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Category > Management Posted 13 Jan 2018 My Price 8.00

Wilderness Guide Service Inc

Refer to the adjusted trial balance of Wilderness Guide Service Inc., illustradeted in Excercise 5.3 (3E) to respond to the following items.

 

a. Prepare all necessary closing entries at December 31, 2007.

 

b. Prepare an after closing trial balance dated December 31, 3007.

 

c. Compare retained earnings balance reported in the after-closing trial balance prepared in part b to the balance reported in the adjusted trial balance.  Explain why the two balances are different.  (Include in your explanation why the balance reported in the after-closing trial balance has increased or decreased subsequent to the closing process.)

 

 

 

Wilderness Guide Service

 

Adjusted Trial Balance

 

December 31, 2007

 

Cash                                                                12,200

 

Accounts Receivable                                          31,000

 

Camping Supplies                                              7,900

 

Unexpired insurance Policies                               2,400

 

Equipment                                                         70,000

 

Accumlated Depreciation: equipment                                       60,000

 

Notes payable (due 4/1/09)                                                     18,000

 

Accounts Payable                                                                       9,500

 

Capital Stock                                                                          25,000

 

Retained earnings                                                                   15,000

 

Dividends                                                           1,000

 

Guide Revenue earned                                                             102,000

 

Salary Expenses                                                 87,500

 

Camping Supply expense                                      1,200

 

insurance Expense                                             9,600

 

Depreciation expense: equipment                        5,000

 

Interest Expense                                                1,700

 

                                                                         229,500        229,500

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Maurice Tutor
(5)
Status NEW Posted 13 Jan 2018 07:01 PM My Price 8.00

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