Please answer the questions and show work! Thank you! Fido\'s Food Mart Unadjust
ID: 2558569 • Letter: P
Question
Please answer the questions and show work! Thank you!
Fido's Food Mart Unadjusted Trial Balance December 31,20XX Debits Credits Account Title Cash Accounts Receivable Inventory Supplies Prepaid Insurance Equipment Vehicle Accumulated Depreciation - Equipment&Vehicle; Accounts Payable Unearned Revenue (Gift Cards) Bonds Payable (mature 12/31/XX) Common Stock (200 shares @ $210/share, par $210) Retained Earnings Sales Revenue Operating Expenses Depreciation Expense Insurance Expense Rent Expense Supplies Expense Wages Expense Totals 50,938 12,250 84,720 1,850 480 30,550 12,250 62,128 375 12,000 42,000 0 132,625 34,840 5,750 0 15,500 249,128 249,128 The account balances at the end of the fourth month shown above are direct from the Unadjusted Trial Balance.Explanation / Answer
a. Accounting Equation:
b. Adjusting journal entries:
c. T-accounts:
No. Assets = Liabilities + Equity Income Statement Supplies + Prepaid Insurance + Other Assets = Unearned Revenue + Other Liabilities + Common Stock Retained Earnings Revenue - Expense = Net Income 2 -1200 + + = + + -1200 - 1200 = -1200 3 + + = -100 + + 100 100 - = 100