29 Jun Question Demonstration Problem #1
Question
Demonstration Problem #1
Videos Delivered, Inc. is in the business of renting videos. The trial balance for videos Delivered Inc. at December 31, 2004, and the data needed for the year-end adjustments are as follows:
Trial Balance
December 31, 2004
Cash 19415
Accounts receivable 90
Prepaid rent 1200
Supplies 400
Rental Tape library 24000
Accumulated Depreciation – tape liabrary 12000
Furniture 9500
Accumulated Depreciation – Furniture 3800
Accounts Payable 1450
Salary Payable
Unearned Tape rental revenue 1300
Common Stock 15000
Retained Earnings 7150
Dividends 3000
Tape Rental revenue 43365
Salary Expense 14400
Rent Expense 6600
Utilities expense 2800
Depreciaton Expense – tape Liabrary
Depreciaton Expense – Furniture
Advertising Expense 2660
Supplies Expense
Total 84065 84065
Adjustment Data
a. Depreciation for the year
– On the rental tape liabrary $6,000
– On the Furniture $1,900
b. Accrued salary expense at December 31, $120
c. Prepaid rent expired $600
d. Unearned tape rental revenues which remain unearned as of December 31, $625
e. Supplies on the hand at December 31, $230
f. Accrued advertising expense at December 31, $115. (Credit Accounts Payable)
Required:
Make Adjusting entries
Make Adjusting Trail Balance
Make Income Statement, Retained earning statement and Balance Sheet
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