The General Ledger account balances as of December 31, 20XX, for the Cougar Detective Agency are entered in the Trial Balance columns of the work sheet on pages 78 and 79.
REQUIRED: Complete the work sheet, using the following additional data, and then answer questions 6 through 9. DO NOT send the work sheet to us.
Additional data as of December 31, 20XX (ADJUSTING ENTRIES):
a. Depreciation of $1,050 on the vehicle and $305 on office equipment hasn't been recorded for the current
year $1,355
b. Salaries due but unpaid at year end $250
c. A physical count of unused office supplies showed a balance of $180
d. Interest due on notes payable $30
e. Services billed to clients for December haven't yet been recorded $740
On the Balance Sheet for the Cougar Detective Agency, the balance in the Office Supplies account will be shown as a
A. debit of $180. C. debit of $340.
B. credit of $180. D. credit of $340.
The balance to be shown in the Fee Revenue account on the Income Statement for the Cougar Detective Agency is a
A. debit of $23,705. C. debit of $24,445.
B. credit of $23,705. D. credit of $24,445.
What is the net income for the Cougar Detective Agency for the year ended December 31, 20XX?
A. $8,815. C. $10,170.
B. $9,155. D. $14,175.
The balance to be shown in the Accumulated Depreciation-Vehicle account on the Balance Sheet for the Cougar Detective Agency is a credit of
A. $1,050. C. $2,200.
B. $2,100. D. $2,405.