Timken Company specializes in the repair of music equipment and is owned and ope

Question

Timken Company specializes in the repair of music equipment and is owned and operated by Secilia Timken. On April 30, 2012, the end of the current year, the accountant for Timken Company prepared the following trial balances: Timken Company Trial Balance April 30, 2012 ________________________________________ Unadjusted ________________________________________ Adjusted ________________________________________ Debit Balances Credit Balances Debit Balances Credit Balances Cash 38,250 38,250 Accounts Receivable 109,500 109,500 Supplies 11,250 3,500 Prepaid Insurance 14,250 2,700 Equipment 360,450 360,450 Accumulated Depreciation

Explanation / Answer

Though the question is not clear however,the following adjustments should be made. Supplies Cr 7750 Prepaid Insurance cr 11550 Acc.Depn. Eq. cr 12500 Acc.Depn. Auto cr 2750 A/c Payable cr 1070 Salaries Payable dr 7500 Unearned Service Fees dr 12000 Service Fees Earned cr 12000 Salary Exp. cr 7500 Supplies Exp. dr 7750 Depn Eq. dr 12500 dep. Auto dr 2750 Utilities Exp. dr 1070 ins. Exp. dr 11550 55120 55120 Please rate the answer as lifesaver.Thank u in advance.God bless:)

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