# Question 6 The following is Ivanhoe Cycle Repair Shop's trial balance at January 31, 2017, the company's fiscal year e...

###### Question:

Question 6 The following is Ivanhoe Cycle Repair Shop's trial balance at January 31, 2017, the company's fiscal year end: Credit $11,000 IVANHOE CYCLE REPAIR SHOP Trial Balance January 31, 2017 Debit Cash$3,400 Accounts receivable 6,650 Prepaid insurance 6,420 Supplies 5,240 Land 53,000 Building 190,000 Accumulated depreciation-building Equipment 27,000 Accumulated depreciation-equipment Accounts payable Unearned revenue Mortgage payable H. Dude, capital H. Dude, drawings 98,100 Service revenue Salaries expense 125,200 Utilities expense 12,000 Interest expense 6,510 $533,520 4,500 7,300 21,970 182,200 61,000 245,550$533,520
Additional information: 1. 2. 3. 4. 5. 6. The 12-month insurance policy was purchased on June 1, 2016. A physical count of supplies shows $1,310 on hand on January 31, 2017. The building has an estimated useful life of 50 years. The equipment has an estimated useful life of 9 years. The mortgage payable has a 5% interest rate. Interest is paid on the first day of each month for the previous month's interest. By January 31, 2017,$1,300 of the unearned revenue has been earned. During the next fiscal year, $4,500 of the mortgage payable is to be paid. Prepare the adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Round answers to 0 decimal places, e.g. 5,276.) Prepare an adjusted trial balance. (Round answers to o decimal places, e.g. 5,276.) Prepare an income statement. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Prepare a classified balance sheet. The owner, Henry Dude, invested$5,000 cash in the business on November 17, 2016. (The investment has been recorded and it is included in the capital account). (List Property, plant and Equipment in order of Land, Buildings and Equipment.)
Prepare the closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,276.)
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