Required: Use the transactions in unadjusted trial balance to update the affected T accounts. Prepare the company’s adjusted trial balance, income statement, statement of owner’s equity and classified balance sheet for 2020. *Account names to use: Cash Service revenue Accounts receivable Salary expense Supplies Depreciation expense Prepaid Insurance Insurance expense Delivery truck Fuel expense Accumulated depreciation Rent expense Accounts payable Supplies expense Salary payable Income summary Unearned service revenue Kay’s, Capital Kay’s, Drawing
Required: Use the transactions in unadjusted trial balance to update the affected T accounts. Prepare the company’s adjusted trial balance, income statement, statement of owner’s equity and classified balance sheet for 2020. *Account names to use: Cash Service revenue Accounts receivable Salary expense Supplies Depreciation expense Prepaid Insurance Insurance expense Delivery truck Fuel expense Accumulated depreciation Rent expense Accounts payable Supplies expense Salary payable Income summary Unearned service revenue Kay’s, Capital Kay’s, Drawing
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Required:
Use the transactions in unadjusted
Prepare the company’s adjusted trial balance, income statement, statement of owner’s equity and classified balance sheet for 2020.
*Account names to use:
Cash |
Service revenue |
|
Salary expense |
Supplies |
Depreciation expense |
Prepaid Insurance |
Insurance expense |
Delivery truck |
Fuel expense |
|
Rent expense |
Accounts payable |
Supplies expense |
Salary payable |
Income summary |
Unearned service revenue |
|
Kay’s, Capital |
|
Kay’s, Drawing |
![UNADJUSTED TRIAL BALANCE (Requirement 3)
Cash
14,200.00
Accounts receivable
4,500.00
Supplies
19,000.00
Prepaid Insurance
28,000.00
Delivery truck
Accounts payable
250,000.00
9,000.00
Unearned service revenue
12,000.00
Кay's, Capital
430,000.00
Kay's, Drawing
15,300.00
Service revenue
60,500.00
Salary expense
65,700.00
Fuel expense
29,800.00
Rent expense
85,000.00
511,500.00
511,500.00](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0193fb4e-409e-4505-89f5-c3550c843f96%2F3d775502-80ae-48cc-9ce1-1743dbfed651%2Fb1z2aur_processed.png&w=3840&q=75)
Transcribed Image Text:UNADJUSTED TRIAL BALANCE (Requirement 3)
Cash
14,200.00
Accounts receivable
4,500.00
Supplies
19,000.00
Prepaid Insurance
28,000.00
Delivery truck
Accounts payable
250,000.00
9,000.00
Unearned service revenue
12,000.00
Кay's, Capital
430,000.00
Kay's, Drawing
15,300.00
Service revenue
60,500.00
Salary expense
65,700.00
Fuel expense
29,800.00
Rent expense
85,000.00
511,500.00
511,500.00
![ADJUSTING ENTRIES (Requiremetn 4)
Salary expense
19,500.00
Salary payable
19,500.00
Depreciation expense
6,500.00
Accumulated depreciation
6,500.00
Insurance expense
24,000.00
Prepaid Insurance
24,000.00
Supplies expense
16,500.00
Supplies
16,500.00
note: 19000 less 2500 on hand equals to supplies used to be expensed
Unearned service revenue
7,000.00
Service revenue
7,000.00](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0193fb4e-409e-4505-89f5-c3550c843f96%2F3d775502-80ae-48cc-9ce1-1743dbfed651%2Fxi61jgi_processed.png&w=3840&q=75)
Transcribed Image Text:ADJUSTING ENTRIES (Requiremetn 4)
Salary expense
19,500.00
Salary payable
19,500.00
Depreciation expense
6,500.00
Accumulated depreciation
6,500.00
Insurance expense
24,000.00
Prepaid Insurance
24,000.00
Supplies expense
16,500.00
Supplies
16,500.00
note: 19000 less 2500 on hand equals to supplies used to be expensed
Unearned service revenue
7,000.00
Service revenue
7,000.00
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