Solution-Make the unadjusted trial balance for solid systems

Make the unadjusted trial balance for solid systems

Assignment Help Cost Accounting

Reference no: EM132583304

Question 1: The unadjusted trial balance for Solid Systems as December 31 is provided on the trial balance tab.

Account Title	Debit			Credit
!Cash	$	14,255
!Supplies		6,200
!Prepaid Insurance		8,400
¹ Equipment		36,400
!Accounts payable				14,200
!Unearned consulting revenue				9,000
ID. Kelley, Capital				38,000
³D. Kelley, Withdrawals		1,200
!Consulting revenue				8,800
!Rental revenue				400
!Salaries expense		2,040
!Rent expense		1,500
!Utilities expense		405
Total	$	70,400	$	70,400

Information for adjustments is as follows:

As of December 31, employees had earned $1,600 of unpaid and unrecorded salaries. The next payday is January 4, at which time $2,000 of salaries will be paid.
The cost of supplies still available at December 31 is $2,000.
The notes payable requires an interest payment to be made every three months. The amount of unrecorded accrued interest at December 31 is $2,250. The next interest payment, at an amount of $2,700, is due on January 15.
Analysis of the unearned member fees account shows $3,000 remaining unearned at December 31.
In addition to the member fees included in the revenue account balance, the company has earned another $12,300 in unrecorded fees that will be collected on January 31. The company is also expected to collect $13,000 on that same day for new fees earned in January.
Depreciation expense for the year is $23,000.

Reference no: EM132583304

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Make the unadjusted trial balance for solid systems

Reference no: EM132583304

Reference no: EM132583304

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