The adjusted trial balances of ABC, Inc, at August 31, 2016, and August 31, 2017
ID: 2429523 • Letter: T
Question
The adjusted trial balances of ABC, Inc, at August 31, 2016, and August 31, 2017, include these amounts: ?(Click the icon to view the amounts.) Analysis of the accounts at August 31, 2017, reveals these transactions for the past 12 months: (Click the icon to view the transactions.) Requirement Compute the amount of supplies expense, salaries expense, and service revenue ABC, Inc., will report for the year ended August 31, 2017. Solve by making T-accounts and posting the information to solve for the unknown amounts. The T-accounts, along with their beginning and ending balances have been opened for you. Post the amounts to the T-accounts using the data provided. Select the appropriate descriptions as positng references.) Begin by completing the Supplies T-account to solve for supplies expense for the year Data Table Supplies Beg Bal 2,500 2016 2017 End Bal 1,700 XSupplies. 2,500 S 1,700 2,800 11,000 More Info Cash payments for salaries Cash receipts in advance Purchase of supplies Salaries expense Service revenue Supplies expense Salaries payable 4,100 Uneamed service revenue 4,900 S 8,700 49,200 66,400 Print Done Cash payments for salaries Cash receipts in advance for service revenue Choose from any list or enter any number in the input fields and then click Print DoneExplanation / Answer
Answers
Supplies
Beginning Balance
$ 2,500.00
Supplies expense
$ 9,500.00 [2500 + 8700 – 1700]
Purchase of Supplies
$ 8,700.00
Ending Balance
$ 1,700.00
Salaries Payable
Cash Payment for Salaries
$ 49,200.00
Beginning Balance
$ 2,800.00
Salaries expense
$ 50,500.00 [49200 + 4100 – 2800]
Ending Balance
$ 4,100.00
Unearned Service Revenue
Service Revenue
$ 72,500.00 [11000 + 66400 – 4900]
Beginning Balance
$ 11,000.00
Cash receipt in Advance for Service Revenue
$ 66,400.00
Ending Balance
$ 4,900.00
Supplies
Beginning Balance
$ 2,500.00
Supplies expense
$ 9,500.00 [2500 + 8700 – 1700]
Purchase of Supplies
$ 8,700.00
Ending Balance
$ 1,700.00
Salaries Payable
Cash Payment for Salaries
$ 49,200.00
Beginning Balance
$ 2,800.00
Salaries expense
$ 50,500.00 [49200 + 4100 – 2800]
Ending Balance
$ 4,100.00
Unearned Service Revenue
Service Revenue
$ 72,500.00 [11000 + 66400 – 4900]
Beginning Balance
$ 11,000.00
Cash receipt in Advance for Service Revenue
$ 66,400.00
Ending Balance
$ 4,900.00
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