1,000 TOTALS 35,000 35,000 NET INCOME TOTALS ADJUSTING ENTRIES TO BE MADE AS OF 1/31/18 a) On January 31st 2018 XYZ took inventory and found supplies on hand to be $1,000 b) On January 25th XYZ received $3,500 in cash for 20 pairs of Nike Air Jordans to be delivered on 3/15/18 c) On January 23rd XYZ recorded $1,250 in Accounts Payable, but was actually Salaries & Wages Payable d) On January 28th the insurance company sent a letter stating that the insurance is worth $700 as of 1/31/18 e) On January 1st, purchased computer equipment for $3,500 to be depreciated for 7 months at $500 per month 24 5 3 4 5 7 Q W E R T Triatlonces of 1/1/18 Dr Cr 24,000 3,000 Adjustments 1/31/18 Dr Adjusted Tral Balance De Cr Income Statement Dr CA Balance Sheet OF CE 1.000 3,500 XYZ Inc Ace Account Title 1001 Cash 1002 Supplies 1003 Prepaid Insurance 1004 Equipment 1005 Accumulated Depreciation 2001 Notes Payable 2002 Accounts Payable 2003 Unearned Service Revenue 2050 Common Stock 3000 Service Revenue 4000 Salary & Wage Expense 4100 Rent Expense TOTALS 3,500 4,000 20,000 7,500 2,500 1.000 35,000 35.000 4101 Supplies Expense 4102 4103 trance Expense Depreciation Expense Salaries & Wages Payable 2004 0 D 0 0 0 NET INCOME TOTALS 0 0 ADIUSTING ENTRIES TO BE MADE AS OF 1/31/18 On January 31st 2018 XYZ took inventory and found supplies on hand to be $1,000 b) On January 25th XYZ received for 20 pairs of Nike Air Jordans to be delivered on 2/15/18 . On January 2rd XV recorded 51,250 in Accounts Payable, but was actually Salaries & Wages Payable d) On January 28th the insurance company sent a letter stating that the insurance is worth $700 as of 1/31/18 e) On January 1st purchased computer equipment for $3,500 to be depreciated for months at sooper month