Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

8 ABC had the following balances before preparing adjusting entries in the books on December 31, 2019. (SEE PICTURE OF TABLE NEXT TO THE QUESTION)

image text in transcribed

image text in transcribed

8 ABC had the following balances before preparing adjusting entries in the books on December 31, 2019. (SEE PICTURE OF TABLE NEXT TO THE QUESTION) A. Prepare the adjusting entries for the following: 1. Office Supplies used, $800. Assume the office supplies were initially recorded as an asset. 2. Accrued salaries on December 31, $600. 3. Revenue accrued but not recorded, $200. NB: write in the following format: Dr. (account name) (amount) Cr. (Account name) (amount) B. What are the balances of the following accounts AFTER posting the adjustments in part A 1. Cash 2. Service Revenue 3. Supplies Expense (Show your calculations) * 05 (30 Points) 6,000 2,000 Dividends 3,000 Service Revenue 10,600 Cash Accounts Receivable Office supplies 1,800 Salaries Expense 4,000 row your car UTUS (30 Points) 6,000 2,000 Dividends 3,000 Service Revenue 10,600 Cash Accounts Receivable Office supplies Equipment Accumulated Depreciation Common Stock 1,800 15,000 9,000 Salaries Expense 4,000 Rent Expense 800 Depreciation 1,500 Expense Supplies 500 Expense 15,000 Enter your

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

Loss Control Auditing A Guide For Conducting Fire Safety And Security Audits

Authors: E. Scott Dunlap

1st Edition

1439828865, 978-1439828861

More Books

Students also viewed these Accounting questions

Question

4. Give examples of five potential appraisal problems.

Answered: 1 week ago

Question

6. Explain how to install a performance management program.

Answered: 1 week ago