EmoRawrness
Sep 20, 2015, 04:48 AM
YORKIS PEREZ, CONSULTING ENGINEER
TRIAL BALANCE
DECEMBER 31, 2014
Debit
Credit
Cash
$33,030
Accounts Receivable
51,700
Allowance for Doubtful Accounts
$640
Inventory
1,780
Prepaid Insurance
1,050
Equipment
27,300
Accumulated Depreciation-Equipment
7,480
Notes Payable
7,200
Owner’s Capital
35,730
Service Revenue
107,620
Rent Expense (13 months of rent)
9,870
Salaries and Wages Expense
32,110
Utilities Expenses
1,040
Office Expense
790
Totals
$158,670
$158,670
1.
Fees received in advance from clients $6,300.
2.
Services performed for clients that were not recorded by December 31, $5,920.
3.
Bad debt expense for the year is $1,930.
4.
Insurance expired during the year $500.
5.
Equipment is being depreciated at 10% per year.
6.
Yorkis Perez gave the bank a 90-day, 10% note for $7,200 on December 1, 2014.
7.
Rent of the building is $640 per month. The rent for 2014 has been paid, as has that for January 2015.
8.
Office salaries and wages earned but unpaid December 31, 2014, $2,820.
Yorkis Perez withdrew $20,780 cash for personal use during the year.
prepare annual adjusting entries as of December 31, 2014.
TRIAL BALANCE
DECEMBER 31, 2014
Debit
Credit
Cash
$33,030
Accounts Receivable
51,700
Allowance for Doubtful Accounts
$640
Inventory
1,780
Prepaid Insurance
1,050
Equipment
27,300
Accumulated Depreciation-Equipment
7,480
Notes Payable
7,200
Owner’s Capital
35,730
Service Revenue
107,620
Rent Expense (13 months of rent)
9,870
Salaries and Wages Expense
32,110
Utilities Expenses
1,040
Office Expense
790
Totals
$158,670
$158,670
1.
Fees received in advance from clients $6,300.
2.
Services performed for clients that were not recorded by December 31, $5,920.
3.
Bad debt expense for the year is $1,930.
4.
Insurance expired during the year $500.
5.
Equipment is being depreciated at 10% per year.
6.
Yorkis Perez gave the bank a 90-day, 10% note for $7,200 on December 1, 2014.
7.
Rent of the building is $640 per month. The rent for 2014 has been paid, as has that for January 2015.
8.
Office salaries and wages earned but unpaid December 31, 2014, $2,820.
Yorkis Perez withdrew $20,780 cash for personal use during the year.
prepare annual adjusting entries as of December 31, 2014.