Business, 25.06.2020 06:01, journeyhile5
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 47,800
Accounts receivable 11,200
Supplies 550
Prepaid insurance 610
Service trucks 17,600
Accumulated depreciation 8,900
Other assets 9,860
Accounts payable 2,380
Wages payable
Income taxes payable
Notes payable, long-term 12,000
Common stock (5,500 shares outstanding) 1,996
Additional paid-in capital 17,964
Retained earnings 4,200
Service revenue 89,710
Wages expense 16,200
Remaining expenses
(not detailed; excludes income tax) 33,330
Income tax expense
Totals 137,150 137,150
Data not yet recorded at December 31 included:
a. The supplies count on December 31 reflected $160 in remaining supplies on hand to be used in the next year.
b. Insurance expired during the current year, $610.
c. Depreciation expense for the current year, $3,700.
d. Wages earned by employees not yet paid on December 31, $650.
e. Income tax expense, $5,480.
Required:
1. Record the 2014 adjusting entries.
2. Prepare an income statement and a classified balance sheet that include the effects of the preceding five transactions.
3. Record the 2014 closing entry.
Answers: 1
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Tunstall, Inc., a small service company, keeps its records without the help of an accountant. After...
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