R&B Electrical began operations on 1/1/2017. Their annual reporting period ends 12/31. The trial balance on 1/1/2019 follows:Account titleDebitCreditCash6,000 Accounts receivable6,000 Allowance for uncollectable accounts 1,000Supplies13,000 Materials7,000 Equipment78,000 Accumulated Depreciation 8,000Land Accounts payable Wages payable Interest payable Income taxes payable Long-term notes payable Common stock (8,000 shares, $0.50 par value 4,000Additional paid-in capital 80,000Retained earnings 17,000Service revenue Wages expense Supplies expense Bad debt expense Interest expense Depreciation expense Income tax expense Misc. expenses Totals110,000110,000Create an adjusted trial balance for 2019 using the given information. (The first image is journal entries, and the second image is the Adjusting entries.) Date /S.No Accounts title & ExplanationsDebit SCredit SSupplies expense (13000 +27000 -18000)Supplies(To record supplies expense)Depreciation expenseAccumulated depreciation(To record depreciation expense)Interest expenseInterest payable|(To record interest expense)Wages expensesWages payable(To record wages expense)Income tax expensesIncome tax payable|(To record income tax expenses)Bad debts expensea22000220001000010000100010001600016000e1100011000f2000Accounts receivable2000|(To record bad debt expenses)Allowance for uncollectable accounts2000Accounts receivable2000|(To record allowance for uncollectable accounts) C55fxAB1 DateAccount Explanations & TitlesLFDrCr3 43833Cash8% notes payablesTo record funds borrowed)150004150006.13000landcashTo record cash paid for land)71300010cashAccounts receivablessalesTo record sales made)=E13-D12520001112132150001415CashShares capital 4,000 x $1To record shares issued)16=4000*11740001819Miscalaneous expensesCashOutstanding miscallaneous expenses20114000-D20-E22|20000212223To record miscallaneous expenses)24CashAccounts recievablesTo record collecetion made)253400026340002728MaterialCashTo record materal purchased)29150003015000313227000PurchasesAccounts payablesTo record supplies purchased)3334270003536Accounts payablesBankTo record payment made)372600038260003940BankService contract liabilityTo record contract made)411200042120004344Dividend paidBankTo record dividend payment)452500046250004748Retained eamingsDividend paid(To record dividend adjustnment)4925000502500051

Name: R&B Electrical began operations on 1/1/2017. Their annual reporting pe
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Description: R&B Electrical began operations on 1/1/2017. Their annual reporting period ends 12/31. The trial balance on 1/1/2019 follows:Account titleDebitCreditCash6,000 Accounts receivable6,000 Allowance for uncollectable accounts 1,000Supplies13,000 Materials

Answered: Date Account Explanations & Titles LF…

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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R&B Electrical began operations on 1/1/2017. Their annual reporting period ends 12/31. The trial balance on 1/1/2019 follows:

Account title	Debit	Credit
Cash	6,000
Accounts receivable	6,000
Allowance for uncollectable accounts		1,000
Supplies	13,000
Materials	7,000
Equipment	78,000
Accumulated Depreciation		8,000
Land
Accounts payable
Wages payable
Interest payable
Income taxes payable
Long-term notes payable
Common stock (8,000 shares, $0.50 par value		4,000
Additional paid-in capital		80,000
Retained earnings		17,000
Service revenue
Wages expense
Supplies expense
Bad debt expense
Interest expense
Depreciation expense
Income tax expense
Misc. expenses
Totals	110,000	110,000

Create an adjusted trial balance for 2019 using the given information. (The first image is journal entries, and the second image is the Adjusting entries.)

Date /S.No Accounts title & Explanations
Debit S
Credit S
Supplies expense (13000 +27000 -18000)
Supplies
(To record supplies expense)
Depreciation expense
Accumulated depreciation
(To record depreciation expense)
Interest expense
Interest payable
|(To record interest expense)
Wages expenses
Wages payable
(To record wages expense)
Income tax expenses
Income tax payable
|(To record income tax expenses)
Bad debts expense
a
22000
22000
10000
10000
1000
1000
16000
16000
e
11000
11000
f
2000
Accounts receivable
2000
|(To record bad debt expenses)
Allowance for uncollectable accounts
2000
Accounts receivable
2000
|(To record allowance for uncollectable accounts)

C55
fx
A
B
1 Date
Account Explanations & Titles
LF
Dr
Cr
3 43833
Cash
8% notes payables
To record funds borrowed)
15000
4
15000
6.
13000
land
cash
To record cash paid for land)
7
13000
10
cash
Accounts receivables
sales
To record sales made)
=E13-D12
52000
11
12
13
215000
14
15
Cash
Shares capital 4,000 x $1
To record shares issued)
16
=4000*1
17
4000
18
19
Miscalaneous expenses
Cash
Outstanding miscallaneous expenses
20
114000
-D20-E22
|20000
21
22
23
To record miscallaneous expenses)
24
Cash
Accounts recievables
To record collecetion made)
25
34000
26
34000
27
28
Material
Cash
To record materal purchased)
29
15000
30
15000
31
32
27000
Purchases
Accounts payables
To record supplies purchased)
33
34
27000
35
36
Accounts payables
Bank
To record payment made)
37
26000
38
26000
39
40
Bank
Service contract liability
To record contract made)
41
12000
42
12000
43
44
Dividend paid
Bank
To record dividend payment)
45
25000
46
25000
47
48
Retained eamings
Dividend paid
(To record dividend adjustnment)
49
25000
50
25000
51

Expert Solution

Step 1

Adjustment entries are entries that are posted or passed after the trail balance is prepared but because it is part of the Financials in that particular year this needs to be don without any other question.

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