Question
cach 28 000 A/R 56000 interest expense 0 not receivable 30000 supplies 4600 prepaid insurance 9350 prepaid rent 21000 office furniture 61 440 accumulated amortization
cach 28 000 A/R 56000 interest expense 0 not receivable 30000 supplies 4600 prepaid insurance 9350 prepaid rent 21000 office furniture 61 440 accumulated amortization office furniture 20480 accounts payable 35000 wages payable unearned consulting fees 13160 capital 60000 withdrawals 16450 consulting fees earned 314 600 interest revenue 1400 amortization expense office furniture 0 wages expense 147 000 insurance expense 0 rent expense 64000 supplies expense 6800 total 444640 information it was determined that 12000 of the unearned consulting fees had not yet been earned it's was discovered that 6000 of the balance in the consulting fees earned accounts was for the service to be performed in November the balance in prepaid rent account represent the months of rent beginning September 1 accrued wages at 31 October totaled 6800 the office furniture was purchased on match 1 and has an estimated useful life of two years of use it's expected that the furniture will be worthless accrued consulting fees at year end totalled 4200 interest of 200 had accrued on the note receivable for the month of October the balance in the prepaid insurance account represents the remaining balance of the two year policy purchased in 1 April 2010 a count of supplies on October 31 2011 revealed a balance remaining of 900 required prepare adjusting journal entries for October 31 2011 base on the above set up balance column accounts post the adjusting entries prepared prepare adjusted trial balance use adjusted trial balance to prepare income statement statement of owner equity and balance sheet
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