Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. north star prepared the following unadjusted trial

North Star prepared the following unadjusted trial balance at the end of its second year...

70.2K

Verified Solution

Question

Accounting

North Star prepared the following unadjusted trial balance at the end of its second year of operations ending December 31.

Account Titles Debit Credit
Cash $ 11,300
Accounts Receivable 5,300
Prepaid Rent 2,260
Equipment 20,300
Accumulated DepreciationEquipment $ 1,170
Accounts Payable 1,170
Income Tax Payable 0
Common Stock 24,100
Retained Earnings 1,400
Sales Revenue 47,420
Salaries and Wages Expense 24,300
Utilities Expense 11,800
Rent Expense 0
Depreciation Expense 0
Income Tax Expense 0
Totals $ 75,260 $ 75,260

Other data not yet recorded at December 31:

a. Rent expired during the year, $1,130.
b. Depreciation expense for the year, $1,170.
c. Utilities owing, $8,300.
d. Income tax expense, $320.

3.

Summarize the adjusting journal entries in T-accounts. After entering the beginning balances and computing the adjusted ending balances, prepare an adjusted trial balance as of December 31.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Finance
1.2K views

Hula Enterprises is considering a new project to produce solar water heaters. The finance manager wishes...

Physics
1.2K views

A crate is given an initial speed of 2.6 m/s up the 29.0 ∘ plane shown...

Basic Math
1.2K views

y c e x c e x 2x is a two parameter family of the...

Basic Math
1.2K views

Which of the following are odd functions?Select all correct answers.Select all that apply:(x) = ?9x(x)...

Algebra
1.2K views

The amount of money a bank investment has in the account each year is represented...

Accounting
1.2K views

Taxation SAND Sdn. Bhd. prepares its accounts annually for the...

Accounting
1.2K views

Rouse Recliners manufactures leather recliners and uses flexible budgeting and a standard cost system. Rouse...

Accounting
1.2K views

Lou Barlow, a divisional manager for Sage Company, has an opportunity to manufacture and sell...

Accounting
1.2K views

Dette opp We program that promote to enter two gumbers and on whom itd The...

Accounting
1.2K views

Question 4 of 12 -12 E Blossom Company was organized on April 1, 2020....

Accounting
1.2K views

Windhoek Mines, Limited, of Namibia, is contemplating the purchase of equipment to exploit a mineral...

Accounting
1.2K views

Can someone please explain if dividends, profits and earnings are taxed similarly, and how they...