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ACC 290T Wk 5 - Practice: Connect Knowledge Check

GL0404 - Based on Problem 4-6A LO P4

The unadjusted trial balance for People First as December 31 is provided on the trial balance tab.

 Information for adjustments is as follows:

  1.  As of December 31, employees had earned $1,800 of unpaid and unrecorded salaries. The next payday is January 4, at which time $2,250 of salaries will be paid.
  2.  The cost of supplies still available at December 31 is $2,000.
  3.  The notes payable requires an interest payment to be made every three months. The amount of unrecorded accrued interest at December 31 is $2,300. The next interest payment, at an amount of $2,760, is due on January 15.
  4.  Analysis of the unearned member fees account shows $2,000 remaining unearned at December 31.
  5.  In addition to the member fees included in the revenue account balance, the company has earned another $10,800 in unrecorded fees that will be collected on January 31. The company is also expected to collect $11,000 on that same day for new fees earned in January.
  6.  Depreciation expense for the year is $21,200.

 

 

 

Exercise 4-11 Preparing financial statements LO C3

The following adjusted year-end trial balance at December 31 of Wilson Trucking Company. 

Account Title

Debit

 

Credit

Cash

$

5,900

 

 

 

 

Accounts receivable

 

16,500

 

 

 

 

Office supplies

 

2,000

 

 

 

 

Trucks

 

181,000

 

 

 

 

Accumulated depreciation—Trucks

 

 

 

$

37,286

 

Land

 

75,000

 

 

 

 

Accounts payable

 

 

 

 

9,900

 

Interest payable

 

 

 

 

3,000

 

Long-term notes payable

 

 

 

 

52,000

 

 

 

 

 

 

166,351

 

 

 

19,000

 

 

 

 

Trucking fees earned

 

 

 

 

142,500

 

Depreciation expense—Trucks

 

24,049

 

 

 

 

Salaries expense

 

66,833

 

 

 

 

Office supplies expense

 

8,500

 

 

 

 

Repairs expense—Trucks

 

12,255

 

 

 

 

Totals

$

411,037

 

$

411,037

 

 

  The K. Wilson, Capital account balance was $166,351 at December 31 of the prior year.  (1) Prepare the income statement for the year ended December 31.(2) Prepare the statement of owner’s equity for the year ended December 31.

 

 

 

Exercise 4-12 Preparing a classified balance sheet LO C3

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