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August 14th, 2017 
admin | Demonstration Problem #1 | |||||
| Videos Delivered, Inc. is in the business of renting videos. The trial balance for videos Delivered Inc. at December 31, 2004, and the data needed for the year-end adjustments are as follows: | |||||
| Trial Balance | |||||
| December 31, 2004 | |||||
| Cash | 19415 | ||||
| Accounts receivable | 90 | ||||
| Prepaid rent | 1200 | ||||
| Supplies | 400 | ||||
| Rental Tape library | 24000 | ||||
| Accumulated Depreciation – tape liabrary | 12000 | ||||
| Furniture | 9500 | ||||
| Accumulated Depreciation – Furniture | 3800 | ||||
| Accounts Payable | 1450 | ||||
| Salary Payable | |||||
| Unearned Tape rental revenue | 1300 | ||||
| Common Stock | 15000 | ||||
| Retained Earnings | 7150 | ||||
| Dividends | 3000 | ||||
| Tape Rental revenue | 43365 | ||||
| Salary Expense | 14400 | ||||
| Rent Expense | 6600 | ||||
| Utilities expense | 2800 | ||||
| Depreciaton Expense – tape Liabrary | |||||
| Depreciaton Expense – Furniture | |||||
| Advertising Expense | 2660 | ||||
| Supplies Expense | |||||
| Total | 84065 | 84065 | |||
| Adjustment Data | |||||
| a. Depreciation for the year | |||||
| – On the rental tape liabrary $6,000 | |||||
| – On the Furniture $1,900 | |||||
| b. Accrued salary expense at December 31, $120 | |||||
| c. Prepaid rent expired $600 | |||||
| d. Unearned tape rental revenues which remain unearned as of December 31, $625 | |||||
| e. Supplies on the hand at December 31, $230 | |||||
| f. Accrued advertising expense at December 31, $115. (Credit Accounts Payable) | |||||
| Required: | |||||
| Make Adjusting entries | |||||
| Make Adjusting Trail Balance | |||||
| Make Income Statement, Retained earning statement and Balance Sheet |
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