------------------------

*14 Rows

Sunland Company's trial balance at December 31 shows Supplies $7,392 and Supplies Expense $0.On December 31, there are $924 of supplies on hand. Prepare the adjusting entry at December 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit Date Dec. 31 Using T-accounts, enter the balances in the accounts, post the adjusting entry, and indicate the adjusted balance in each account. (Post entries in the order of journal entries presented in the previous part.) Supplies Supplies Expense Splish Brothers Company has the following balances in selected accounts on December 31, 2022. $0 0 Accounts Receivable Accumulated Depreciation-Equipment Equipment Interest Payable Notes Payable Prepaid Insurance Salaries and Wages Payable Supplies Unearned Service Revenue 11,760 0 16,800 3,528 0 4,116 50,400 1. 2. All the accounts have normal balances. The following information has been gathered at December 31, 2022. Splish Brothers Company borrowed $16,800 by signing a 12%, one-year note on September 1, 2022. Interest will be paid when the note is repaid. A count of supplies on December 31, 2022, indicates that supplies of $1,512 are on hand. 3. Depreciation on the equipment for 2022 is $1.680. 4. Splish Brothers paid $3,528 for 12 months of insurance coverage on June 1.2022 On December 1, 2022, Splish Brothers collected $50,400 for consulting services to be performed evenly from December 1, 2022, through March 31, 2023. Splish Brothers performed consulting services for a client in December 2022. The client will be billed $7,056. Splish Brothers pays its employees total salaries of $15,120 every Monday for the preceding 5-day week (Monday through Friday). On Monday, December 29, employees were paid for the week ending December 26. All employees worked the last 3 days of 2022. 5. 6. 7. Prepare adjusting entries for the seven items described above. Splish Brothers prepares adjustments annually. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. 2. 3. 4. 5. 6. 7