Monty Computer Inc. prepares annual financial statements. Below are balance before any adjustments have been made....

 

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Monty Computer Inc. prepares annual financial statements. Below are balance before any adjustments have been made. MONTY COMPUTER INC. Trial Balance June 30, 2024 Cash Office supplies Prepaid insurance Equipment Accumulated depreciation-equipment Accounts payable Deferred revenue Common shares Retained earnings Rent revenue Salaries expense Total Debit $3,100 2,000 13,200 16,800 2,000 $37,100 Credit $0 1,300 900 10,000 18,300 6,600 $37,100 An analysis of the account balances provided the following additional information: 1. A physical count of office supplies revealed $1,500 on hand on June 30. 2. An annual insurance policy was purchased on June 1 for $13,200. The office equipment was purchased on December 1 for $16,800 and has an estimated useful life of five years and no residual value. 4. Rent received in advance that remains deferred at June 30 is $400. 5. An additional $600 of wages has been earned but not yet paid. 3. Using the above additional information, prepare the adjusting entries that should be made on June 30 (adjusting entries are made annually). (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Sr. No. Account Titles 1. 2. 3. 4. Debit Credit Monty Computer Inc. prepares annual financial statements. Below are balance before any adjustments have been made. MONTY COMPUTER INC. Trial Balance June 30, 2024 Cash Office supplies Prepaid insurance Equipment Accumulated depreciation-equipment Accounts payable Deferred revenue Common shares Retained earnings Rent revenue Salaries expense Total Debit $3,100 2,000 13,200 16,800 2,000 $37,100 Credit $0 1,300 900 10,000 18,300 6,600 $37,100 An analysis of the account balances provided the following additional information: 1. A physical count of office supplies revealed $1,500 on hand on June 30. 2. An annual insurance policy was purchased on June 1 for $13,200. The office equipment was purchased on December 1 for $16,800 and has an estimated useful life of five years and no residual value. 4. Rent received in advance that remains deferred at June 30 is $400. 5. An additional $600 of wages has been earned but not yet paid. 3. Using the above additional information, prepare the adjusting entries that should be made on June 30 (adjusting entries are made annually). (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Sr. No. Account Titles 1. 2. 3. 4. Debit Credit

Answer rating: 100% (QA)

To prepare the adjusting entries for Monty Computer Inc well need to use the additional information provided Lets work through each item 1 Office supp... View the full answer