Hey people, just wondering if you could help me out. I had to do an online quiz and it confused the hell out of me. :confused: Cause no matter what I did (even when doing exactly what the book said, it was wrong)
Scenic Tours Limited's unadjusted trial balance is presented below.
SCENIC TOURS LIMITED
Trial Balance
June 30, 2006
Debit Credit
Cash $ 4,000
Accounts receivable 2,860
Prepaid insurance 7,320
Supplies 1,165
Equipment 13,440
Acc. Amortization—eq. $ 3,300
Buses 140,400
Acc. Amortization—buses 46,800
Accounts payable 2,205
Notes payable 54,000
Unearned revenue 15,000
Common shares 30,000
Retained earnings 15,000
Tour revenue 17,310
Salaries expense 9,560
Advertising expense 1,150
Rent expense 1,850
Gas and oil expense 1,170
Income tax expense 700
________________________________________ ________________________________________
$ 183,615 $ 183,615
________________________________________ ________________________________________
Additional information:
1. The insurance policy has a one-year term beginning June 1, 2006.
2. The equipment has an estimated useful life of eight years. The buses have an estimated useful life of six years.
3. A physical count shows $240 of supplies on hand at June 30.
4. The note payable has a 7% interest rate. Interest is paid at the beginning of each month.
5. Deposits of $1,800 each were received for advanced tour reservations from 10 school groups. At June 30, three of these deposits have been earned.
6. Bus drivers are paid a combined total of $625 per day. At June 30, three days' salaries are unpaid.
7. A senior citizens' organization that had not made an advance deposit took a scenic tour on June 30 for $1,150. This group was not billed for the services provided until July.
8. Additional advertising costs of $700 have been incurred, but the bills have not been received by June 30.
9. Income taxes payable are estimated to be $100.
Now I have tried to work this out in here
SCENIC TOURS LIMITED
Adjusted Trial Balance
June 30, 2006
Debit Credit
Cash $ 7,000
Accounts receivable 4,010
Prepaid insurance 6,710
Supplies 240
Equipment 13,440
Acc. Amortization—equipment $ 4,980
Buses 140,400
Acc. Amortization—buses 70,200
Accounts payable 2,905
Notes payable 54,000
Interest payable 315
Salaries payable 1,875
Income Taxes payable 100
Unearned revenue 12,600
Common shares 30,000
Retained earnings 15,000
Tour revenue 23,860
Salaries expense 11,435
Advertising expense 1,850
Rent expense 1,850
Amortization expense 25,080
Gas and oil expense 1,170
Interest expense 315
Supplies expense 925
Income tax expense 800
Insurance expense 610
________________________________________ ________________________________________
$ 215,835 $ 215,835
________________________________________ ________________________________________
Now I got everything right, except for Cash and Unearned revenue (and the totals, obviously lolz)
I have tried and tried, could someone please explain to me just what I am doing wrong? (That way I won't screw up next time :D )
I hope I didn't double post this :mad: the computer was acting really strange
