Demo_for_Chapter_4 - Demo Problem for Chapter 4 ,2003isasfollows AtApril30,2003 Debit Credit Cash $ 5,032 Accountsreceivable 1,700 Notesreceivable

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Demo Problem for Chapter 4 The trial balance for Terrific Lawn on April 30, 2003 is as follows: Terrific Lawn Maintenance Corporation Unadjusted Trial Balance At April 30, 2003   Unadjusted Trial Balance   Debit Credit Cash   $ 5,032         Accounts receivable     1,700           Notes receivable     0           Prepaid expenses     300           Land     3,750           Equipment     4,600           Accumulated depreciation           $ 0   Accounts payable             220   Accrued expenses payable             0   Notes payable             3,700   Income taxes payable             0   Unearned revenues             1,600   Contributed capital             9,000   Retained earnings             0   Mowing revenue             5,200   Interest revenue             12   Wages expense     3,900           Fuel expense     410           Insurance expense     0           Utilities expense     0           Depreciation expense     0          
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Interest expense     40           Income tax expense     0           Total   $ 19,732     $ 19,732   In reviewing the trial balance, three deferred accounts (Prepaid Expenses,  Equipment,   and   Unearned   Revenues)   may   need   to   be   adjusted   and  additional accruals may be necessary related to the interest on Notes  Payable and Notes Receivable, Wages Expense, Income Tax Expense,  and others. The following information is determined at the end of the  accounting cycle: Deferred Accounts a. One-fourth of the $1,600 cash received from the city at the beginning  of April for future mowing service has been earned in April. The 
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This note was uploaded on 11/03/2011 for the course AEM 2210 at Cornell University (Engineering School).

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Demo_for_Chapter_4 - Demo Problem for Chapter 4 ,2003isasfollows AtApril30,2003 Debit Credit Cash $ 5,032 Accountsreceivable 1,700 Notesreceivable

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