The following information applies to the questions displayed below] Tunstall, In

Question

The following information applies to the questions displayed below] 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: Account Titles $ 46,800 11,800 Accounts receivable Supplies Prepaid insurance Service trucks Accumulated depreciation Other assets Accounts payable Weges payable Income taxes payable Note payable (3 years; 10% interest due each December 31) Common stock (4,700 shares outstanding) Additional paid-in capital Retained earnings Service revenue Remaining expenses (not detailed; excludes income tax Income tax expense 17,200 $8,700 8,960 16,000 16,704 33,180 $119,200 9,200

Explanation / Answer

Adjusting entries :

Date accounts & explanation debit credit Dec 31 Supplies expenses a/c 370      Supplies a/c 370 (To record supplies adjusted) Dec 31 Insurance expenses a/c 700      Prepaid insurance a/c 700 (to record insurance expenses) Dec 31 Depreciation expenses a/c 3500      Accumlated dep 3500 (To record depreciation) Dec 31 Wages expenses a/c 700      Wages payable a/c 700 (To record wages) Dec 31 Income tax expenses a/c 5780      Income tax payable a/c 5780 (TO record income tax expenses)

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