Hakik Enterprises offers rug cleaning services to business clients. Below is the
ID: 2374584 • Letter: H
Question
Hakik Enterprises offers rug cleaning services to business clients. Below is the trial balance for Hakik Enterprises, which was prepared on the end of period spreadsheet (work sheet) for the year ended July 31, 2010.
Hakik Enterprises
End of Period Spreadsheet (Work Sheet)
For the Year Ended July 31, 2010
Trial Balance
Adjustments
Adjusted Trial Balance
Debit
Credit
Debit
Credit
Debit
Credit
Cash
36
Prepaid Insurance
12
Fees Receivable
56
Supplies
12
Equipment
60
Accum. Depreciation
12
Unearned Revenue
20
Accounts Payable
32
Wages Payable
Ramon Hakik, Capital
84
Ramon Hakik, Drawings
4
Service Revenue
80
Advertising Expense
28
Wage Expense
20
Insurance Expense
Supplies Expense
Depreciation Expense
Totals
228
228
REQUIRED: Enter the adjustment data in the work sheet for the transactions shown below and place the balances in the Adjusted Trial Balance columns.
a) The equipment is estimated to last for 5 years with no salvage value. The asset will be depreciated evenly over its useful life. Record one month's depreciation.
b) Accrued Wages $2.
c) Unused supplies on hand $8.
d) Of the unearned revenue, 75% has been earned.
e) Unexpired insurance remaining at the end of the month, $9.
Hakik Enterprises
End of Period Spreadsheet (Work Sheet)
For the Year Ended July 31, 2010
Trial Balance
Adjustments
Adjusted Trial Balance
Debit
Credit
Debit
Credit
Debit
Credit
Cash
36
Prepaid Insurance
12
Fees Receivable
56
Supplies
12
Equipment
60
Accum. Depreciation
12
Unearned Revenue
20
Accounts Payable
32
Wages Payable
Ramon Hakik, Capital
84
Ramon Hakik, Drawings
4
Service Revenue
80
Advertising Expense
28
Wage Expense
20
Insurance Expense
Supplies Expense
Depreciation Expense
Totals
228
228
Explanation / Answer
For the Year Ended July 31, 2010 Trial Balance Adjustments Adjusted Trial Balance Debit Credit Debit Credit Debit Credit Cash 36 Prepaid Insurance 12 9 9 Fees Receivable 56 Supplies 12 8 8 Equipment 60 1 1 Accum. Depreciation 12 Unearned Revenue 20 15 15 Accounts Payable 32 Wages Payable 2 2 Ramon Hakik, Capital 84 Ramon Hakik, Drawings 4 Service Revenue 80 Advertising Expense 28 Wage Expense 20 Insurance Expense Supplies Expense Depreciation Expense Totals 228 228
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.