Data from the accounting system of On-a-Roll,Inc.are provided below.All amounts are before the current year's adjustments are recorded.All adjustments are recorded at yearend.
Prepare the balance sheet after year-end adjustments using the following additional information.
a.A count of supplies reveals $20 on hand at the end of the year.
b.One-third of the prepaid rent was used up during the year.
c.One-fourth of the equipment is depreciated each year.
d.$350 of work for customers has been completed but not yet billed or collected.
e.Salaries of $150 have been earned by employees but not paid.
f.On January 1 of the current year,the company borrowed $3,000 on a three-year note payable.Interest accrues on the note at the rate of 6% per year.

Question

Data from the accounting system of On-a-Roll,Inc.are provided below.All amounts are before the current year's adjustments are recorded.All adjustments are recorded at yearend.
 Prepare the balance sheet after year-end adjustments using the following additional information.
a.A count of supplies reveals $20 on hand at the end of the year.
b.One-third of the prepaid rent was used up during the year.
c.One-fourth of the equipment is depreciated each year.
d.$350 of work for customers has been completed but not yet billed or collected.
e.Salaries of $150 have been earned by employees but not paid.
f.On January 1 of the current year,the company borrowed $3,000 on a three-year note payable.Interest accrues on the note at the rate of 6% per year.

Quizplus · Accepted Answer

The Answer of Data from the accounting system of On-a-Roll,Inc.are provided below.All amounts are before the current year's adjustments are recorded.All adjustments are recorded at yearend.
 Prepare the balance sheet after year-end adjustments using the following additional information.
a.A count of supplies reveals $20 on hand at the end of the year.
b.One-third of the prepaid rent was used up during the year.
c.One-fourth of the equipment is depreciated each year.
d.$350 of work for customers has been completed but not yet billed or collected.
e.Salaries of $150 have been earned by employees but not paid.
f.On January 1 of the current year,the company borrowed $3,000 on a three-year note payable.Interest accrues on the note at the rate of 6% per year.

Data from the Accounting System of On-A-Roll,Inc