Question
Assets = Liabilities + Stockholders Equity Cash + Accts. Rec. + Supplies + Prepd. Insur. + Equip. - Acc. Depr.- Equip. Notes Pay. + Accts.
Assets = Liabilities + Stockholders Equity Cash + Accts. Rec. + Supplies + Prepd. Insur. + Equip. - Acc. Depr.- Equip. Notes Pay. + Accts. Pay. + Int. Pay. + Unearned Serv. Rev. + Sal. & Wages Pay. Com. Stock + Reatined Earnings = + Rev. - Exp. - Div Bal. 15,540 0 2,570 690 4,690 0 4,690 2,760 0 1,410 0 10,200 13,120 -8,110 -580 Assume the following adjustment data. 1. Supplies on hand at October 31 total $560. 2. Expired insurance for the month is $115. 3. Depreciation for the month is $55. 4. As of October 31, services worth $870 related to the previously recorded unearned revenue had been performed. 5. Services performed but unbilled (and no receivable has been recorded) at October 31 are $300. 6. Interest expense accrued at October 31 is $80. 7. Accrued salaries at October 31 are $1,610. Prepare a tabular summary to record adjustments for the items above using the summary that follows. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets = Liabilities + Stockholders Equity Cash + Accts. Rec. + Supplies + Prepd. Insur. + Equip. - Acc. Depr.- Equip. Notes Pay. + Accts. Pay. + Int. Pay. + Unearned Serv. Rev. + Sal. & Wages Pay. Com. Stock + Retained Earnings = + Rev. - Exp. - Div Bal. 15,540 0 2,570 690 4,690 0 4,690 2,760 0 1,410 0 10,200 13,120 -8,110 -580 1. enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount select an account title 2. enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount select an account title 3. enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount select an account title 4. enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount select an account title 5. enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount select an account title 6. enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount select an account title 7. enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount select an account title Adj. Bal. enter the adjusted balance amount enter the adjusted balance amount enter the adjusted balance amount enter the adjusted balance amount enter the adjusted balance amount enter the adjusted balance amount enter the adjusted balance amount enter the adjusted balance amount enter the adjusted balance amount enter the adjusted balance amount enter the adjusted balance amount enter the adjusted balance amount enter the adjusted balance amount enter the adjusted balance amount enter the adjusted balance amount
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started