Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

The trial balance of State Service Company at December 31, 2009, which is the ending of its year-long accounting period, is presented below. Data required for adjusting entries include:

a. Supplies on hand at year’s end,                      $2,000.
b. Depreciation on furniture and fixtures,           $10,000.
c. Depreciation on building,                               $25,000.
d. Salaries owed but not yet paid                      $15,000.
e. Accrued service revenue,                              $20,000.
f. Of the $45,000 balance of unearned service revenue, $25,000 was still unearned at the end of the year.

State Service Company

Trial Balance

December 31, 2009

                                                                  Debit                                   Credit
Cash                                                       $200,000    
Accounts Receivable                                   372,000    
Supplies                                                       6,000    
Furniture and Fixtures                                100,000    
Accumulated Depreciation – Furniture and Fixtures                                    $40,000
Building                                                     250,000    
Accumulated Depreciation – Building                                                         130,000
Accounts Payable                                                                                   380,000
Salary Payable        
Unearned Service Revenue                                                                        45,000
Mr. X, Capital                                                                                        293,000
Owner’s Withdrawals                                   65,000    
Service Revenue                                                                                   288,000
Salary Expense                                          170,000    
Supplies Expense        
Depreciation Expense – Furniture & Fixtures        
Depreciation Expense – Building        
Miscellaneous Expense                                 13,000    
Total                                                     $ 1,176,000                        $ 1,176,000

Required:

1. Journalize State Service Company’s adjusting entries at December 31, 2009.
2. Demonstrate T-Accounts for all the accounts and post the adjusting entries to appropriate T-Accounts (please apply account numbers on your own for reference).
3. Make the Adjusted Trial Balance.
4. Make Income Statement, Statement of Owner’s Equity, and Balance Sheet at December 31, 2009 from adjusted trial balance.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M91277

Have any Question? 


Related Questions in Accounting Basics

Assignmentcarol is a single mother who owns a wholesale

Assignment Carol is a single mother who owns a wholesale auto parts distributorship. The business is organized as a sole proprietorship. Her business has advanced, and she can no longer devote the time necessary to do he ...

Accounting information systemsfor this assignment research

Accounting Information Systems For this assignment, research the Internet or Strayer databases to locate a firm that was involved in a fraud and / or embezzlement case. Explain how the firm's accounting information syste ...

Question 1dollys best issued 200 shares of its 10 common

Question 1 Dolly's Best issued 200 shares of its $10 common stock in exchange for used packaging equipment with a fair market value of $2,400. The entry to record the acquisition of the equipment would include a A. debit ...

Question 1with respect to transferability of ownership

Question 1 With respect to transferability of ownership interests, a sole proprietor may: not transfer her interests may only transfer her interest with approval of the state freely transfer her interests transfer her in ...

Consumers choices are prey to subtle discrepancies that

Consumers' choices are prey to subtle discrepancies that arise in cognitive accounting. Learning how and when you are prey to these discrepancies is an important step in improving your decision making. As the readings fo ...

Last year cmc recorded a deferred tax asset related to

Last year, CMC recorded a deferred tax asset related to product warranties and a deferred tax asset related to accelerated depreciation. A 75% valuation allowance was also established. However, with an upcoming internati ...

Bubbles hot tubsbubbles hot tubs are a business that

Bubbles Hot Tubs Bubbles Hot Tubs are a business that manufactures and sells hot tubs to the UK market. At present the business manufactures three different types of hot tubs: The selling prices for each of the hot tubs ...

Discussionpart 1 please respond the following question no

Discussion Part 1 please respond the following question no less then 350 words (original work, no plagiarism, 1 reference "free cash-flow valuations" please respond to the following: • Create an argument that use of the ...

Course project a financial statement analysisa comparative

Course Project: A Financial Statement Analysis A Comparative Analysis of Nike, Inc. and Under Armour, Inc. Below is the link for the financial statements for Nike, Inc. for the fiscal year ending 2014. First, select 2014 ...

Unconventional and growing inccrazy craig cravath is a

UNCONVENTIONAL AND GROWING, INC. "Crazy" Craig Cravath is a somewhat eccentric yet enthusiastic businessman who believes in the social responsibility of business. Incidentally, he is also interested in making enough mone ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen