Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Blue Spruce Company prepares monthly financial statements. Below are listed some selected accounts and their balances on the September 30 trial balance before any adjustments

image text in transcribed
image text in transcribed
image text in transcribed
Blue Spruce Company prepares monthly financial statements. Below are listed some selected accounts and their balances on the September 30 trial balance before any adjustments have been made for the month of September BLUE SPRUCE COMPANY Trial Balance (Selected Accounts) September 30, 2022 Debit Credit $2,214 3.936 Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment 13.284 $820 Unearned Rent Revenue 984 (Note: Debit column does not equal credit column because this is a partial listing of selected account balances.) An analysis of the account balances by the company's accountant provided the following additional information: 1 A physical count of office supplies revealed $820 on hand on September 30 1 2 A physical count of office supplies revealed $820 on hand on September 30, A two-year life insurance policy was purchased on September 1 for $3,936. Office equipment depreciates $2.406 per year. The amount of rent received in advance that remains unearned at September 30 is $336, 3. 4. Using the information given, prepare the adjusting entries that should be made by Blue Spruce Company on September 30. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required select "No entry for the account titles and enter for the amounts. Record journal entries in the order presented in the problem.) No. Account Titles and Explanation Debit Credit 1. (To record the amount of office supplies used) 2. (To record insurance expired) 2. (To record insurance expired) 3 I (To record monthly depreciation) 4. (To record rent revenue recognized) e Textbook and Media List of Accounts Attempts: 0 of 1 used Submit Answer Save for Later

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

Strategic Audits For Continuous Business Improvement

Authors: Parbatee Chang

2nd Edition

1507679483, 978-1507679487

More Books

Students also viewed these Accounting questions

Question

95% of what amount is $100?

Answered: 1 week ago

Question

When is it appropriate to use a root cause analysis

Answered: 1 week ago