The unadjusted trial balance of Quick Delivery is entered on the partial work sheet below.Complete the work sheet using the following information:
(a)Salaries earned by employees that are unpaid and unrecorded,$5,000.
(b)An inventory of supplies showed $1,000 of unused supplies still on hand.
(c)Depreciation on delivery vans,$24,000.
(d)Services paid in advance by customers of $10,000 have now been provided to customers.
Definitions:
Unearned Revenue
Money received by an entity for a service or product that has yet to be provided or delivered.
Non-Interest-Bearing Note
A promissory note with no stated interest rate, implying that interest is either implied in the transaction price or nonexistent.
Interest Expense
The expenses a company faces for borrowing money, usually shown on the income statement.
Discount On Notes Payable
This refers to the difference between the face value of a note payable and the amount received by the issuer, representing extra cost to be amortized over the term of the note.
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