Alison and Chuck Renny began operations of their furniture repair shop (Lazy Sofa Furniture, Inc.) on January 1, 2014. The annual

Alison and Chuck Renny began operations of their furniture repair shop (Lazy Sofa Furniture, Inc.) on January 1, 2014. The annual reporting period ends December 31. The trial balance on January 1, 2015, appears below (amounts are rounded to thousands of dollars to simplify).
  Account Titles Debit Credit
  Cash $ 5
  Accounts Receivable 4
  Supplies 3
  Equipment 6
  Accumulated Depreciation $ 0
  Software 12
  Accumulated Amortization 3
  Accounts Payable 7
  Notes Payable (long-term) 0
  Salaries and Wages Payable 0
  Interest Payable 0
  Income Tax Payable 0
  Unearned Revenue 0
  Common Stock 15
Retained Earnings 5
  Service Revenue 0
  Supplies Expense 0
  Depreciation Expense 0
  Salaries and Wages Expense 0
  Amortization Expense 0
  Interest Expense 0
  Income Tax Expense 0
     Totals $ 30 $ 30
Transactions during 2015 (summarized in thousands of dollars) follow:
1. Borrowed $28 cash on July 1, 2015, signing a six-month note payable.
2. Purchased equipment for $16 cash on July 1, 2015.
3. Issued additional shares of common stock for $4.
4. Earned revenues for 2015 in the amount of $71, including $8 on credit and $63 received in cash.
5. Recognized salaries and wages expenses for 2015 of $42, paid in cash.
6. Purchased additional equipment, $4 cash.
7. Collected accounts receivable, $7.
8. Paid accounts payable, $10.
9. Purchased on account supplies for future use, $9.
10. Received a $3 cash deposit on work to start January 15, 2016.
Data for adjusting journal entries:
11. Amortization for 2015, $3.
12. Supplies of $5 were counted on December 31, 2015.
13. Depreciation for 2015, $1.
14. Accrued interest on notes payable of $1.
15. Wages earned since the December 24 payroll not yet paid, $2.
16. Income tax for 2015 was $3 and will be paid in 2016.

Set up T-accounts for the accounts on the trial balance.

prepare an unadjusted trial balance

Don't use plagiarized sources. Get Your Custom Essay on
Alison and Chuck Renny began operations of their furniture repair shop (Lazy Sofa Furniture, Inc.) on January 1, 2014. The annual
Get an essay WRITTEN FOR YOU, Plagiarism free, and by an EXPERT!
Order Essay

Expert Answer

 

Trial Balance Dr Cr
  Cash 38
  Accounts Receivable 5
  Supplies 5
  Equipment 26
  Accumulated Depreciation 1
  Software 12
  Accumulated Amortization 6
  Accounts Payable 6
  Notes Payable (long-term) 28
  Salaries and Wages Payable 2
  Interest Payable 1
  Income Tax Payable 3
  Unearned Revenue 3
  Common Stock 19
Retained Earnings 5
  Service Revenue 71
  Supplies Expense 7
  Depreciation Expense 1
  Salaries and Wages Expense 44
  Amortization Expense 3
  Interest Expense 1
  Income Tax Expense 3
     Totals 145 145

Top Grade Homework
Order NOW For a 10% Discount!
Pages (550 words)
Approximate price: -

Why Work with Us

Top Quality and Well-Researched Papers

We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.

Professional and Experienced Academic Writers

We have a team of professional writers with experience in academic and business writing. Many are native speakers and able to perform any task for which you need help.

Free Unlimited Revisions

If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account or by contacting our support.

Prompt Delivery and 100% Money-Back-Guarantee

All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.

Original & Confidential

We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text. We also promise maximum confidentiality in all of our services.

24/7 Customer Support

Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.

Try it now!

Calculate the price of your order

Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

No need to work on your paper at night. Sleep tight, we will cover your back. We offer all kinds of writing services.

Essays

Essay Writing Service

No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.

Admissions

Admission Essays & Business Writing Help

An admission essay is an essay or other written statement by a candidate, often a potential student enrolling in a college, university, or graduate school. You can be rest assurred that through our service we will write the best admission essay for you.

Reviews

Editing Support

Our academic writers and editors make the necessary changes to your paper so that it is polished. We also format your document by correctly quoting the sources and creating reference lists in the formats APA, Harvard, MLA, Chicago / Turabian.

Reviews

Revision Support

If you think your paper could be improved, you can request a review. In this case, your paper will be checked by the writer or assigned to an editor. You can use this option as many times as you see fit. This is free because we want you to be completely satisfied with the service offered.

× Contact Live Agents