- Use The Following Unadjusted Trial Balance Of Musk S Electric Bike Co As Of December 31 2020 Credit Debit 9 100 23 1 (55.26 KiB) Viewed 58 times
Use the following unadjusted trial balance of Musk's Electric Bike Co as of December 31, 2020. Credit Debit $ 9, 100 23,665 35,600 2,915 875 4,255 85,490 $ 14,655 9,000 186,465 Cash Accounts receivable Merchandise inventory Store supplies Office supplies Prepaid insurance Equipment Accumulated depreciation, equipment Accounts payable Salaries payable Braeden Li, capital Braeden Li, withdrawals Interest income Sales Sales returns and allowances Cost of goods sold Salaries expense Rent expense Supplies expense Depreciation expense, equipment Insurance expense Totals 67,000 410 534,000 6,070 382,160 97,300 30, 100 0 0 $744,530 $744,530 Required: 1. Record adjusting entries for the following information. 2. Prepare a multi-step income statement. a. The records show that the equipment was estimated to have a total estimated useful life of 10 years with a residual value at the end of its life of $15,490. b. The balance in the Prepaid Insurance account was reviewed and it was determined that $305 was unused at December 31, 2020. c. A review of the store supplies on December 31, 2020, revealed a balance on hand of $2,300; a similar examination of the office supplies showed that $690 had been used. d. Accrued salaries pavable $2.300
a. The records show that the equipment was estimated to have a total estimated useful life of 10 years with a residual value at the end of its life of $15,490. b. The balance in the Prepaid Insurance account was reviewed and it was determined that $305 was unused at December 31, 2020. c. A review of the store supplies on December 31, 2020, revealed a balance on hand of $2,300; a similar examination of the office supplies showed that $690 had been used. d. Accrued salaries payable, $2,300. e. A count of the merchandise inventory revealed a balance on hand December 31, 2020, of $34,700. View transaction list Journal entry worksheet < 1 2 3 4 5 6 > Record depreciation expense. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, 2020 Record entry Clear entry View general journal
2. Prepare a multiple-step income statement showing the expenses in detail. ELECTRIC BIKE Income Statement For Year Ended December 31, 2020 Operating expenses Total operating expenses Other revenues and expenses: