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[solution]: Approach to Quiz 2 1. Recall that the Binomial and Poisson


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Prepare Accounting adjustments

Wysocki wheel began operations on march 1 to provide automotive wheel alignment and balancing service. On march 31 the unadjusted trial balance follows.

                                WYSCOKI WHEELS

                             Unadjusted Trial Balance

                                   March 31

                                                                                  debit                                  credit

Cash........................................................................2,900

Account receivable................................................3.820

Prepaid rent............................................................4,770

supplies...................................................................3.700

Equipment.............................................................36,180

Account payable...............................................................................................3,510

Unearned service revenue..............................................................................1,000

Common stock...................................................................................................38,400

service revenue..................................................................................................12,360

                                                                                                                                 55,270

Wages  expenses ...................................................3,900

                                                                                      55,270

                                                                                                                     

        The following information is also available.

1.  The balance in prepaid rent was the amount paid on March 1 to cover the first six month rent.

2. Supplies available on March 31 amounted to 1,360

3. Equipment has an estimated life of nine years (or 108 months)

4. Unpaid and unrecorded wages at march 31 were $1,560

5. Utility service used during March were estimated at 390; a bill is expected early in April

6.The balance is unearned service revenue was the amount receive on march 1 from a car dealer to cover alignment and balancing service on cars sold by the dealer in March and April. Wysocki agreed to provide the service at a fixed fee of $500 each month


Required

a. prepare its accounting adjustment at march 31 in journal entry form

b. set up T-accounts and post the accounting adjustments to them

c. prepare its income statement for march and its balance sheet at march 31



The adjusting entries

 

1. Account

 


 

Debit

 


 

Rent expense

 


 

795

 


 

Prepaid rent

 


 

Credit

 


 

795

 


 

2. Account

 


 

Debit

 


 

Supplies expense

 


 

2,340

 


 

Supplies

 


 

Credit

 


 

2,340

 


 

3. Account

 


 

Debit

 


 

Depreciation expense...

 


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