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Adjusting entries, posting to T accounts, and effect on profit GST version The trial balance of Chelsea Elliott, marketing services provider, at 30 June 2022
Adjusting entries, posting to T accounts, and effect on profit GST version The trial balance of Chelsea Elliott, marketing services provider, at 30 June 2022 was as follows. CHEI SE.A FI I.IOTT. MARKFTING SFRVICES Required (a) Using the following information, prepare adjusting entries. Use the accounts shown in the trial balance and these additional accounts: Salaries Payable, Interest Payable, Telephone Account Payable, Depreciation Expense, Office Supplies Expense, Insurance Expense, Interest Expense. (i) Interest expense of $520 has accrued on the loan payable. (ii) A physical count of office supplies on 30 June shows $560 of unused supplies on hand. (iii) Depreciation of the office equipment this year is estimated to be $1020
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