## Adjusted Trial Balance Preparation### Initial Information1. **Unpaid Utilities** - For the month of January: $7,300.2. **Supplies** - Total at the end of January: $6,200.3. **Depreciation on Equipment** - Calculated using the straight-line method. - Service life: 3 years. - Residual value: $11,100.4. **Accrued Income Taxes** - At the end of January: $2,200.### TaskPrepare an adjusted trial balance as of January 31, Year 1.### Adjusted Trial Balance Table#### January 31, Year 1| Accounts | Debit | Credit ||------------------------|-------|--------|| Cash | | || Accounts Receivable | | || Supplies | | || | | || | | || | | || | | || | | || | | || | | || | | || | | |(Note: The amounts for each account will be based on adjustments made from the given information.) On January 1, Year 1, the general ledger of a company includes the following account balances:| Accounts | Debit | Credit ||-------------------------------|-----------|-----------|| Cash | $43,800 | || Accounts Receivable | 46,700 | || Supplies | 8,600 | || Equipment | 75,000 | || Accumulated Depreciation | | $10,100 || Accounts Payable | | 15,700 || Common Stock, $1 par value | | 11,000 || Additional Paid-in Capital | | 91,000 || Retained Earnings | | 46,300 || **Totals** | **$174,100** | **$174,100** |During January Year 1, the following transactions occur:- **January 2**: Issue an additional 2,000 shares of $1 par value common stock for $40,000.- **January 9**: Provide services to customers on account, $16,700.- **January 10**: Purchase additional supplies on account, $6,000.- **January 12**: Purchase 1,300 shares of treasury stock for $19 per share.- **January 15**: Pay cash on accounts payable, $17,600.- **January 21**: Provide services to customers for cash, $50,200.- **January 22**: Receive cash on accounts receivable, $17,700.- **January 29**: Declare a cash dividend of $0.30 per share to all shares outstanding on January 29. The dividend is payable on February 15. (Hint: The company had 11,000 shares outstanding on January 1, Year 1, and dividends are not paid on treasury stock.)- **January 30**: Resell 800 shares of treasury stock for $21 per share.- **January 31**: Pay cash for salaries during January, $43,100.

The trial balance is prepared as posting the transactions from journal to their specific accounts.

On January 1, Year 1, the general ledger of a company includes the following account balances: Accounts Debit Credit Cash $ 43,800 Accounts Receivable 46,700 Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Additional Paid-in Capital Retained Earnings 8,600 75,000 $ 10,100 15,700 11,000 91,000 46,300 Totals $ 174,100 $174,100 During January Year 1, the following transactions occur: January 2 Issue an additional 2,000 shares of $1 par value common stock for $40,000. January 9 Provide services to customers on account, $16,700. January 10 Purchase additional supplies on account, $6,000. January 12 Purchase 1,300 shares of treasury stock for $19 per share. January 15 Pay cash on accounts payable, $17,600. January 21 Provide services to customers for cash, $50,200. January 22 Receive cash on accounts receivable, $17,700. January 29 Declare a cash dividend of $0.30 per share to all shares outstanding on January 29. The dividend is payable on February 15. (Hint: The company had 1 on treasury stock.) January 30 Resell 800 shares of treasury stock for $21 per share. January 31 Pay cash for salaries during January, $43,100.

On January 1, Year 1, the general ledger of a company includes the following account balances: Accounts Debit Credit Cash $ 43,800 Accounts Receivable 46,700 Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Additional Paid-in Capital Retained Earnings 8,600 75,000 $ 10,100 15,700 11,000 91,000 46,300 Totals $ 174,100 $174,100 During January Year 1, the following transactions occur: January 2 Issue an additional 2,000 shares of $1 par value common stock for $40,000. January 9 Provide services to customers on account, $16,700. January 10 Purchase additional supplies on account, $6,000. January 12 Purchase 1,300 shares of treasury stock for $19 per share. January 15 Pay cash on accounts payable, $17,600. January 21 Provide services to customers for cash, $50,200. January 22 Receive cash on accounts receivable, $17,700. January 29 Declare a cash dividend of $0.30 per share to all shares outstanding on January 29. The dividend is payable on February 15. (Hint: The company had 1 on treasury stock.) January 30 Resell 800 shares of treasury stock for $21 per share. January 31 Pay cash for salaries during January, $43,100.

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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