AdjustmentsAssume that the Genove trucking company started business in June 1.2017 Assuming thatthe books are closed on June 30.2017 the following trial balance was preparedGenove trucking companyAcc.101 Cash111 A/R112 N/R131 Office supplies141 Prepaid insurance142 Prepaid rent201 Office equipment211 Trucks301 A/P302 N/P321 Unearned rent401 Lucy Genova capital701 Lucy Genova withdrawing501 Trucking revenue601 Heat and light expense602 Maintenance and repair expense603Telephone and telegraph expense604 Gas and oil expense605 Wages expensea.b.C.d.e.f.g.Account titleh.Trial balanceJune 30, 2017i.Debit$5.250The following adjustments are to be recorded in order to prepare the balance sheet:Rent in the amount of $1.500 was paid for three months on June 1, 2017.Insurance premium of $2.160 for comprehensive three-year insurance policy was paid onJune 1, 2017.In June 30,2017 inventory of office supplies amounted to $60.The Company rented out one of its trucks on a part-time basis and collected rent of $600in Advance for six months starting June 1.5501.4402302.1601.5001.40026.00050040375955251.200$41.265credit2008.00060025.0007.465$41.265The office equipment purchased on June 1, 2017 has estimated life of 10 years and a Salvagevalue of $200 at the end of this period: this is to be depreciated by using the straight linemethod.The trucks purchased on June 1, 2017 has an estimated life of 10 years and a salvage Value of$2000 at the end of this period: this is to be depreciated by using the straight line method.The company lent $1.400 at 18% interest for 30 days note, issued on June20, 2017.Wages of $1500 for June 28, 29and30 have not been paid or recorded.The company borrowed money from a bank on June 10 and issued a40 days note at 18%interest for $8.000.Prepare the adjusted trial balance in addition to the ordinary financial statements

Adjusted trial balance is the trial balance in which all the adjustments for the year have been…

Answered: Assume that the Genove trucking company…

Assume that the Genove trucking company started business in June 1.2017 Assuming that the books are closed on June 30.2017 the following trial balance was prepared

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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