PROBLEM 5-4B The account balances of Miss Beverly\'s Tutoring Service as of June

Question

PROBLEM 5-4B The account balances of Miss Beverly's Tutoring Service as of June 30, the end of the current fiscal year, are as follows: TRIAL BALANCE DEBIT 6 ACCOUNT NAME 7 Cash 8 Accounts Receivable 9 Supplies 10 Prepaid Insurance 11 Equipment 12Accumulated Depreciation, Equipment 13 Van 14 Accumulated Depreciation, Van 15 Accounts Payable 16 B. Morrow, Capital 17 I B. Morrow. Drawing 18 Fees Earned CREDIT 6,491.00 624.00 527.00 1,280.00 5,497.00 2,472.00 13,674.00 4,168.00 1,436.00 14,848.00 18,000.00 43,680.00 19 Salary Expense 20 Advertising Expense 21 Van Operating Expense 22 Utilities Expense 23 Miscellaneous Expense 24 25 16,000.00 2,200.00 705.00 1,248.00 358.00 66.604.00 66,604.00 ' Sheet1 Sheet2 Sheet3 Required 1. Data for the adjustments are as follows: Expired or used up insurance, $470. a. b. Depreciation expense on equipment, $948 Depreciation expense on the van, $1,490. Salary accrued (earned) since the last payday, $574 (owed and to be paid on the next payday) c. d. e. Supplies remaining as of June 30, $407. Your instructor may want you to use a work sheet for these adjustments.

Explanation / Answer

WORKSHEET 31-Dec-18 Account Names Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash 6,491 6,491 6,491 Accounts Receivable 624 624 624 Office Supplies 527 120 407 407 Prepaid Insurance 1,280 470 810 810 Equipment 5497 5497 5497 Accumulated Depreciation 2,472 948 3,420 3,420 Van 13674 13674 13674 Accumulated Depreciation 4168 1,490 5,658 5,658 Accounts payable 1,436 1,436 1,436 salaries payable 574 574 574 B. Morrow, Capital 14,848 14,848 14,848 B. Morrow, Withdrawls 18,000 18,000 18,000 Fees earned 43,680 43,680 43,680 Salary expense 16,000 574 16,574 16,574 Advertisement expense 2,200 2,200 2,200 Van operating expense 705 705 705 Utilities expense 1,248 1,248 1,248 Misc. expense 358 358 358 Supplies expense 120 120 120 Insurance expense 470 470 470 Depreciation-Equip. 948 948 948 Depreciation-Vvan 1,490 1,490 1,490 Total 66,604 66604 3,602 3,602 69,616 69,616 24,113 43,680 45,503 25,936 Net Income 19,567 19,567 43,680 43,680 45,503 45,503

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