resulting sheet at the beginning of 2012 ls provided below Balance Sheet at Janu
ID: 2342088 • Letter: R
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resulting sheet at the beginning of 2012 ls provided below Balance Sheet at January 1, 2012 Assets: Cash Liabilities: $1775 Accounts Payable 1,100 Stockholders' Equity 900 Contributed Capital $2,000 665 Total Assets 3,775 Total Liabilides&Stk.Equity $ 3775 Date 1 Owners Invest $30,000 of additional cash in the business. 2a Suppliles are purchased for $1,200 on account. 2b Ins 2c Rent is paid for 3 months beginning in January: $4,500 (Record as an asset) 2d Two e 3 FFO borrows $34,000 from 1st State Bank at 6% annual interest. 6 A delivery van is purchased for cash, Including tax the total cost was $57,600. It will be used for 4 is paid for 12 months beginning January 1: $8,220 (Record as an asset) will be paid $1,710 per month years and will be depreciated monthly using straight-ine with no salvage value. A full month of depreciation will be charged in January $770 of the $888 of the Performed services for customers on account. Mailed invoices totaling $10,800. Services are performed for cash customers: $7,560 Wages for the first half of the month are paid on January 16: $1710 recelvables from 7 8 9 10 16 d. payable from er are paid. 20 The c recelves $4,100 from a customer for an advance order for services to be provided in January and February 25 Col from customers on account (see January 9 transaction: $4,320 30a The last 2 weeks wages earned by employees are $855 per employee and will be paid on February 30b A $1085 utility bill for January arrived. It is due on February 15 Supplies on hand on January 31 total $420. The company completed 60% of the deliveries for the customer who paid in advance on January 20. Interest is accrued for the bank loan. (Assume a full month for the 1st State Bank loan.) Record January depreciation. Adjust the prepaid asset (Rent and Insurance) accounts as needed. a. c. d. e.Explanation / Answer
6.
Fast Deliveries Inc. Adjusted Trial Balance January 31 Account Titles Debit Cedit $ $ Cash 9,607 Accounts Receivable 6,810 Supplies 420 Prepaid Rent 3,000 Prepaid Insurance 7,535 Equipment 57,600 Accumulated Depreciation : Equipment 1,200 Accounts Payable 2,507 Unearned Revenue 1,640 Wages Payable 855 Interest Payable 170 Notes Payable 34,000 Contributed Capital 32,000 Retained Earnings 665 Service Revenue 20,820 Wages Expense 2,565 Utilities Expense 1,085 Supplies Expense 1,680 Depreciation Expense 1,200 Insurance Expense 685 Rent Expense 1,500 Interest Expense 170 Totals $ 93,857 $ 93,857Related Questions
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