Hakik Enterprises offers rug cleaning services to business clients. Below is the trial balance for Hakik Enterprises, which was prepared on the end of period spreadsheet (work sheet) for the year ended July 31, 2010.
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Hakik Enterprises
End of Period Spreadsheet (Work Sheet)
For the Year Ended July 31, 2010
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Trial Balance
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Adjustments
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Adjusted Trial Balance
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Debit
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Credit
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Debit
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Credit
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Debit
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Credit
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Cash
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36
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Prepaid Insurance
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12
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Fees Receivable
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56
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Supplies
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12
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Equipment
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60
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Accum. Depreciation
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12
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Unearned Revenue
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20
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Accounts Payable
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32
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Wages Payable
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Ramon Hakik, Capital
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84
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Ramon Hakik, Drawings
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4
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Service Revenue
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80
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Advertising Expense
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28
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Wage Expense
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20
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Insurance Expense
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Supplies Expense
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Depreciation Expense
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Totals
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228
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228
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REQUIRED: Enter the adjustment data in the work sheet for the transactions shown below and place the balances in the Adjusted Trial Balance columns.
a) The equipment is estimated to last for 5 years with no salvage value. The asset will be depreciated evenly over its useful life. Record one months depreciation.
b) Accrued Wages $2.
c) Unused supplies on hand $8.
d) Of the unearned revenue, 75% has been earned.
e) Unexpired insurance remaining at the end of the month, $9.