a. Borrowed $15 cash on July 1, 2021, signing a six-month note payable. b. Purchased equipment for $17 cash on July 2. c. Issued additional shares of common stock on July 3 for $4. d. Purchased additional equipment on August 4, $4 cash. e. Received supplies on account on supplies on September 5 for future use, $9. f. On December 6, recorded revenues in the amount of $58, including $8 on credit and $50 received in cash... g. Paid salaries and wages expenses on December 7, $25. h. Collected accounts receivable on December 8, $7. i. Paid accounts payable on December 9, $10. J. Received a $6 deposit on December 10 for work to start January 15, 2022. Data for adjusting journal entries on December 31: k. Amortization for 2021, $6. 1. Supplies of $5 were counted on December 31, 2021. m. Depreciation for 2021, $1. n. Accrued interest on notes payable of $2. o. Salaries and wages earned but not yet paid, $2. p. Income tax for 2021 was $5 and will be paid in 2022. Required: 3. Prepare an unadjusted trial balance. (Enter your answers in thousands of dollars.)
a. Borrowed $15 cash on July 1, 2021, signing a six-month note payable. b. Purchased equipment for $17 cash on July 2. c. Issued additional shares of common stock on July 3 for $4. d. Purchased additional equipment on August 4, $4 cash. e. Received supplies on account on supplies on September 5 for future use, $9. f. On December 6, recorded revenues in the amount of $58, including $8 on credit and $50 received in cash... g. Paid salaries and wages expenses on December 7, $25. h. Collected accounts receivable on December 8, $7. i. Paid accounts payable on December 9, $10. J. Received a $6 deposit on December 10 for work to start January 15, 2022. Data for adjusting journal entries on December 31: k. Amortization for 2021, $6. 1. Supplies of $5 were counted on December 31, 2021. m. Depreciation for 2021, $1. n. Accrued interest on notes payable of $2. o. Salaries and wages earned but not yet paid, $2. p. Income tax for 2021 was $5 and will be paid in 2022. Required: 3. Prepare an unadjusted trial balance. (Enter your answers in thousands of dollars.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:a. Borrowed $15 cash on July 1, 2021, signing a six-month note payable.
b. Purchased equipment for $17 cash on July 2.
c. Issued additional shares of common stock on July 3 for $4.
d. Purchased additional equipment on August 4, $4 cash.
e. Received supplies on account on supplies on September 5 for future use. $9.
f. On December 6, recorded revenues in the amount of $58, including $8 on credit and $50 received in cash.
g. Paid salaries and wages expenses on December 7, $25.
h. Collected accounts receivable on December 8, $7.
i. Paid accounts payable on December 9, $10.
J. Received a $6 deposit on December 10 for work to start January 15, 2022.
Data for adjusting journal entries on December 31:
k. Amortization for 2021, $6.
1. Supplies of $5 were counted on December 31, 2021.
m. Depreciation for 2021, $1.
n. Accrued interest on notes payable of $2.
o. Salaries and wages earned but not yet paid, $2.
p. Income tax for 2021 was $5 and will be paid in 2022.
Required:
3. Prepare an unadjusted trial balance. (Enter your answers in thousands of dollars.)
Transcribed Image Text:Alison and Chuck Renny began operations of their furniture repair shop (Lazy Sofa Furniture, Incorporated) on January 1,
2020. The annual reporting period ends December 31. The trial balance on January 1, 2021, follows (amounts are rounded
to thousands of dollars to simplify).
Account Titles
Cash
Accounts Receivable
Supplies
Equipment
Accumulated Depreciation
Software
Accumulated Amortization
Accounts Payable
Notes Payable (short-term)
Salaries and Wages Payable
Interest Payable
Income Tax Payable
Deferred Revenue
Common Stock
Retained Earnings
Service Revenue
Supplies Expense
Depreciation Expense
Salaries and Wages Expense
Amortization Expense
Interest Expense
Income Tax Expense
Totals
Debit Credit
$5
4
15436
6
12
$ 30
6900090520
15
$ 30
Transactions during 2021 (summarized in thousands of dollars) follow:
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education