Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

6. The following unadjusted and adjusted trial balances were taken from the current year's accounting system for High Point, Inc. In general journal form, present

6. The following unadjusted and adjusted trial balances were taken from the current year's accounting system for High Point, Inc. In general journal form, present the six adjusting entries that explain the changes in the account balances from the unadjusted to the adjusted trial balance.

Adjustment Journal

Date

Details

Dr.

Cr.

image text in transcribed
Debit 16,340 26,700 1.300 6. The following unadjusted and adjusted trial balances were taken from the current year's accounting system for High Point, Inc. High Point, Inc. Trial Balances For Year Ended December 31 Unadjusted Trial Balanse Adiusted Trial Balance Credit Credit Cash 11.300 Accounts receivable Office supplies 1.045 Prepaid advertising Building 26,700 Accumulated depreciation -- Building 6.300 Accounts payable 3.320 3.500 Unearned services revenue 3.010 Common stock 10.000 10.000 Retained earnings 7.905 Services revenue 720 74.600 Salaries expense 34.500 Utilities expense 5.630 Advertising expense 2000 3.550 200 Supplies expense Depreciation expense building Totals 09035 105.315 In general joumal form, present the six adjusting entries that explain the changes in the account balances from the unadjusted to the adjusted trial balance. Adjustment Journal Date Details 4.-10 17.05 0115 LOSIS

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting Oakton Community College Tools For Business Decision Making

Authors: Paul D. Kimmel ,Jerry J. Weygandt ,Donald E. Kieso

6th Edition

1118113632, 978-1118113639

Students also viewed these Accounting questions

Question

4. Explain the strengths and weaknesses of each approach.

Answered: 1 week ago

Question

3. Identify the methods used within each of the three approaches.

Answered: 1 week ago