Reference no: EM13970265
At the end of the first three months of operation, Evergreen Repair's trial balance is as follows.
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Cash
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7,983
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Accounts Receivable
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5,872
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Office Supplies
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970
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Prepaid Rent
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1,500
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Equipment
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5,200
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Accounts Payable
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2,629
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Unearned Repair Revenue
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1,146
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J. Kita, Capital
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11,314
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J. Kita, Withdrawals
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1,800
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Repair Revenue
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12,236
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Wages Expense
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3,580
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Office Cleaning Expense
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420
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27,325
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27,325
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At the end of the first three months of operation,
Jonah Kita, Evergreen's owner, has hired an accountant to prepare financial statements to determine how well the company is doing after three months. Upon examining the accounting records, the accountant finds the following items of interest:
a. An inventory of office supplies reveals supplies on hand of $469.
b. The Prepaid Rent account includes the rent for the first three months plus a deposit for April's rent.
c. Depreciation on the equipment for the first three months is $560.
d. The balance of the Unearned Repair Revenue account represents a 12-month service contract paid in advance on February 1.
e. On March 31, accrued wages total $168.
REQUIRED
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