Homework SourseHow do you do an adjusted trial balance sheet given the foll
How do you do an adjusted trial balance sheet given the following information: 1-Dec Began business by depositing $7500 in a bank account in the name of the company in exchange for 750 shares of $10 per share common stock. 1-Dec Paid the rent for the current month, $650 . 1-Dec Paid the premium on a one-year insurance policy, $840 . 1-Dec Purchased Equipment for $3600 cash. 5-Dec Purchased office supplies from XYZ Company on account, $300 . 15-Dec Provided services to customers for $6000 cash. 16-Dec Provided service to customers ABC Inc. on account, $3400 . 21-Dec Received $1800 cash from ABC Inc., customer on account. 23-Dec Paid $170 to XYZ company for supplies purchased on account on December 5 . 28-Dec Paid wages for the period December 1 through December 28, $5040 . 30-Dec Declared and paid dividend to stockholders $200 .
Solution
Working:
| Unadjusted Trial Balance | ||
| December 31 | ||
| Account | Debit | Credit |
| Cash | 4800 | |
| Accounts receivable | 1600 | |
| Office supplies | 300 | |
| Prepaid insurance | 840 | |
| Equipment | 3600 | |
| Accounts payable | 130 | |
| Common stock | 7500 | |
| Dividend | 200 | |
| Service revenue | 9400 | |
| Rent expense | 650 | |
| Wages expense | 5040 | |
| Totals $ | 17030 | 17030 |
