Acct.+cycle+Prob--Ellen+_+Daughters.09F

Acct.+cycle+Prob--Ellen+_+Daughters.09F - ACCT 207 -...

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ACCT 207 - PRACTICE TEST Accounting Cycle Problem NAME_________________________________ SECTION___________________ Ellen and Daughters Inc., a small service company, keeps its records without the help of an accountant. After much effort, a freshman accounting student prepared the following unadjusted trial balance as of the end of the annual accounting period, December 31, 2005: Account Titles Accounts receivable $ 63,000 Accounts payable 65,000 Accumulated depreciation: trucks 10,000 Cash 34,000 Common stock 85,000 Dividends declared and paid 3,500 Income tax expense 7,000 Notes receivable-due 12/31/07 40,000 Prepaid insurance * 108,000 Retained earnings, 1/1/05 (normal balance) 50,000 Service revenue 175,000 Service trucks 65,000 Supplies 45,000 Unearned revenue * 135,000 Rent expense 39,500 Wages expense 115,000 You discovered the following data had not been recorded at December 31, 2005: a. Wages earned by employees not yet paid on December 31, 2005, $11,000. b.
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This note was uploaded on 11/15/2011 for the course ACCT 207 taught by Professor Hudchinson during the Fall '08 term at University of Delaware.

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Acct.+cycle+Prob--Ellen+_+Daughters.09F - ACCT 207 -...

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