The trial balances before and after adjustment for Matusiak Company at the end of its fiscal year
Question:
The trial balances before and after adjustment for Matusiak Company at the end of its fiscal year are presented below.
Matusiak Company Trial Balance August 31, 2014 Before After Adjustment Adjustment Dr. Cr. Dr. Cr.
Cash $10,400 $10,400 Accounts Receivable 8,800 10,000 Supplies 2,300 700 Prepaid Insurance 4,000 2,500 Equipment 14,000 14,000 Accumulated Depreciation—Equipment $ 3,600 $ 4,900 Accounts Payable 5,800 5,800 Salaries and Wages Payable —0- 1,100 Unearned Rent Revenue 1,500 800 Common Stock 12,000 12,000 Retained Earnings 3,600 3,600 Service Revenue 34,000 35,200 Rent Revenue 11,000 11,700 Salaries and Wages Expense 17,000 18,100 Supplies Expense —0- 1,600 Rent Expense 15,000 15,000 Insurance Expense —0- 1,500 Depreciation Expense —0- 1,300
$71,500) 1S 703500)" $75,100) » 3755100 Instructions Prepare the adjusting entries that were made.
Step by Step Answer:
Financial Accounting
ISBN: 9780470929384
8th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso, J. Mather