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FAST ACCOUNTING HELP (TOTAL 7 QUESTIONS)

Crimson Tide Music Academy offers lessons in playing a wide range of musical instruments. The unadjusted trial balance as of December 31, 2018, appears below. December 31 is the company's fiscal year-end.

Accounts Debits Credits

Cash $ 9,400

Accounts Receivable 8,600

Supplies 1,550

Prepaid Rent 6,120

Equipment 76,500

Accumulated Depreciation $ 10,200

Accounts Payable 6,800

Salaries Payable 0

Interest Payable 0

Utilities Payable 0

Notes Payable 15,500

Common Stock 36,000

Retained Earnings 14,500

Service Revenue 44,720

Salaries Expense 23,600

Interest Expense 0

Rent Expense 0

Supplies Expense 0

Utilities Expense 1,950

Depreciation Expense 0

Totals $ 127,720 $ 127,720

Information necessary to prepare the year-end adjusting entries appears below.

a. Depreciation of equipment for the year is $5,100.

b. Accrued salaries at year-end should be $1,650.

c. Crimson Tide borrows $15,500 on September 1, 2018. The principal is due to be repaid in four years. Interest is payable each August 31 at an annual rate of 12%.

d. Unused supplies at year-end total $610. Crimson Tide debits Supplies at the time supplies are purchased.

e. Crimson Tide opens a second studio by paying for one year of rent in advance on April 1, 2018, for $6,120 ($510 per month) debiting Prepaid Rent.

f. Unpaid utilities for December total $200.

Compétences : Comptabilité, Saisie de Données, Excel, Finance, Intuit QuickBooks

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( 4 commentaires ) Briarcliff Manor, United States

Nº du projet : #17849031

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