The accounting records of Shamrock, Inc. include the following unadjusted balances at June 30: Accounts Receivable, $1,300;

Question:

The accounting records of Shamrock, Inc. include the following unadjusted balances at June 30: Accounts Receivable, $1,300; Supplies, $825; Prepaid Insurance, $1,600; Accumulated Depreciation, Equipment, $1,500; Salaries Payable, $0; Unearned Service Revenue, $1,800; Service Revenue, $7,300; Depreciation Expense, Equipment, $750; Salaries Expense, $1,350; Insurance Expense, $800; and Supplies Expense, $0. The following data pertains to June 30 adjusting entries:

a. Service revenue accrued, $1,250

b. Unearned service revenue that has been earned, $375

c. Supplies on hand, $425

d. Salaries owed to employees, $725

e. Depreciation of equipment, $250

f. Prepaid insurance expired, $400


Requirement

1. Record the adjustments in the general journal, then post them to T-accounts, labeling each adjustment by letter.

2. Calculate each account’s adjusted balance.

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Related Book For  book-img-for-question

Financial Accounting

ISBN: 978-0134727790

5th edition

Authors: Robert Kemp, Jeffrey Waybright

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