Reference no: EM133062405
Question - Kim Repair Shop Unadjusted Trial Balance December 31, 2021
Cash 442,000
Notes Receivable 40,000
Accounts Receivable 65,000
Office Supplies 58,000
Equipment 250,000
Accounts Payable 47,000
Unearned Service Revenue 36,000
Kim, Capital 680,000
Kim, Withdrawal 50,000
Service Revenues 328,000
Salaries Expense 70,000
Rent Expense 55,000
Utilities Expense 34,000
Miscellaneous Expense 27,000
Totals 1,091,000 1,091,000
Additional information:
1. The equipment was purchased on April 1, 2021 and was estimated to have a useful life of eight years with P30,000 salvage value.
2. P15,000 office supplies remained unused at year-end.
3. Of the recorded unearned service revenue, P25,000 has already been earned. 4. The note was received on July 1, 2021 with an 8% interest.
5. The rent was paid in advance on July 1, 2021 for a 1-year contract.
Required -
a. Provide the necessary adjusting journal entries on December 31, 2021.
b. Prepare the adjusted trial balance.
c. Prepare the income statement.
d. Prepare the balance sheet.