Question Details

(Solution Download) Belair Corporation Unadjusted Trial Balance January 31, 2015 Debits Credits Cash $37,500 $- Accounts


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Belair Corporation

 

 

Unadjusted Trial Balance

 

 

January 31, 2015

 

 

Debits

 

 

Credits

 

 

Cash

 

 

$37,500

 

 

$-

 

 

Accounts receivable

 

 

12,410

 

 

-

 

 

Prepaid insurance

 

 

2,400

 

 

-

 

 

Supplies

 

 

7,113

 

 

-

 

 

Equipment

 

 

35,000

 

 

-

 

 

Accumulated depreciation

 

 

-

 

 

10,000

 

 

Accounts payable

 

 

-

 

 

7,569

 

 

Unearned revenue

 

 

-

 

 

8,500

 

 

Loan payable

 

 

-

 

 

15,000

 

 

Capital stock

 

 

-

 

 

24,000

 

 

Retained earnings, Jan. 1

 

 

-

 

 

15,457

 

 

Revenues

 

 

-

 

 

43,995

 

 

Salary expense

 

 

12,098

 

 

-

 

 

Rent expense

 

 

13,000

 

 

-

 

 

Office expense

 

 

2,500

 

 

-

 

 

Dividends

 

 

2,500

 

 

-

 

 

$124,521

 

 

$124,521

 

 

Belair CorporationA????1s equipment had an original life of 140

 

months, and the straight-line depreciation method is used. As of

 

January 1, the equipment was 40 months old. The equipment will be

 

worthless at the end of its useful life.

 

As of the end of the month, Belair Corporation has provided

 

services to customers for which the earnings process is complete.

 

Formal billings are normally set out on the first day of each month

 

for the prior monthA????1s work. JanuaryA????1s unbilled work is

 

$25,000.

 

Utilities used during January, for which bills will soon be

 

forthcoming from providers, are estimated at $1,500.

 

A review of supplies on hand at the end of the month revealed

 

items costing $3,500.

 

The $2,400 balance is prepaid insurance was for a 6-month policy

 

running from January 1 to June 30.

 

The unearned revenue was collected in December of 2014. 60% of

 

that amount was actually earned in January, with the remainder to

 

be earned in February.

 

The loan accrues interest at 1% per month. No interest was paid

 

in January.

 

Previously declared and recorded dividend of $2,500 was

 

paid.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

JE #

 

 

Account

 

 

Debit

 

 

Credit

 

 

1

 

 

2

 

 

3

 

 

4

 

 

5

 

 

6

 

 

7

 

 

8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Belair Corporation

 

 

Adjusted Trial Balance

 

 

January 31, 2015

 

 

Debits

 

 

Credits

 

 

Cash

 

 

Accounts receivable

 

 

Prepaid insurance

 

 

Supplies

 

 

Equipment

 

 

Accumulated depreciation

 

 

Accounts payable

 

 

Interest Payable

 

 

Unearned revenue

 

 

Loan payable

 

 

Capital stock

 

 

Retained earnings

 

 

Revenues

 

 

Salary expense

 

 

Rent expense

 

 

Office expense

 

 

Supplies expense

 

 

Insurance expense

 

 

Interest expense

 

 

Utilities expense

 

 

Depreciation expense

 

 

Dividends

 

 

$-

 

 

$-

 

 

Belair Corporation

 

 

Income Statement

 

 

For the month ended January 31, 2015

 

 

Belair Corporation

 

 

Balance Sheet

 

 

January 31, 2015

 

 

Review the unadjusted trial

 

balance above and prepare adjusting journal entries to record the

 

various described items above. After completing the journal

 

entries, complete the adjusted trial balance above. Lastly,

 

complete the income statement and balance sheet. The balance sheet

 

must balance.

 


Solution details:
STATUS
Answered
QUALITY
Approved
ANSWER RATING

This question was answered on: Dec 08, 2020

PRICE: $15

Solution~000652147654169.zip (25.37 KB)

Buy this answer for only: $15

This attachment is locked

We have a ready expert answer for this paper which you can use for in-depth understanding, research editing or paraphrasing. You can buy it or order for a fresh, original and plagiarism-free solution (Deadline assured. Flexible pricing. TurnItIn Report provided)

Pay using PayPal (No PayPal account Required) or your credit card . All your purchases are securely protected by .
SiteLock

About this Question

STATUS

Answered

QUALITY

Approved

DATE ANSWERED

Dec 08, 2020

EXPERT

Tutor

ANSWER RATING

GET INSTANT HELP/h4>

We have top-notch tutors who can do your essay/homework for you at a reasonable cost and then you can simply use that essay as a template to build your own arguments.

You can also use these solutions:

  • As a reference for in-depth understanding of the subject.
  • As a source of ideas / reasoning for your own research (if properly referenced)
  • For editing and paraphrasing (check your institution's definition of plagiarism and recommended paraphrase).
This we believe is a better way of understanding a problem and makes use of the efficiency of time of the student.

NEW ASSIGNMENT HELP?

Order New Solution. Quick Turnaround

Click on the button below in order to Order for a New, Original and High-Quality Essay Solutions. New orders are original solutions and precise to your writing instruction requirements. Place a New Order using the button below.

WE GUARANTEE, THAT YOUR PAPER WILL BE WRITTEN FROM SCRATCH AND WITHIN A DEADLINE.

Order Now