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Can someone please help me with this homework question? Thank you! The Sheffield Corporation had the following unadjusted trial balance at the end of its
Can someone please help me with this homework question? Thank you!
The Sheffield Corporation had the following unadjusted trial balance at the end of its fiscal year, July 31,2025. Additional information for adjusting entries: 1. On July 31 , the company had performed $860 of services for a client that it had not billed or recorded. 2. Record rent expense this month. The current balance in Prepaid Rent represents 2 months of rent. 3. Supplies on hand on July 31 were $560. 4. Unrecorded monthly depreciation is $250. 5. Interest is due on the note payable on the first day of each following month, beginning August 1 . Interest for July is $2. 6. As of July 31 , the company owed $2,560 of salaries and wages to its employees for the month just ended. 7. During July, the company satisfied $2,060 worth of services related to amounts that had previously been recorded as Unearned Service Revenue. This revenue has not yet been recorded. Prepare the adjusting entries for July 31. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)Step by Step Solution
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