Wang, Inc. Trial Balance December 31 Unadjusted Trial Balance Adjusted Trial Bal
ID: 2446378 • Letter: W
Question
Wang, Inc. Trial Balance December 31 Unadjusted Trial Balance Adjusted Trial Balance Debit Credit Debit Credit S 8,000 s 8,000 16,250 5,600 1,200 250,000 75,000 Cash Accounts Receivable 12,250 Prepaid Insurance 6,400 Prepaid Insurance6 Supplies Buildings Land Accumulated Depreciation Salaries Payable Unearned Revenue Utilities Payable Notes Payable Common Stock Retained Earnings Service Revenue 250,000 75,000 $25,000 9,500 15,450 75,000 150,000 22,100 75,500 50,000 2,000 7,000 20,950 75,000 150,000 22,100 82,000 8,500 8,500 Depreciation 25,000 Insurance Expense Salaries Expense Supplies Expense Utilities Expense Dividends 8,000 10,000 1,200 5,500 2,0002,000 5372 550 s409 050 Totals on 550 s409 050 Required: a. Compare the unadjusted trial balance and the adjusted trial balance and
Explanation / Answer
Particulars
Amount
Accounts Receivables A/c Dr
4000
To service Revenue
4000
(Being Services Provided)
Cash A/c Dr
2500
To service Revenue
2500
(Being Advance Received For services to be Provided)
Service Revenue A/C Dr
2500
To Unearned Revnue
2500
(Being services to be provided in future recognized as Unearned Revenue)
Insurance Expense A/c Dr
800
To prepaid Insurance A/c
800
(Being expenses Booked)
Supplies Expense A/c Dr
1200
To supplies A/c
1200
(Being Supplies Expense Booked)
Utilities Expense A/c Dr
5500
To Utility Payable
5500
(Being Utility Expense Booked)
Salaries A/c Dr
2000
To Salaries Payable A/c
2000
(Being Salary Expense Booked)
Depreciation A/c DR
25000
To Accumulated Depreciation A/c
25000
(Being Depreciation Booked)
Wang Inc.
Income Statement
For the Year ending Dec 31
Revenue & gains
Service Revenue
82000
Total Revenue & gains
82000
Expenses & Loses
Advertisement Expense
8500
Depreciation Expense
25000
Insurance Expense
800
Salaries Expense
10000
Supplies Expense
1200
Utilities Expense
5500
Total Expenses & Loses
51000
Net Income
31000
Wang Inc.
Statement Of Retained Earning
For the Year ending Dec 31
Retained Earning as on 1 jan
22,100
Net Income
31,000
Dividend Paid
(2,000)
Retained Earning as on 31 Dec
51,100
Wang Inc.
Balance Sheet
For the Year ending Dec 31
Assets
Current assets
Cash
8000
Accounts Receivables
16250
Prepaid Insurance
5600
Supplies
1200
Total Current assets
31050
Property Plant & Equipments
Building
250000
Land
75000
Less: Accumulated Depreciation
50000
Total Property Plant & Equipments
275000
Liabilities
Short Term Liabilities
Salaries Payable
2000
Unearned Revenue
7000
Utilities Payable
20950
Notes Payable
75000
Total Short Term Liabilities
104950
Stock Holder's Equity
Common Stock
150000
Retained Earnings
51100
Total Stock Holder's Equity
201100
Particulars
Amount
Accounts Receivables A/c Dr
4000
To service Revenue
4000
(Being Services Provided)
Cash A/c Dr
2500
To service Revenue
2500
(Being Advance Received For services to be Provided)
Service Revenue A/C Dr
2500
To Unearned Revnue
2500
(Being services to be provided in future recognized as Unearned Revenue)
Insurance Expense A/c Dr
800
To prepaid Insurance A/c
800
(Being expenses Booked)
Supplies Expense A/c Dr
1200
To supplies A/c
1200
(Being Supplies Expense Booked)
Utilities Expense A/c Dr
5500
To Utility Payable
5500
(Being Utility Expense Booked)
Salaries A/c Dr
2000
To Salaries Payable A/c
2000
(Being Salary Expense Booked)
Depreciation A/c DR
25000
To Accumulated Depreciation A/c
25000
(Being Depreciation Booked)
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