At the end of its first year, the trial balance of Oriole Company shows Equipment $34,700 and zero balances in Accumulated Depreciation-Equipment and Depreciation Expense. Depreciation for the year is estimated to be $3,660. Prepare the annual adjusting entry for depreciation at December 31. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Dec. 31 Post the adjustments to T-accounts. Depreciation Expense V: Accumulated Depreciation Equipment 1.1 Indicate the balance sheet presentation of the equipment at December 31. Debit Oriole Company Balance Sheet (Partial) $ Credit $

Carla Vista Financial Planners Adjusted Trial Balance December 31, 2020
	Debit	Credit
Cash	$4,704
Accounts Receivable	2,208
Supplies	1,728
Equipment	13,440
Accumulated Depreciation—Equipment		$2,880
Accounts Payable		3,168
Unearned Service Revenue		5,760
Owner’s Capital		14,016
Owner’s Drawings	2,400
Service Revenue		4,320
Supplies Expense	672
Depreciation Expense	2,592
Rent Expense	2,400
	$30,144	$30,144

(a)

Your Answer
Correct Answer (Used)

Using the information from the adjusted trial balance, you are to prepare for the month ending December 31, 2020:

1. An income statement. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Carla Vista Financial Planners Income Statement choose the accounting period
select an opening name for section one
enter an income statement item		$enter a dollar amount
select an opening name for section two
enter an income statement item	$enter a dollar amount
enter an income statement item	enter a dollar amount
enter an income statement item	enter a dollar amount
select a closing name for section two		enter a total amount for section two
select a closing name for this statement		$enter a total net income or loss amount

(b)

2. An owner’s equity statement.

Carla Vista Financial Planners Owner’s Equity Statement choose the accounting period
select an opening name		$enter a dollar amount
select between addition and deduction :
select an item	$enter a dollar amount
select an item	enter a dollar amount
		enter a subtotal of the two previous amounts
select a closing name		$enter a total amount

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(c)

The parts of this question must be completed in order. This part will be available when you complete the part above.

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Answer 23

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Follow-up Question

The adjusted trial balance of Carla Vista Financial Planners appears below.

Carla Vista Financial Planners Adjusted Trial Balance December 31, 2020
	Debit	Credit
Cash	$4,704
Accounts Receivable	2,208
Supplies	1,728
Equipment	13,440
Accumulated Depreciation—Equipment		$2,880
Accounts Payable		3,168
Unearned Service Revenue		5,760
Owner’s Capital		14,016
Owner’s Drawings	2,400
Service Revenue		4,320
Supplies Expense	672
Depreciation Expense	2,592
Rent Expense	2,400
	$30,144	$30,144

(a)

Your Answer
Correct Answer (Used)

Using the information from the adjusted trial balance, you are to prepare for the month ending December 31, 2020:

1. An income statement. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Carla Vista Financial Planners Income Statement choose the accounting period
select an opening name for section one
enter an income statement item		$enter a dollar amount
select an opening name for section two
enter an income statement item	$enter a dollar amount
enter an income statement item	enter a dollar amount
enter an income statement item	enter a dollar amount
select a closing name for section two		enter a total amount for section two
select a closing name for this statement		$enter a total net income or loss amount

(b)

2. An owner’s equity statement.

Carla Vista Financial Planners Owner’s Equity Statement choose the accounting period
select an opening name		$enter a dollar amount
select between addition and deduction :
select an item	$enter a dollar amount
select an item	enter a dollar amount
		enter a subtotal of the two previous amounts
select a closing name		$enter a total amount

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(c)

The parts of this question must be completed in order. This part will be available when you complete the part above.

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Answer 25

Follow-up Question

The adjusted trial balance of Carla Vista Financial Planners appears below.

Carla Vista Financial Planners Adjusted Trial Balance December 31, 2020
	Debit	Credit
Cash	$4,704
Accounts Receivable	2,208
Supplies	1,728
Equipment	13,440
Accumulated Depreciation—Equipment		$2,880
Accounts Payable		3,168
Unearned Service Revenue		5,760
Owner’s Capital		14,016
Owner’s Drawings	2,400
Service Revenue		4,320
Supplies Expense	672
Depreciation Expense	2,592
Rent Expense	2,400
	$30,144	$30,144

(a)

Your Answer
Correct Answer (Used)

Using the information from the adjusted trial balance, you are to prepare for the month ending December 31, 2020:

1. An income statement. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Carla Vista Financial Planners Income Statement choose the accounting period
select an opening name for section one
enter an income statement item		$enter a dollar amount
select an opening name for section two
enter an income statement item	$enter a dollar amount
enter an income statement item	enter a dollar amount
enter an income statement item	enter a dollar amount
select a closing name for section two		enter a total amount for section two
select a closing name for this statement		$enter a total net income or loss amount

(b)

2. An owner’s equity statement.

Carla Vista Financial Planners Owner’s Equity Statement choose the accounting period
select an opening name		$enter a dollar amount
select between addition and deduction :
select an item	$enter a dollar amount
select an item	enter a dollar amount
		enter a subtotal of the two previous amounts
select a closing name		$enter a total amount

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(c)

The parts of this question must be completed in order. This part will be available when you complete the part above.

Solution

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Answer 26

Follow-up Question

The adjusted trial balance of Carla Vista Financial Planners appears below.

Carla Vista Financial Planners Adjusted Trial Balance December 31, 2020
	Debit	Credit
Cash	$4,704
Accounts Receivable	2,208
Supplies	1,728
Equipment	13,440
Accumulated Depreciation—Equipment		$2,880
Accounts Payable		3,168
Unearned Service Revenue		5,760
Owner’s Capital		14,016
Owner’s Drawings	2,400
Service Revenue		4,320
Supplies Expense	672
Depreciation Expense	2,592
Rent Expense	2,400
	$30,144	$30,144

(a)

Your Answer
Correct Answer (Used)

Using the information from the adjusted trial balance, you are to prepare for the month ending December 31, 2020:

1. An income statement. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Carla Vista Financial Planners Income Statement choose the accounting period
select an opening name for section one
enter an income statement item		$enter a dollar amount
select an opening name for section two
enter an income statement item	$enter a dollar amount
enter an income statement item	enter a dollar amount
enter an income statement item	enter a dollar amount
select a closing name for section two		enter a total amount for section two
select a closing name for this statement		$enter a total net income or loss amount

(b)

2. An owner’s equity statement.

Carla Vista Financial Planners Owner’s Equity Statement choose the accounting period
select an opening name		$enter a dollar amount
select between addition and deduction :
select an item	$enter a dollar amount
select an item	enter a dollar amount
		enter a subtotal of the two previous amounts
select a closing name		$enter a total amount

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(c)

The parts of this question must be completed in order. This part will be available when you complete the part above.

Solution

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Answer 27

Follow-up Question

The adjusted trial balance of Carla Vista Financial Planners appears below.

Carla Vista Financial Planners Adjusted Trial Balance December 31, 2020
	Debit	Credit
Cash	$4,704
Accounts Receivable	2,208
Supplies	1,728
Equipment	13,440
Accumulated Depreciation—Equipment		$2,880
Accounts Payable		3,168
Unearned Service Revenue		5,760
Owner’s Capital		14,016
Owner’s Drawings	2,400
Service Revenue		4,320
Supplies Expense	672
Depreciation Expense	2,592
Rent Expense	2,400
	$30,144	$30,144

(a)

Your Answer
Correct Answer (Used)

Using the information from the adjusted trial balance, you are to prepare for the month ending December 31, 2020:

1. An income statement. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Carla Vista Financial Planners Income Statement choose the accounting period
select an opening name for section one
enter an income statement item		$enter a dollar amount
select an opening name for section two
enter an income statement item	$enter a dollar amount
enter an income statement item	enter a dollar amount
enter an income statement item	enter a dollar amount
select a closing name for section two		enter a total amount for section two
select a closing name for this statement		$enter a total net income or loss amount

(b)

2. An owner’s equity statement.

Carla Vista Financial Planners Owner’s Equity Statement choose the accounting period
select an opening name		$enter a dollar amount
select between addition and deduction :
select an item	$enter a dollar amount
select an item	enter a dollar amount
		enter a subtotal of the two previous amounts
select a closing name		$enter a total amount

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(c)

The parts of this question must be completed in order. This part will be available when you complete the part above.

Answer 28

Follow-up Question

Answer 29

Follow-up Question

Answer 30

The adjusted trial balance of Carla Vista Financial Planners appears below.

Carla Vista Financial Planners Adjusted Trial Balance December 31, 2020
	Debit	Credit
Cash	$4,704
Accounts Receivable	2,208
Supplies	1,728
Equipment	13,440
Accumulated Depreciation—Equipment		$2,880
Accounts Payable		3,168
Unearned Service Revenue		5,760
Owner’s Capital		14,016
Owner’s Drawings	2,400
Service Revenue		4,320
Supplies Expense	672
Depreciation Expense	2,592
Rent Expense	2,400
	$30,144	$30,144

(a)

Your Answer
Correct Answer (Used)

Using the information from the adjusted trial balance, you are to prepare for the month ending December 31, 2020:

1. An income statement. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Carla Vista Financial Planners Income Statement choose the accounting period
select an opening name for section one
enter an income statement item		$enter a dollar amount
select an opening name for section two
enter an income statement item	$enter a dollar amount
enter an income statement item	enter a dollar amount
enter an income statement item	enter a dollar amount
select a closing name for section two		enter a total amount for section two
select a closing name for this statement		$enter a total net income or loss amount

(b)

2. An owner’s equity statement.

Carla Vista Financial Planners Owner’s Equity Statement choose the accounting period
select an opening name		$enter a dollar amount
select between addition and deduction :
select an item	$enter a dollar amount
select an item	enter a dollar amount
		enter a subtotal of the two previous amounts
select a closing name		$enter a total amount

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(c)

The parts of this question must be completed in order. This part will be available when you complete the part above.

Answer 31

The adjusted trial balance of Carla Vista Financial Planners appears below.

Carla Vista Financial Planners Adjusted Trial Balance December 31, 2020
	Debit	Credit
Cash	$4,704
Accounts Receivable	2,208
Supplies	1,728
Equipment	13,440
Accumulated Depreciation—Equipment		$2,880
Accounts Payable		3,168
Unearned Service Revenue		5,760
Owner’s Capital		14,016
Owner’s Drawings	2,400
Service Revenue		4,320
Supplies Expense	672
Depreciation Expense	2,592
Rent Expense	2,400
	$30,144	$30,144

(a)

Your Answer
Correct Answer (Used)

Using the information from the adjusted trial balance, you are to prepare for the month ending December 31, 2020:

1. An income statement. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Carla Vista Financial Planners Income Statement choose the accounting period
select an opening name for section one
enter an income statement item		$enter a dollar amount
select an opening name for section two
enter an income statement item	$enter a dollar amount
enter an income statement item	enter a dollar amount
enter an income statement item	enter a dollar amount
select a closing name for section two		enter a total amount for section two
select a closing name for this statement		$enter a total net income or loss amount

(b)

2. An owner’s equity statement.

Carla Vista Financial Planners Owner’s Equity Statement choose the accounting period
select an opening name		$enter a dollar amount
select between addition and deduction :
select an item	$enter a dollar amount
select an item	enter a dollar amount
		enter a subtotal of the two previous amounts
select a closing name		$enter a total amount

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(c)

The parts of this question must be completed in order. This part will be available when you complete the part above.

Answer 32

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Answer 33

Solution

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Answer 34

Solution

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Answer 35

by Bartleby Expert

Answer 36

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Answer 37

Follow-up Questions

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Follow-up Question

The adjusted trial balance of Carla Vista Financial Planners appears below.

Carla Vista Financial Planners Adjusted Trial Balance December 31, 2020
	Debit	Credit
Cash	$4,704
Accounts Receivable	2,208
Supplies	1,728
Equipment	13,440
Accumulated Depreciation—Equipment		$2,880
Accounts Payable		3,168
Unearned Service Revenue		5,760
Owner’s Capital		14,016
Owner’s Drawings	2,400
Service Revenue		4,320
Supplies Expense	672
Depreciation Expense	2,592
Rent Expense	2,400
	$30,144	$30,144

(a)

Your Answer
Correct Answer (Used)

Using the information from the adjusted trial balance, you are to prepare for the month ending December 31, 2020:

1. An income statement. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Carla Vista Financial Planners Income Statement choose the accounting period
select an opening name for section one
enter an income statement item		$enter a dollar amount
select an opening name for section two
enter an income statement item	$enter a dollar amount
enter an income statement item	enter a dollar amount
enter an income statement item	enter a dollar amount
select a closing name for section two		enter a total amount for section two
select a closing name for this statement		$enter a total net income or loss amount

(b)

2. An owner’s equity statement.

Carla Vista Financial Planners Owner’s Equity Statement choose the accounting period
select an opening name		$enter a dollar amount
select between addition and deduction :
select an item	$enter a dollar amount
select an item	enter a dollar amount
		enter a subtotal of the two previous amounts
select a closing name		$enter a total amount

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(c)

The parts of this question must be completed in order. This part will be available when you complete the part above.

Solution

by Bartleby Expert

SEE SOLUTION

Answer 38

Read through expert solutions to related follow-up questions below.

Follow-up Question

The adjusted trial balance of Carla Vista Financial Planners appears below.

Carla Vista Financial Planners Adjusted Trial Balance December 31, 2020
	Debit	Credit
Cash	$4,704
Accounts Receivable	2,208
Supplies	1,728
Equipment	13,440
Accumulated Depreciation—Equipment		$2,880
Accounts Payable		3,168
Unearned Service Revenue		5,760
Owner’s Capital		14,016
Owner’s Drawings	2,400
Service Revenue		4,320
Supplies Expense	672
Depreciation Expense	2,592
Rent Expense	2,400
	$30,144	$30,144

(a)

Your Answer
Correct Answer (Used)

Using the information from the adjusted trial balance, you are to prepare for the month ending December 31, 2020:

1. An income statement. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Carla Vista Financial Planners Income Statement choose the accounting period
select an opening name for section one
enter an income statement item		$enter a dollar amount
select an opening name for section two
enter an income statement item	$enter a dollar amount
enter an income statement item	enter a dollar amount
enter an income statement item	enter a dollar amount
select a closing name for section two		enter a total amount for section two
select a closing name for this statement		$enter a total net income or loss amount

(b)

2. An owner’s equity statement.

Carla Vista Financial Planners Owner’s Equity Statement choose the accounting period
select an opening name		$enter a dollar amount
select between addition and deduction :
select an item	$enter a dollar amount
select an item	enter a dollar amount
		enter a subtotal of the two previous amounts
select a closing name		$enter a total amount

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(c)

The parts of this question must be completed in order. This part will be available when you complete the part above.

Solution

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Answer 39

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Answer 40

Follow-up Question

The adjusted trial balance of Carla Vista Financial Planners appears below.

Carla Vista Financial Planners Adjusted Trial Balance December 31, 2020
	Debit	Credit
Cash	$4,704
Accounts Receivable	2,208
Supplies	1,728
Equipment	13,440
Accumulated Depreciation—Equipment		$2,880
Accounts Payable		3,168
Unearned Service Revenue		5,760
Owner’s Capital		14,016
Owner’s Drawings	2,400
Service Revenue		4,320
Supplies Expense	672
Depreciation Expense	2,592
Rent Expense	2,400
	$30,144	$30,144

(a)

Your Answer
Correct Answer (Used)

Using the information from the adjusted trial balance, you are to prepare for the month ending December 31, 2020:

1. An income statement. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Carla Vista Financial Planners Income Statement choose the accounting period
select an opening name for section one
enter an income statement item		$enter a dollar amount
select an opening name for section two
enter an income statement item	$enter a dollar amount
enter an income statement item	enter a dollar amount
enter an income statement item	enter a dollar amount
select a closing name for section two		enter a total amount for section two
select a closing name for this statement		$enter a total net income or loss amount

(b)

2. An owner’s equity statement.

Carla Vista Financial Planners Owner’s Equity Statement choose the accounting period
select an opening name		$enter a dollar amount
select between addition and deduction :
select an item	$enter a dollar amount
select an item	enter a dollar amount
		enter a subtotal of the two previous amounts
select a closing name		$enter a total amount

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(c)

The parts of this question must be completed in order. This part will be available when you complete the part above.

Solution

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Answer 41

Follow-up Question

The adjusted trial balance of Carla Vista Financial Planners appears below.

Carla Vista Financial Planners Adjusted Trial Balance December 31, 2020
	Debit	Credit
Cash	$4,704
Accounts Receivable	2,208
Supplies	1,728
Equipment	13,440
Accumulated Depreciation—Equipment		$2,880
Accounts Payable		3,168
Unearned Service Revenue		5,760
Owner’s Capital		14,016
Owner’s Drawings	2,400
Service Revenue		4,320
Supplies Expense	672
Depreciation Expense	2,592
Rent Expense	2,400
	$30,144	$30,144

(a)

Your Answer
Correct Answer (Used)

Using the information from the adjusted trial balance, you are to prepare for the month ending December 31, 2020:

1. An income statement. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Carla Vista Financial Planners Income Statement choose the accounting period
select an opening name for section one
enter an income statement item		$enter a dollar amount
select an opening name for section two
enter an income statement item	$enter a dollar amount
enter an income statement item	enter a dollar amount
enter an income statement item	enter a dollar amount
select a closing name for section two		enter a total amount for section two
select a closing name for this statement		$enter a total net income or loss amount

(b)

2. An owner’s equity statement.

Carla Vista Financial Planners Owner’s Equity Statement choose the accounting period
select an opening name		$enter a dollar amount
select between addition and deduction :
select an item	$enter a dollar amount
select an item	enter a dollar amount
		enter a subtotal of the two previous amounts
select a closing name		$enter a total amount

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(c)

The parts of this question must be completed in order. This part will be available when you complete the part above.

Solution

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Answer 42

Follow-up Question

The adjusted trial balance of Carla Vista Financial Planners appears below.

Carla Vista Financial Planners Adjusted Trial Balance December 31, 2020
	Debit	Credit
Cash	$4,704
Accounts Receivable	2,208
Supplies	1,728
Equipment	13,440
Accumulated Depreciation—Equipment		$2,880
Accounts Payable		3,168
Unearned Service Revenue		5,760
Owner’s Capital		14,016
Owner’s Drawings	2,400
Service Revenue		4,320
Supplies Expense	672
Depreciation Expense	2,592
Rent Expense	2,400
	$30,144	$30,144

(a)

Your Answer
Correct Answer (Used)

Using the information from the adjusted trial balance, you are to prepare for the month ending December 31, 2020:

1. An income statement. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Carla Vista Financial Planners Income Statement choose the accounting period
select an opening name for section one
enter an income statement item		$enter a dollar amount
select an opening name for section two
enter an income statement item	$enter a dollar amount
enter an income statement item	enter a dollar amount
enter an income statement item	enter a dollar amount
select a closing name for section two		enter a total amount for section two
select a closing name for this statement		$enter a total net income or loss amount

(b)

2. An owner’s equity statement.

Carla Vista Financial Planners Owner’s Equity Statement choose the accounting period
select an opening name		$enter a dollar amount
select between addition and deduction :
select an item	$enter a dollar amount
select an item	enter a dollar amount
		enter a subtotal of the two previous amounts
select a closing name		$enter a total amount

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(c)

The parts of this question must be completed in order. This part will be available when you complete the part above.

Answer 43

Follow-up Question

Answer 44

Follow-up Question

Answer 45

The adjusted trial balance of Carla Vista Financial Planners appears below.

Carla Vista Financial Planners Adjusted Trial Balance December 31, 2020
	Debit	Credit
Cash	$4,704
Accounts Receivable	2,208
Supplies	1,728
Equipment	13,440
Accumulated Depreciation—Equipment		$2,880
Accounts Payable		3,168
Unearned Service Revenue		5,760
Owner’s Capital		14,016
Owner’s Drawings	2,400
Service Revenue		4,320
Supplies Expense	672
Depreciation Expense	2,592
Rent Expense	2,400
	$30,144	$30,144

(a)

Your Answer
Correct Answer (Used)

Using the information from the adjusted trial balance, you are to prepare for the month ending December 31, 2020:

1. An income statement. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Carla Vista Financial Planners Income Statement choose the accounting period
select an opening name for section one
enter an income statement item		$enter a dollar amount
select an opening name for section two
enter an income statement item	$enter a dollar amount
enter an income statement item	enter a dollar amount
enter an income statement item	enter a dollar amount
select a closing name for section two		enter a total amount for section two
select a closing name for this statement		$enter a total net income or loss amount

(b)

2. An owner’s equity statement.

Carla Vista Financial Planners Owner’s Equity Statement choose the accounting period
select an opening name		$enter a dollar amount
select between addition and deduction :
select an item	$enter a dollar amount
select an item	enter a dollar amount
		enter a subtotal of the two previous amounts
select a closing name		$enter a total amount

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(c)

The parts of this question must be completed in order. This part will be available when you complete the part above.

Answer 46

The adjusted trial balance of Carla Vista Financial Planners appears below.

Carla Vista Financial Planners Adjusted Trial Balance December 31, 2020
	Debit	Credit
Cash	$4,704
Accounts Receivable	2,208
Supplies	1,728
Equipment	13,440
Accumulated Depreciation—Equipment		$2,880
Accounts Payable		3,168
Unearned Service Revenue		5,760
Owner’s Capital		14,016
Owner’s Drawings	2,400
Service Revenue		4,320
Supplies Expense	672
Depreciation Expense	2,592
Rent Expense	2,400
	$30,144	$30,144

(a)

Your Answer
Correct Answer (Used)

Using the information from the adjusted trial balance, you are to prepare for the month ending December 31, 2020:

1. An income statement. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Carla Vista Financial Planners Income Statement choose the accounting period
select an opening name for section one
enter an income statement item		$enter a dollar amount
select an opening name for section two
enter an income statement item	$enter a dollar amount
enter an income statement item	enter a dollar amount
enter an income statement item	enter a dollar amount
select a closing name for section two		enter a total amount for section two
select a closing name for this statement		$enter a total net income or loss amount

(b)

2. An owner’s equity statement.

Carla Vista Financial Planners Owner’s Equity Statement choose the accounting period
select an opening name		$enter a dollar amount
select between addition and deduction :
select an item	$enter a dollar amount
select an item	enter a dollar amount
		enter a subtotal of the two previous amounts
select a closing name		$enter a total amount