Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Aggie Offices Unadjusted Trial Balance - December 31, 2019 Debits $19,000 Credits Cash Accounts Receivable 9,150 Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Unearned Service

image text in transcribed
image text in transcribed
Aggie Offices Unadjusted Trial Balance - December 31, 2019 Debits $19,000 Credits Cash Accounts Receivable 9,150 Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Unearned Service Revenue Note Payable Common Stock Retained Earnings 40,000 16,000 $1,600 2,100 2,400 8,000 22,000 2,500 198,550 Service Revenue Salaries Expense Supplies Expense Advertising Expense 150,000 2,100 900 $237,150 $237,150 Additional Information: On November 1, 2019, the company paid $900 for six months of advertising. b. A count of supplies on December 31, 2019 showed $1,800 of supplies had been used during the year. The equipment was purchased on January 1, 2018. The useful life is estimated to be 10 years. d. On June 1, 2019, the company rented an office building for ten months and paid $40,000 in cash. Of the balance in the unearned revenue account, $800 had not been earned by year -end. a. . e. 1. The company uses one adjusting entry for (a) above. This entry would include a debit to A. Prepaid Advertising for $300 B. Prepaid Advertising for $600 C. Prepaid Advertising for $900 D. Advertising Expense for $300 E. Advertising Expense for $600

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_2

Step: 3

blur-text-image_3

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

The Management System Auditors Handbook

Authors: Joe Kausek

1st Edition

087389670X, 978-0873896702

More Books

Students also viewed these Accounting questions