Tunstall, Inc., 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, Inc. Unadjusted Trial Balance for the Year Ended Decenber 31 Debit Credit 42,000 11,600 Cash Accounts receivable Supplies Prepaid insurance Service trucks 900 800 19,000 9,200 Accumulated depreciation Other assets Accounts payable Wages payable Income taxes payable Notes payable, long-term Common stock (5,000 shares outstanding) Additional paid-in capital 8,300 3,000 17,000 400 19,000 6,000 61,360 Retained earnings Service revenue 16,200 Wages expense Remaining expenses (not detailed; excludes income tax) Income tax expense 17,160 Tis,960 115,960 Totals Data not yet recorded at December 31 included: a. The supplies count on December 31 reflected $300 in remaining supplies on hand to be used in the next year. b. Insurance expired during the current year, $800. c. Depreciation expense for the current year, $3,70. d. Wages earned by employees not yet paid on December 31, $640. e, Income tax expense, $5,540. do an income statment and a balance sheet.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Tunstall, Inc., 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, Inc.
Unadjusted Trial Balance
for the Year Ended December 31
Debit
Credit
Cash
42,000
11,600
Accounts receivable
Supplies
Prepaid insurance
900
800
Service trucks
19,000
Accumulated depreciation
Other assets
9,200
8,300
Accounts payable
Wages payable
Income taxes payable
Notes payable, long-term
Common stock (5,000 shares outstanding)
Additional paid-in capital
Retained earnings
Service revenue
3,000
17,000
400
19,000
6,000
61,360
16,200
Wages expense
Remaining expenses
(not detailed; excludes income tax)
Income tax expense
17,160
T1s,960
115,960
Totals
Data not yet recorded at December 31 included:
a. The supplies count on December 31 reflected $300 in remaining supplies on hand to be used in the next year.
b. Insurance expired during the current year, $800.
c. Depreciation expense for the current year, $3,700.
d. Wages earned by employees not yet paid on December 31, $640,
e. Income tax expense, $5,540.
do an income statment and a balance sheet.
Transcribed Image Text:Tunstall, Inc., 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, Inc. Unadjusted Trial Balance for the Year Ended December 31 Debit Credit Cash 42,000 11,600 Accounts receivable Supplies Prepaid insurance 900 800 Service trucks 19,000 Accumulated depreciation Other assets 9,200 8,300 Accounts payable Wages payable Income taxes payable Notes payable, long-term Common stock (5,000 shares outstanding) Additional paid-in capital Retained earnings Service revenue 3,000 17,000 400 19,000 6,000 61,360 16,200 Wages expense Remaining expenses (not detailed; excludes income tax) Income tax expense 17,160 T1s,960 115,960 Totals Data not yet recorded at December 31 included: a. The supplies count on December 31 reflected $300 in remaining supplies on hand to be used in the next year. b. Insurance expired during the current year, $800. c. Depreciation expense for the current year, $3,700. d. Wages earned by employees not yet paid on December 31, $640, e. Income tax expense, $5,540. do an income statment and a balance sheet.
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