Question : 171. Hakik Enterprises offers rug cleaning services to business clients. Below : 1227154

 

171. Hakik Enterprises offers rug cleaning services to business clients.  Below is the work sheet containing the trial balance for the month ended July 31, 2012.   

Hakik EnterprisesWork SheetFor the Month Ended July 31, 2012

 

Trial Balance

Adjustments

Adjusted Trial Balance

 

Debit

Credit

Debit

Credit

Debit

Credit

Cash

36

 

 

 

 

 

Prepaid Insurance

12

 

 

 

 

 

Fees Receivable

56

 

 

 

 

 

Supplies

12

 

 

 

 

 

Equipment

60

 

 

 

 

 

Accum. Depreciation

 

12

 

 

 

 

Unearned Revenue

 

20

 

 

 

 

Accounts Payable

 

32

 

 

 

 

Wages Payable

 

 

 

 

 

 

Capital Stock

 

30

 

 

 

 

Retained Earnings

 

54

 

 

 

 

Dividends

4

 

 

 

 

 

Service Revenue

 

80

 

 

 

 

Advertising Expense

28

 

 

 

 

 

Wage Expense

20

 

 

 

 

 

Insurance Expense

 

 

 

 

 

 

Supplies Expense

 

 

 

 

 

 

Depreciation Expense

 

 

 

 

 

 

Totals

228

228

 

 

 

 

 

 

 

 

 

 

 

Enter the adjustments in the work sheet based on the data provided below. Then enter the adjusted account balances in the Adjusted Trial Balance columns.a)  The equipment is estimated to last for 5 years with no salvage value.  The asset will be depreciated evenly over its useful life. Record one month’s depreciation.b)  Accrued wages, $2.c)  Unused supplies on hand, $8.d)  Of the unearned revenue, 75% has been earned.e)  Unexpired insurance remaining at the end of the month, $9. 

 

Hakik EnterprisesWork SheetFor the Month Ended July 31, 2012

 

Trial Balance

Adjustments

Adjusted Trial Balance

 

Debit

Credit

Debit

Credit

Debit

Credit

Cash

36

 

 

 

36

 

Prepaid Insurance

12

 

 

(e)    3

9

 

Fees Receivable

56

 

 

 

56

 

Supplies

12

 

 

(c)    4

8

 

Equipment

60

 

 

 

60

 

Accum. Depreciation

 

12

 

(a)    1

 

13

Unearned Revenue

 

20

(d)    15

 

 

5

Accounts Payable

 

32

 

 

 

32

Wages Payable

 

 

 

(b)    2

 

2

Capital Stock

 

30

 

 

 

30

Retained Earnings

 

54

 

 

 

54

Dividends

4

 

 

 

4

 

Service Revenue

 

80

 

(d)    15

 

95

Advertising Expense

28

 

 

 

28

 

Wage Expense

20

 

(b)    2

 

22

 

Insurance Expense

 

 

(e)    3

 

3

 

Supplies Expense

 

 

(c)    4

 

4

 

Depreciation Expense

 

 

(a)    1

 

1

 

Totals

228

228

25

25

231

231

 

 

 

 

 

 

 

 

172. Hakik Enterprises offers rug cleaning services to business clients.  Below is the work sheet containing the trial balance for the month ended July 31, 2012.   

Hakik EnterprisesWork SheetFor the Month Ended July 31, 2012

 

Trial Balance

Adjustments

Adjusted Trial Balance

 

Debit

Credit

Debit

Credit

Debit

Credit

Cash

36

 

 

 

 

 

Prepaid Insurance

12

 

 

 

 

 

Fees Receivable

56

 

 

 

 

 

Supplies

12

 

 

 

 

 

Equipment

60

 

 

 

 

 

Accum. Depreciation

 

12

 

 

 

 

Unearned Revenue

 

20

 

 

 

 

Accounts Payable

 

32

 

 

 

 

Wages Payable

 

 

 

 

 

 

Capital Stock

 

30

 

 

 

 

Retained Earnings

 

54

 

 

 

 

Dividends

4

 

 

 

 

 

Service Revenue

 

80

 

 

 

 

Advertising Expense

28

 

 

 

 

 

Wage Expense

20

 

 

 

 

 

Insurance Expense

 

 

 

 

 

 

Supplies Expense

 

 

 

 

 

 

Depreciation Expense

 

 

 

 

 

 

Totals

228

228

 

 

 

 

 

 

 

 

 

 

 

Journalize adjusting entries based on the work sheet trial balance and the adjustment data provided below. a)  The equipment is estimated to last for 5 years with no salvage value.  The asset will be depreciated evenly over its useful life.  Record one month’s depreciation.b)  Accrued wages, $2.c)  Unused supplies on hand, $8.d)  Of the unearned revenue, 75% has been earned.e)  Unexpired insurance remaining at the end of the month, $9. 

 

 

173. If working papers are not considered part of the formal accounting records, then why are they used? 

 

 

 

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more