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  • Tunstall Inc A Small Service Company Keeps Its Records Without

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    trilocksp Singh
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    Tunstall Inc., a small service company, kept its records for 2014 without an accountant. An outside accountant prepared an unadjusted trial balance as of December 31, 2014. Data not yet recorded included supplies on hand, expired insurance, depreciation expense, wages earned but not paid, and income tax expense. Adjusting entries were required to properly record these amounts and prepare accurate financial statements for the year ended December 31, 2014.

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    Tunstall Inc., a small service company, kept its records for 2014 without an accountant. An outside accountant prepared an unadjusted trial balance as of December 31, 2014. Data not yet recorded included supplies on hand, expired insurance, depreciation expense, wages earned but not paid, and income tax expense. Adjusting entries were required to properly record these amounts and prepare accurate financial statements for the year ended December 31, 2014.

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    201 views1 page

    Tunstall Inc A Small Service Company Keeps Its Records Without

    Uploaded by

    trilocksp Singh
    Tunstall Inc., a small service company, kept its records for 2014 without an accountant. An outside accountant prepared an unadjusted trial balance as of December 31, 2014. Data not yet recorded included supplies on hand, expired insurance, depreciation expense, wages earned but not paid, and income tax expense. Adjusting entries were required to properly record these amounts and prepare accurate financial statements for the year ended December 31, 2014.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    Tunstall Inc a small service company keeps its records

    without
    Tunstall Inc a small service company keeps its records without

    Tunstall, Inc., a small service company, keeps its records without the help of an accountant.
    After much effort, an outside accountant prepared the following unadjusted trial balance as of
    the end of the annual accounting period, December 31. 2014:

    Data not yet recorded at December 31, 2014, included:


    a. The supplies count on December 31, 2014, reflected S300 remaining supplies on hand to be
    used in 2015.
    b. Insurance expired during 2014, 5800.
    c. Depreciation expense for 2014, $3,700.
    d. Wages earned by employees not yet paid on December 31, 2014, 5640.
    e. Income tax expense, $5,540.
    Required:
    1. Record the 2014 adjusting entries.
    2 Prepare an income statement and a classified balance sheet that include the effects of the
    preceding five transactions.
    3. Record the 2014 closing entry.

    Tunstall Inc a small service company keeps its records without


    SOLUTION-- http://solutiondone.online/downloads/tunstall-inc-a-small-service-company-keeps-
    its-records-without/

    Unlock answers here solutiondone.online

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