P4-7 (Algo) Recording Adjusting and Closing Entries and Preparing a BalanceSheet and Income Statement Including Earnings per Share LO4-1, 4-2, 4-4Skip to question (javascript:;) [The following information applies to thequestions displayed below.] Tunstall, Incorporated, a small service company,keeps its records without the help of an accountant. After much effort, anoutside accountant prepared the following unadjusted trial balance as of theend of the annual accounting period on December 31: Tunstall,Incorporated Unadjusted Trial BalanceAt December 31 DebitCreditCash47,800Accounts receivable11, 500 Supplies630 Prepaid insurance660 Service trucks17,900 Accumulated depreciation 8, 200Other assets9, 460 Accounts payable2, 220Wages payable Income taxes payable Notes payable (3 years; 10%interest due each September 30) 15,000Common stock (4,300 sharesoutstanding) 1,876Additional paid - in capital 16, 884 Retained earnings 4, 500 outstanding) 1, 876Additional paid - in capital 16,884Retained earnings 4,500Service revenue 88, 810Wages expense16, 200 Remaining expenses (notdetailed; excludes income tax)33, 340 Income tax expense Totals137,490137,490Data not yet recorded at December 31 included:a The suppliescount on December 31 reflected $190 in remaining supplies on hand to beused in the next year.b Insurance expired during the current year, $660.cDepreciation expense for the current year, $4,000.d Wages earned byemployees not yet paid on December 31, $570. eThree months of interestexpense (for the note payable borrowed on October 1 of the current year) wasincurred in the current year.f Income tax expense, $5,680. P4 - 7 Part 2

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Description: P4-7 (Algo) Recording Adjusting and Closing Entries and Preparing a BalanceSheet and Income Statement Including Earnings per Share LO4-1, 4-2, 4-4Skip to question (javascript:;) [The following information applies to thequestions displayed below.] Tu

Adjusted Trial BalanceDecember 31, Current yearAccounts TitleDebitCreditCash $ 47,800…

Business

Accounting

P4 - 7 (Algo) Recording Adjusting and Closing Entries and Preparing a Balance Sheet and Income Statement Including Earnings per Share LO4-1, 4-2, 4-4 Skip to question (javascript:;) [The following information applies to the questions displayed below.] Tunstall, Incorporated, a small service company, keeps its records without the help of an accountant. After much effort, an outside accountant prepared the following unadjusted trial balance as of the end of the annual accounting period on December 31: Tunstall, Incorporated Unadjusted Trial BalanceAt December 31 DebitCreditCash47, 800 Accounts receivable11, 500 Supplies630 Prepaid insurance660 Service trucks 17,900 Accumulated depreciation 8, 200Other assets9, 460 Accounts payable 2, 220Wages payable Income taxes payable Notes payable (3 years; 10%

P4 - 7 (Algo) Recording Adjusting and Closing Entries and Preparing a Balance Sheet and Income Statement Including Earnings per Share LO4-1, 4-2, 4-4 Skip to question (javascript:;) [The following information applies to the questions displayed below.] Tunstall, Incorporated, a small service company, keeps its records without the help of an accountant. After much effort, an outside accountant prepared the following unadjusted trial balance as of the end of the annual accounting period on December 31: Tunstall, Incorporated Unadjusted Trial BalanceAt December 31 DebitCreditCash47, 800 Accounts receivable11, 500 Supplies630 Prepaid insurance660 Service trucks 17,900 Accumulated depreciation 8, 200Other assets9, 460 Accounts payable 2, 220Wages payable Income taxes payable Notes payable (3 years; 10%

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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Required information [The following information applies to the questions displayed below.] Tunstall, Incorporated, a small service company, keeps its records without the help of an accountant. After much effort, an outside accountant prepared the following unadjusted trial balance as of the end of the annual accounting period on December 31: Cash Accounts receivable Supplies Prepaid insurance Service trucks Accumulated depreciation Other assets Accounts payable Wages payable Income taxes payable Tunstall, Incorporated Unadjusted Trial Balance At December 31 Note payable (3 years; 10% interest due each September 30) Common stock (5,000 shares outstanding) Additional paid-in capital Retained earnings Service revenue Wages expense Remaining expenses (not detailed; excludes income tax) Income tax expense Totals ✔ Debit 42,000 11,600 900 800 19,000 8,300 16,200 17,160 115,960 Credit 9,200 3,000 17,000 400 19,000 6,000 61,360 115,960 Data not yet recorded at December 31 included: a. The…
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