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Accounting
Cash Accounts Receivable Shop Supplies Prepaid Insurance Expense Prepaid Advertising Expense Prepaid Rent Expense Building Accumulated Depreciation-building Equipment Accumulated Depreciation - equipment Accounts Payable Accrued salaries payable Interest Payable Income Taxes Payable Notes Payable Unearned service revenue Share Capital Retained Earnings Service Revenue Salaries expense Insurance expense Interest Expense Shop supplies expense Advertising expense Depreciation expense Maintenance service expense Rent Expense ncome Tax Expense Utilities Expense Totals Unadjusted Trial Balance Debit Credit $ 50,400 25,000 1,500 4,500 2,000 74,000 10,000 22,000 200 2,200 1,400 5,200 20,000 $ Addition 2,000 12,000 15,500 20,000 30,000 1,000 24,900 125,000 12,000 $ 230,400 $ 230,400 Smith and Smith Co. Adjustments Debit Credit Adjusted Trial Balance Debit Credit

Cash Accounts Receivable Shop Supplies Prepaid Insurance Expense Prepaid Advertising Expense Prepaid Rent Expense Building Accumulated Depreciation-building Equipment Accumulated Depreciation - equipment Accounts Payable Accrued salaries payable Interest Payable Income Taxes Payable Notes Payable Unearned service revenue Share Capital Retained Earnings Service Revenue Salaries expense Insurance expense Interest Expense Shop supplies expense Advertising expense Depreciation expense Maintenance service expense Rent Expense ncome Tax Expense Utilities Expense Totals Unadjusted Trial Balance Debit Credit $ 50,400 25,000 1,500 4,500 2,000 74,000 10,000 22,000 200 2,200 1,400 5,200 20,000 $ Addition 2,000 12,000 15,500 20,000 30,000 1,000 24,900 125,000 12,000 $ 230,400 $ 230,400 Smith and Smith Co. Adjustments Debit Credit Adjusted Trial Balance Debit Credit

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Cash Accounts Receivable Shop Supplies Prepaid Insurance Expense Prepaid Advertising Expense Prepaid Rent Expense Building Accumulated Depreciation - building Equipment Accumulated Depreciation equipment Accounts Payable Accrued salaries payable Interest Payable Income Taxes Payable Notes Payable Unearned service revenue Share Capital Retained Earnings Service Revenue Salaries expense Insurance expense Interest Expense Shop supplies expense Advertising expense Depreciation expense Maintenance service expense Rent Expense Income Tax Expense Utilities Expense Totals Unadjusted Trial Balance Debit Credit $ 50,400 25,000 1,500 4,500 2,000 74,000 10,000 22,000 200 2,200 1,400 5,200 20,000 $ 2,000 12,000 15,500 - 20,000 30,000 1,000 24,900 125,000 12,000 $ 230,400 $ 230,400 Additional informati Smith and Smith Co. Adjustments Debit Credit Adjusted Trial Balance Debit Credit
Transcribed Image Text:Cash Accounts Receivable Shop Supplies Prepaid Insurance Expense Prepaid Advertising Expense Prepaid Rent Expense Building Accumulated Depreciation - building Equipment Accumulated Depreciation equipment Accounts Payable Accrued salaries payable Interest Payable Income Taxes Payable Notes Payable Unearned service revenue Share Capital Retained Earnings Service Revenue Salaries expense Insurance expense Interest Expense Shop supplies expense Advertising expense Depreciation expense Maintenance service expense Rent Expense Income Tax Expense Utilities Expense Totals Unadjusted Trial Balance Debit Credit $ 50,400 25,000 1,500 4,500 2,000 74,000 10,000 22,000 200 2,200 1,400 5,200 20,000 $ 2,000 12,000 15,500 - 20,000 30,000 1,000 24,900 125,000 12,000 $ 230,400 $ 230,400 Additional informati Smith and Smith Co. Adjustments Debit Credit Adjusted Trial Balance Debit Credit
Additional information for June not yet recorded. a. b. C. d. e. f. 9. h. i. k. 1. m. n. O. Unbilled and uncollected work to June 30 totals $45,000. An analysis of prepaid advertising shows that $500 of the balance was consumed. A shop supplies count on June 30 shows that $1,200 are on hand. Equipment has an estimated useful life of ten years and an estimated residual value of $500. The records show that fifty percent of the work, for a $10,000 fee received in advance from a customer and recorded last month, is now completed. Salaries of $5,800 for employees for work done to the end of June has not been paid. Utilities invoice for services to June 22 totals $3,500. Accrued revenues of $7,800 previously recorded to accounts receivable were collected. A building was purchased at the end of May. Its estimated useful life is fifty years and has an estimated residual value of $10,000. Rent expense of $5,000 cash for July has been paid and recorded directly to rent expense. Interest for the 6% note payable has not yet been recorded for June. Income taxes of $3,000 is owing but not yet paid. Unrecorded and uncollected service revenue of $9,000 has been earned. A two year, $1,800 insurance policy was purchased on June1 and recorded to prepaid insurance expense. The prior balance in the unadjusted prepaid insurance account (excluding the insurance in item n. above), shows that $300 of that balance is not yet used.
Transcribed Image Text:Additional information for June not yet recorded. a. b. C. d. e. f. 9. h. i. k. 1. m. n. O. Unbilled and uncollected work to June 30 totals $45,000. An analysis of prepaid advertising shows that $500 of the balance was consumed. A shop supplies count on June 30 shows that $1,200 are on hand. Equipment has an estimated useful life of ten years and an estimated residual value of $500. The records show that fifty percent of the work, for a $10,000 fee received in advance from a customer and recorded last month, is now completed. Salaries of $5,800 for employees for work done to the end of June has not been paid. Utilities invoice for services to June 22 totals $3,500. Accrued revenues of $7,800 previously recorded to accounts receivable were collected. A building was purchased at the end of May. Its estimated useful life is fifty years and has an estimated residual value of $10,000. Rent expense of $5,000 cash for July has been paid and recorded directly to rent expense. Interest for the 6% note payable has not yet been recorded for June. Income taxes of $3,000 is owing but not yet paid. Unrecorded and uncollected service revenue of $9,000 has been earned. A two year, $1,800 insurance policy was purchased on June1 and recorded to prepaid insurance expense. The prior balance in the unadjusted prepaid insurance account (excluding the insurance in item n. above), shows that $300 of that balance is not yet used.
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