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Videos Delivered, Inc._Adjustments and Financial statements




Question;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


Paper#37260 | Written in 18-Jul-2015

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