciation—equipment $35,000 Furniture 45,000 Accumulated depreciation—furniture 18,000 Accounts payable 33,200 Unearned revenue 4,000 Mortgage payable 125,000 S. Kim, capital 46,200 S. Kim, drawings 48,000 Sales 265,000 Sales returns and allowances 2,500 Sales discounts 3,275 Cost of goods sold 153,000 Interest...
The unadjusted trial balance of Ayayai Enterprises for the year ending December 31, 2021, follows: AYAYAI...
The unadjusted trial balance of Ayayai Enterprises for the year ending December 31, 2021, follows: AYAYAI ENTERPRISES Trial Balance December 31, 2021 Debit   Credit   Cash $15,000 Accounts receivable 19,200 Merchandise inventory 37,050 Prepaid insurance 3,000 Supplies 2,950 Equipment 150,000 Accumulated depreciation—equipment $35,000 Furniture 45,000 Accumulated depreciation—furniture 18,000 Accounts payable 33,200 Unearned revenue 4,000 Mortgage payable 125,000 S. Kim, capital 46,200 S. Kim, drawings 48,000 Sales 265,000 Sales returns and allowances 2,500 Sales discounts 3,275 Cost of goods sold 153,000 Interest...
The unadjusted trial balance of the Manufacturing Equitable at December 31, 2021, the end of its...
The unadjusted trial balance of the Manufacturing Equitable at December 31, 2021, the end of its fiscal year, included the following account balances. Manufacturing’s 2021 financial statements were issued on April 1, 2022.     Accounts receivable $ 93,000 Accounts payable 45,000 12% notes, payable to bank 675,000 Mortgage note payable 1,346,000     Other information: The bank notes, issued August 1, 2021, are due on July 31, 2022, and pay interest at a rate of 12%, payable at maturity. The mortgage...
The unadjusted trial balance of the Manufacturing Equitable at December 31, 2021, the end of its...
The unadjusted trial balance of the Manufacturing Equitable at December 31, 2021, the end of its fiscal year, included the following account balances. Manufacturing’s 2021 financial statements were issued on April 1, 2022.     Accounts receivable $ 93,000 Accounts payable 45,000 12% notes, payable to bank 675,000 Mortgage note payable 1,346,000     Other information: The bank notes, issued August 1, 2021, are due on July 31, 2022, and pay interest at a rate of 12%, payable at maturity. The mortgage...
The unadjusted trial balance as of December 31, 2018, for the Bagley Consulting Company appears below....
The unadjusted trial balance as of December 31, 2018, for the Bagley Consulting Company appears below. December 31 is the company’s fiscal year-end. Account Title Debits Credits Cash 5,350 Accounts receivable 7,500 Prepaid insurance 3,100 Land 210,000 Buildings 57,500 Accumulated depreciation—buildings 23,000 Office equipment 90,000 Accumulated depreciation—office equipment 36,000 Accounts payable 28,500 Salaries and wages payable 0 Deferred rent revenue 0 Common stock 220,000 Retained earnings 46,500 Sales revenue 80,500 Interest revenue 4,000 Rent revenue 4,800 Salaries and wages expense...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT