The document appears to be a student's quiz containing:
1) A general journal with 4 entries recording transactions of cash, revenue, accounts receivable, and accounts payable.
2) An adjusting entry to record accrued salaries of $14,550 as a liability and expense.
3) A worksheet for Midtown Repair Company showing unadjusted trial balance, adjustments, and adjusted trial balance for the year ended December 31, 2020. Accounts are listed with their balances to be used for preparing the balance sheet and income statement.
The document appears to be a student's quiz containing:
1) A general journal with 4 entries recording transactions of cash, revenue, accounts receivable, and accounts payable.
2) An adjusting entry to record accrued salaries of $14,550 as a liability and expense.
3) A worksheet for Midtown Repair Company showing unadjusted trial balance, adjustments, and adjusted trial balance for the year ended December 31, 2020. Accounts are listed with their balances to be used for preparing the balance sheet and income statement.
The document appears to be a student's quiz containing:
1) A general journal with 4 entries recording transactions of cash, revenue, accounts receivable, and accounts payable.
2) An adjusting entry to record accrued salaries of $14,550 as a liability and expense.
3) A worksheet for Midtown Repair Company showing unadjusted trial balance, adjustments, and adjusted trial balance for the year ended December 31, 2020. Accounts are listed with their balances to be used for preparing the balance sheet and income statement.
The document appears to be a student's quiz containing:
1) A general journal with 4 entries recording transactions of cash, revenue, accounts receivable, and accounts payable.
2) An adjusting entry to record accrued salaries of $14,550 as a liability and expense.
3) A worksheet for Midtown Repair Company showing unadjusted trial balance, adjustments, and adjusted trial balance for the year ended December 31, 2020. Accounts are listed with their balances to be used for preparing the balance sheet and income statement.
4 Account Title Debit Credit Accrued Salaries Payable $14,550 Salaries Expense $14,550 Multiply daily salary be adjusting period (Tuesday) which is 2 days = (19.375:5)x2 =7.750 Salary Tue expense 7.75 salary payable 7.75
PART 3: Midtown Repair Company. End-of-Period Spreadsheet (Work Sheet) For the Year Ended December 31, 2020 Unadjusted trial balance Adjustments Adjusted Triabalance
Account title Dr. Cr. Dr. Cr. Dr.
Cash 8000
Accounts receivable 40000
Supplies 4000 3000 1000
Prepaid Insurance 6000 5000 1000
Land 50000 Equipment 20000 Accumulated Depreciation--Equipment 2000 Accounts payable 18000
Wages payable 0 2000
Jones, Capital 85000
Jones, Withdrawals 4000 Service Revenue 45000 4000 Rental Revenue 2000
Wages expense 10000
Rent expense 6000
Insurance expense 0 5000 5000
Utilities expense 3000
Depreciation expense 0
Supplies expense 0 3000 3000
Miscellaneous expense 1000
Total 152000 152000
Net income Total n Repair Company. Spreadsheet (Work Sheet) nded December 31, 2020 Balance sheet and statement of equity Adjusted Triabalance Income statement
