Home / Questions / Presented below are the trial balance and the other information related to Gator Consulti...
Presented below are the trial balance and the other information related to Gator Consulting.
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GATOR CONSULTING |
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TRIAL BALANCE |
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DECEMBER 31, 2020 |
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Debit |
Credit |
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Cash |
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$21,600 |
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Accounts Receivable |
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85,600 |
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Allowance for Doubtful Accounts |
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$1,600 |
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Supplies |
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12,600 |
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Prepaid Insurance |
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2,800 |
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Equipment |
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43,000 |
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Accumulated Depreciation—Equipment |
10,750 |
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Notes Payable |
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50,000 |
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Owner’s Capital |
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18,250 |
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Service Revenue |
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427,500 |
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Rent Expense |
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42,000 |
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Salaries and Wages Expense |
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256,800 |
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Utilities Expense |
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16,800 |
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Office Expense |
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26,900 |
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$508,100 |
$508,100 |
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1. Fees received in advance from clients and included in Service Revenue initially, $9,000.
2. Services performed for clients that were not recorded by December 31, $12,600.
3. Bad debt expense for the year is $3,650.
4. Insurance expired during the year $2,100.
5. Equipment is being depreciated at 10% per year.
6. Gator gave the bank a 90-day, 12% note for $50,000 on December 1, 2020.
7. Rent of the building is $3,000 per month. The rent for 2020 has been paid, as has that for January and February 2021. The total rental payment was initially recorded in Rent Expense.
8. Office salaries and wages earned but unpaid December 31, 2020, $2,650
Instructions
(a) From the trial balance and other information given, prepare annual adjusting entries as of December 31, 2020. (Omit explanations.)
(b) Prepare an income statement for 2020, a statement of owner’s equity, and a classified balance sheet. The owner withdrew $25,000 cash for personal use during the year.
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