On January 31, 2019, the general ledger of Palmer Company showed the following account balances. Prepare the worksheet through the Adjusted Trial Balance section. Assume that every account has the normal debit or credit balance. The worksheet covers the month of January.
ACCOUNTS
Cash...................................................................31,500
Accounts Receivable................................................11,250
Supplies................................................................4.500
Prepaid Insurance.....................................................4,100
Equipment............................................................45,750
Accum. Depr.-Equip. ...................................................0
Accounts Payable.....................................................8,350
Sadie Palmer, Capital...............................................40,975
Fees Income.........................................................58,500
Depreciation Exp.-Equip...............................................0
Insurance Expense.........................................................0
Rent Expense.........................................................5,300
Salaries Expense.....................................................5,425
Supplies Expense.........................................................0
Additional information:
a. Supplies used during January totaled $2,850.
b. Expired insurance totaled $1,025.
c. Depreciation expense for the month was $925.