Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the ledger of laurie tour service on march 31 of t

The ledger of Laurie Tour Service on March 31 of the current year includes the...

90.2K

Verified Solution

Question

Accounting

image

The ledger of Laurie Tour Service on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared Debit Credit 20,000 10,000 6,000 4,000 60,000 Cash Accounts Receivable Prepaid Insurance Supplies Equipment Accumulated Depreciation-Equipment Common Stock Notes Payable Unearned Service Revenue Service Revenue Interest Expense Salaries and Wages Expense 6,000 50,000 10,000 10,000 44,000 0 20,000 An analysis of the accounts shows the following 1. The equipment depreciates $600 per month. 2. Two-thirds of the uneanedservice revenue was earned during the quarter 3. The note payable is dated January 1 and bears 12% interest. 4. Supplies on hand total $3,000 5. The insurance policy is a one-year policy dated January 1 Instructions a. Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. Additional accounts are: Depreciation Expense, Insurance Expense, Interest Payable, and Supplies Expense b. Prepare Adjusted Trial Balance c. Prepare Income Statement

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

Basic Math
1.2K views

Find the general solution of the given system X t X 2 4 7 X

Chemistry
1.2K views

A liquid ink is yellow and placed in a cuvette, colored optical filters are placed infront...

Psychology
1.2K views

Compare and contrast Aristotle, Kant and Mill's methodologies, emphasizing what you perceive as the particular strengths...

Physics
1.2K views

A small charged ball is hovering in the state of equilibrium at a height h...

Basic Math
1.2K views

Select the correct answer from each drop down menu A cash card has a starting...

Accounting
1.2K views

A firm forecasts the following information: - Sales $425,000 - Break-even sales $400,000...

Accounting
1.2K views

Question 10 (5 points) Cash is considered what in accounting? Liability...

Accounting
1.2K views

Your friend has just purchased a house and has incurred a $150,000, 4.5% mortgage payable...

Accounting
1.2K views

When plant awets are reported, the current period's depreciation expense is subtracted from the original...

Finance
1.2K views

6. Below are some Features / Advantages / Benefits from a conversation that a vacuum...

Accounting
1.2K views

. A partial payment is made on the date indicated. Use the United States rule...

Finance
1.2K views

Imagine you are thinking about starting a tutoring business. You will be offering tutoring services...