Prepare a trial balance for Mori Upholstery Cleaning, Inc., as of October 31, 20xx.

Transaction Analysis, T Accounts, and Trial Balances

Hiroshi Mori began an upholstery cleaning business on October 1 and engaged in the following transactions during the month:

Oct. 1 Began business by depositing $12,000 in a bank account in the name of the corporation in exchange for 12,000 shares of $1 par value common stock.

2 Ordered cleaning supplies, $1,000.

3 Purchased cleaning equipment for cash, $2,800.

4 Made two months’ van lease payment in advance, $1,200.

7 Received the cleaning supplies ordered on October 2 and agreed to pay half the amount in 10 days and the rest in 30 days.

9 Paid for repairs on the van with cash, $80.

12 Received cash for cleaning upholstery, $960. Oct. 17 Paid half the amount owed on supplies purchased on October 7, $500.

21 Billed customers for cleaning upholstery, $1,340.

24 Paid cash for additional repairs on the van, $80.

27 Received $600 from the customers billed on October 21.

31 Declared and paid a dividend of $700.


1. Set up the following T accounts: Cash; Accounts Receivable; Cleaning Supplies; Prepaid Lease; Cleaning Equipment; Accounts Payable; Common Stock; Dividends; Cleaning Revenue; and Repair Expense.

2. Record transactions directly in the T accounts. Identify each entry by date.

3. Prepare a trial balance for Mori Upholstery Cleaning, Inc., as of October 31, 20xx.

4. User insight: Compare and contrast how the issues of recognition, valuation, and classification are settled in the transactions of October 7 and 9.


find the cost of your paper

Determine the trust’s Net Income For Tax Purposes and Taxable Income for the current year.

During the current year, the Jordan family trust, an inter vivos trust, has business income of $220,000. Of this amount, $50,000 is retained in the trust with a joint election….

Indicate the tax effects of these transactions on the Net Income For Tax Purposes for both the trust and for Bryan.

During 2020, the Ho family trust received eligible dividends from publicly traded Canadian corporations in the amount of $100,000. In addition, it received non-eligible dividends from the family owned Canadian….

compare the tax consequences for both Martin and the trust if the sale takes place in December 2020

The Husak family trust has only one beneficiary, Martin Husak, the 32 year old son of the settlor, Dimitri Husak. It is an inter vivos trust and its only asset….