In: Accounting
Required information
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North Star prepared the following unadjusted trial balance at the end of its second year of operations ending December 31.
Account Titles | Debit | Credit | |||||
Cash | $ | 11,700 | |||||
Accounts Receivable | 5,700 | ||||||
Prepaid Rent | 2,340 | ||||||
Equipment | 20,700 | ||||||
Accumulated Depreciation | $ | 1,130 | |||||
Accounts Payable | 1,130 | ||||||
Income Tax Payable | 0 | ||||||
Common Stock | 24,500 | ||||||
Retained Earnings | 1,800 | ||||||
Sales Revenue | 48,780 | ||||||
Salaries and Wages Expense | 24,700 | ||||||
Utilities Expense | 12,200 | ||||||
Rent Expense | 0 | ||||||
Depreciation Expense | 0 | ||||||
Income Tax Expense | 0 | ||||||
Totals | $ | 77,340 | $ | 77,340 | |||
Other data not yet recorded at December 31:
Rent expired during the year, $1,170.
Depreciation expense for the year, $1,130.
Utilities used and unpaid, $8,700.
Income tax expense, $360.
T Accounts
Adjusted TB
Summarize the adjusting journal entries in T-accounts. After entering the beginning balances and computing the adjusted ending balances.
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NORTH STARAdjusted Trial BalanceAs of December 31Account TitlesDebitCreditCash$11,700Accounts Receivable5,700Prepaid Rent1,170Equipment20,700Accumulated Depreciation2,260Accounts Payable9,830Income Tax Payable360Common Stock24,500Retained Earnings1,800Sales Revenue48,780Salaries and Wages Expense24,700Utilities Expense20,900Rent Expense1,170Depreciation Expense1,130Income Tax Expense360Totals$87,530$87,530
I keep getting that i am missing something
Transaction | Assets | Liabilities | ||
a | Prepaid Rent | 1170 | ||
b | Acumulated Dpriciation-Equipment | 1130 | ||
c | Accounts Payable | 8700 | ||
d | Income tax payable | 360 |
Stockholder's Equity | |
Rent expense | -1170 |
Depriciation Expense | -1130 |
Utilities Expense | -8700 |
Income tax expense | -360 |
adjusting journal entries | |||
Transaction | Gneral Journal | Debit | Credit |
a | Rent expense | 1170 | |
Prepaid Rent | 1170 | ||
b | Depriciation Expense | 1130 | |
Accumulated Depriciation - Equipment | 1130 | ||
c | Utilities Expense | 8700 | |
Account Payable | 8700 | ||
d | Income tax expense | 360 | |
Income tax payable | 360 |
a | |||
Prepaid Rent | |||
Beg Bal | 2340 | ||
a | 1170 | ||
End Bal | 1170 | ||
Depriciation Expense | |||
Beg Bal | 1130 | ||
C | 8700 | ||
End Bal | 7570 | ||
Income Tax expense | |||
Beg Bal | 0 | ||
d | 360 | ||
End Bal | 360 |
Rent Expense | |||
Beg Bal | |||
a | 1170 | ||
End Bal | 1170 | ||
Utilities Expense | |||
Beg Bal | 12200 | ||
C | 8700 | ||
End Bal | 20900 | ||
Accounts Payable | |||
Beg Bal | 1130 | ||
C | 8700 | ||
End Bal | 9830 |
Accumulated Depriciation - Equipment | |||
Beg Bal | 1130 | ||
b | 1130 | ||
End Bal | 2260 |
Income Tax payable | |||
Beg Bal. | |||
d | 360 | ||
End Bal | 360 |
North Star Adjusted Trial Balance As of December 31 |
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Account Titles | Debit | Credit |
Cash | 11700 | |
Account Receivables | 5700 | |
Prepaid Rent | 1170 | |
Equipment | 20700 | |
Accumulated Depriciation - Equipment | 2260 | |
Accounts payale | 9830 | |
Income Tax payable | 360 | |
Common Stock | 24500 | |
Retained Earnings | 1800 | |
Sales Revenue | 48780 | |
Salaris and wages expense | 24700 | |
Utilities Expense | 20900 | |
Rent Expnse | 1170 | |
Depriciation Expense | 1130 | |
Income Tax Expense | 360 | |
87530 | 87530 |