Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

ackboard WhenToWo: x MInbox (3,95 X M Inbox (9,8X Launch Me X Assignmex Question Get Home meducation.com/ext/map/index.html?_con-con&external browser=0&launchuriahttps%253A%252F%252Fima meducation.com-252Fmight Google Slides + Google Sheets Microsoft

image text in transcribed
ackboard WhenToWo: x MInbox (3,95 X M Inbox (9,8X Launch Me X Assignmex Question Get Home meducation.com/ext/map/index.html?_con-con&external browser=0&launchuriahttps%253A%252F%252Fima meducation.com-252Fmight Google Slides + Google Sheets Microsoft Office H. Blackboard - Home SoundCloud https://gather tow... INFO course home X (Problems) Saved Help Save & Exit Submit The unadjusted trial balance of Sketch Star Makers Inc., prepared as of December 31, 2018, includes the following account balances All of the accounts listed have normal balances. Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Notes Payable (long-term) Deferred Revenue Service Revenue Salaries and Wages Expense $ 11,500 2,300 1,600 5,40 13,000 2,300 23,000 6,500 33,000 31,500 The following information is also available: A) A count of supplies revealed $700 worth on hand at December 31, 2018 B) An insurance policy, purchased on January 1, 2018, covers five years. C) The equipment depreciates at a rate of $1,300 per year, no depreciation has been recorded for 2018 D) One half (or 50%) of the amount recorded as Deferred Revenue remains deferred as of December 31 2018 E) The accrued amount of salaries and wages at December 31, 2018 is $2,300, Required: Prepare the required adjustments for the company as of December 31, 2018. (If no entry is required for a transaction/event, select ackboard WhenToWo: x MInbox (3,95 X M Inbox (9,8X Launch Me X Assignmex Question Get Home meducation.com/ext/map/index.html?_con-con&external browser=0&launchuriahttps%253A%252F%252Fima meducation.com-252Fmight Google Slides + Google Sheets Microsoft Office H. Blackboard - Home SoundCloud https://gather tow... INFO course home X (Problems) Saved Help Save & Exit Submit The unadjusted trial balance of Sketch Star Makers Inc., prepared as of December 31, 2018, includes the following account balances All of the accounts listed have normal balances. Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Notes Payable (long-term) Deferred Revenue Service Revenue Salaries and Wages Expense $ 11,500 2,300 1,600 5,40 13,000 2,300 23,000 6,500 33,000 31,500 The following information is also available: A) A count of supplies revealed $700 worth on hand at December 31, 2018 B) An insurance policy, purchased on January 1, 2018, covers five years. C) The equipment depreciates at a rate of $1,300 per year, no depreciation has been recorded for 2018 D) One half (or 50%) of the amount recorded as Deferred Revenue remains deferred as of December 31 2018 E) The accrued amount of salaries and wages at December 31, 2018 is $2,300, Required: Prepare the required adjustments for the company as of December 31, 2018. (If no entry is required for a transaction/event, select

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

Behavioural Public Finance Individuals, Society, And The State

Authors: M Mustafa Erdogdu

1st Edition

0367631202, 9780367631208

More Books

Students also viewed these Accounting questions

Question

Understand developments in knowledge creation and management

Answered: 1 week ago

Question

Explain key ideas of workplace learning

Answered: 1 week ago

Question

Explain how HRD may be implemented

Answered: 1 week ago