HAMPTON ACCOUNTING SERVICE INC. Trial Balance Adjustments Credit justed Trial Ba

Question

HAMPTON ACCOUNTING SERVICE INC. Trial Balance Adjustments Credit justed Trial Balance Unadjusted Trial Balance Debit $ 45,976.00 Credit Debit Debit Credit Cash Correct Accounts Receivable 20,288.00 1,074.00 Correct $167.00 Correct $ 1,175.00 Correct $240.00 Correct Correct 6,500.00 Correct Correct S12,000.00 Correct Correct $ 200.00 Correct -Correct Allowance for Unc. Accounts $ 2,800.00 $ 4,700.00 140,000.00 Supplies 0 Inventory 1 Building 2Accumulated Depreciation- Building 3 Furnishing 4 Accumulated Depreciation- Furnishings $ 5 Office Equipment 6 Accumulated Depreciation- Off. Equip. $ 7 Accounts Payable 8 Unearned Service Revenue 9 Salary Payable 0 Dividends Payable 1 Stock, Common 2 Additonal Paid in Capital 3 Retained Earnings 4 Service Revenue 5 Sales Revenue 6 Advertising Expense 7 Depreciation Expense 8 Repairs & Maintenance Expense 9 Supplies Expense 0 Uncollectible Accounts Expense 1Utilities Expense 2 Cost of Goods Sold 3 Salary Expense 4 Total Correct Correct Correct Correct Correct Correct Correct $5,088.00 Correct 2,000.00 Correct Correct $31,500.00 Correct 21,000.00 Correct $128,642.00 Correct 8,500.00 Correct $124,700.00 Correct 24,000.00 Correct Correct Correct Correct 30,000.00 $ 4,800.00 $500.00 $ 2,500.00 Correct Correct Correct Correct Correct $ 500.00 Correct Correct Correct Correct Correct $7,839.00 $18,700.00 $ 10,567.00 $ 3,560.00 $1,074.00 $ 6,056.00 $ 10,900.00 57,944.00 $ 1,175.00 $167.00 Correct Correct Correct Correct Correct S240.00 S2,500.00 $23,282.00 23,282.00 Correct 346,504.00 $346,504.00 125,200.00

Explanation / Answer

HAMPTON ACCOUNTING SERVICE INC. Trial Balance Adjusted Trial Balance Debit Credit Cash $45,976.00 Accounts Receivable $20,288.00 Allowance for Unc. Accounts $1,241.00 Supplies $1,625.00 Inventory $4,460.00 Building $140,000.00 Accumulated Depreciation - Building $6,500.00 Furnishing $30,000.00 Accumulated Depreciation - Furnishings $12,000.00 Office Equipment $4,800.00 Accumulated Depreciation - Off. Equipment $200.00 Accounts Payable $5,088.00 Unearned Service Revenue $1,500.00 Salary Payable $2,500.00 Dividends Payable $31,500.00 Stock, Common $21,000.00 Additional Paid in Capital $128,642.00 Retained Earnings $8,500.00 Service Revenue $125,200.00 Sales Revenue $24,000.00 Advertising Expense $7,839.00 Depreciation Expense $18,700.00 Repairs & Maintenance Expense $10,567.00 Supplies Expenses $4,735.00 Uncollectible Accounts Expense $1,241.00 Utilities Expense $6,056.00 Cost of Goods Sold $11,140.00 Salary Expense $60,444.00 $367,871.00 $367,871.00 Income Statement For the Year Ending December 31, 2018 Service Revenue $125,200.00 Sales Revenue $24,000.00 Net Revenue $149,200.00 Cost of Goods Sold $11,140.00 Gross Profit $138,060.00 Operating Expenses Advertising Expense $7,839.00 Depreciation Expense $18,700.00 Repairs & Maintenance Expense $10,567.00 Supplies Expenses $4,735.00 Uncollectible Accounts Expense $1,241.00 Utilities Expense $6,056.00 Salary Expense $60,444.00 Total Operating Expenses $109,582.00 Net Income $28,478.00 Statement of Retained Earnings For the Year Ending December 31, 2018 Retained Earnings, January 1 $8,500.00 Add: Net Income $28,478.00 $36,978.00 Less: Dividends $0.00 Retained Earnings, December 31 $36,978.00

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