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Category > Accounting Posted 27 Sep 2017 My Price 9.00

Fraser Valley Services Ltd.

The unadjusted and adjusted trial balances follow for Fraser Valley Services Ltd. at the end of its fiscal year, August 31. The company adjusts its accounts annually. FRASER VALLEY SERVICES LTD.

Trial Balance

 

August 31, 2012

    Unadjusted   Adjusted  
    Debit Credit   Debit Credit
Cash   7,430     7,430  
Accounts receivable   16,000     19,725  
Supplies   3,150     1,400  
Prepaid insurance   4,550     3,450  
Equipment   25,600     25,600  
Accumulated depreciation—equipment     3,630     5,905
Accounts payable     7,800     7,800
Salaries payable     -     2,200
Interest payable     -     1,500
Rent payable     -     1,250
Income tax payable     -     900
Unearned revenue     1,700     700
Bank loan payable, 6%, due September 1, 2012     25,000     25,000
Common shares     5,000     5,000
Retained earnings     5,400     5,400
Dividends   600     600  
Service revenue     39,550     44,275
Salaries expense   17,000     19,200  
Rent expense   13,750     15,000  
Depreciation expense   0     2,275  
Supplies expense   0     1,750  
Interest expense   0     1,500  
Insurance expense   0     1,100  
Income tax expense   0     900  
    88,080 88,080   99,930 99,930
             


InstructionsPrepare the income statement, statement of changes in equity, and statement of financial position for the year. During the year, the company issued common shares for $1,000.

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Maurice Tutor
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Status NEW Posted 27 Sep 2017 12:09 AM My Price 9.00

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