Sutton Inc., a small service company, keeps its records without the help of an accountant....
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Sutton Inc., a small service company, keeps its records without the help of an accountant. After much effort, an outside accountant prepared the following unadjusted trial balance as at the end of the company's fiscal year, December 31, 2017: Account Titles Cash Accounts receivable Service supplies inventory Prepaid insurance Service trucks Accumulated depreciation, service trucks Other assets Accounts payable Note payable (three years, 8% each December 31) Contributed capital (5,400 shares outstanding) Retained earnings Service revenue Other expenses, excluding income tax Debit $ 24,900 10,025 2,000 1,475 39,600 $17,600 6,500 4,600 10,600 17,200 11,000 55,000 31,500 Totals $116,000 116,000 Data not yet recorded at December 31, 2017, were as follows a. Supplies inventory on December 31, 2017, reflecting $740 remaining on hand b. Insurance expired during 2017, $590 C. Depreciation expense for 2017, $4,400 d. Wages earned by employees not yet paid on December 31, 2017, $1,800 e. Income tax expense, $3,650
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