The unadjusted and adjusted trial balances of High Quality Service for the month ended December 31, 2018 appear below. UNADJUSTED TRIAL BALANCE ADJUSTED TRIAL BALANCE ACCOUNT TITLES DR CR DR CR Cash 87,000 87,000 Accounts Receivable 72,000 80,000 Supplies 10,000 6,000 Equipment 100,000 100,000 Accumulated Depreciation 20,000 40,000 Accounts Payable 60,000 62,000 Salaries Payable 6,000 Unearned Service Revenue 30,000 18,000 B. Santiago, Capital 100,000 100,000 B. Santiago, Drawing 20,000 20,000 Service Revenue 140,000 160,000 Salary Expense 40,000 46,000 Depreciation Expense 20,000 Rent Expense 12,000 12,000 Utilities Expense 6,000 8,000 Supplies Expense 4,000 Miscellaneous Expense 3,000 3,000 Total 350,000 350,000 386,000 386,000 RECONSTRUCT THE ADJUSTING ENTRIES THAT WERE MADE. PREPARE THE INCOME STATEMENT FOR THE MONTH OF DECEMBER AND THE STATEMENT OF FINANCIAL POSITION AS OF DECEMBER 31, 2018.
The unadjusted and adjusted trial balances of High Quality Service for the month ended December 31, 2018 appear below. UNADJUSTED TRIAL BALANCE ADJUSTED TRIAL BALANCE ACCOUNT TITLES DR CR DR CR Cash 87,000 87,000 Accounts Receivable 72,000 80,000 Supplies 10,000 6,000 Equipment 100,000 100,000 Accumulated Depreciation 20,000 40,000 Accounts Payable 60,000 62,000 Salaries Payable 6,000 Unearned Service Revenue 30,000 18,000 B. Santiago, Capital 100,000 100,000 B. Santiago, Drawing 20,000 20,000 Service Revenue 140,000 160,000 Salary Expense 40,000 46,000 Depreciation Expense 20,000 Rent Expense 12,000 12,000 Utilities Expense 6,000 8,000 Supplies Expense 4,000 Miscellaneous Expense 3,000 3,000 Total 350,000 350,000 386,000 386,000 RECONSTRUCT THE ADJUSTING ENTRIES THAT WERE MADE. PREPARE THE INCOME STATEMENT FOR THE MONTH OF DECEMBER AND THE STATEMENT OF FINANCIAL POSITION AS OF DECEMBER 31, 2018.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
The unadjusted and adjusted trial balances of High Quality Service for the month ended December 31, 2018 appear below.
|
|
UNADJUSTED |
ADJUSTED TRIAL BALANCE |
||
|
ACCOUNT TITLES |
DR |
CR |
DR |
CR |
|
Cash |
87,000 |
|
87,000 |
|
|
|
72,000 |
|
80,000 |
|
|
Supplies |
10,000 |
|
6,000 |
|
|
Equipment |
100,000 |
|
100,000 |
|
|
|
|
20,000 |
|
40,000 |
|
Accounts Payable |
|
60,000 |
|
62,000 |
|
Salaries Payable |
|
|
|
6,000 |
|
Unearned Service Revenue |
|
30,000 |
|
18,000 |
|
B. Santiago, Capital |
|
100,000 |
|
100,000 |
|
B. Santiago, Drawing |
20,000 |
|
20,000 |
|
|
Service Revenue |
|
140,000 |
|
160,000 |
|
Salary Expense |
40,000 |
|
46,000 |
|
|
Depreciation Expense |
|
|
20,000 |
|
|
Rent Expense |
12,000 |
|
12,000 |
|
|
Utilities Expense |
6,000 |
|
8,000 |
|
|
Supplies Expense |
|
|
4,000 |
|
|
Miscellaneous Expense |
3,000 |
|
3,000 |
|
|
Total |
350,000 |
350,000 |
386,000 |
386,000 |
- RECONSTRUCT THE
ADJUSTING ENTRIES THAT WERE MADE. - PREPARE THE INCOME STATEMENT FOR THE MONTH OF DECEMBER AND THE
STATEMENT OF FINANCIAL POSITION AS OF DECEMBER 31, 2018.
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