Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can you please help me with Journal Adjustments and Adjusted Trial Balance thank you. What do you mean total of debit is not correct? that's

Can you please help me with Journal Adjustments and Adjusted Trial Balance thank you.
image text in transcribed
image text in transcribed
What do you mean total of debit is not correct? that's what my professor did and telling me to do journal and trial balance.
image text in transcribed
image text in transcribed
Enneh Pramanau Adjustments 1. Supplies on hand is $2,700. 2. March Depreciation expenses are: Building $100, Equipment, $300 3. Prepaid Rent is for 2-years (24-months). Need to recognize March expense 4. Prepaid Insurance is for 1 -year (12-months). Need to recognize March expense 5. The earned portion of Unearned Revenue is $50,000. 6. The Bank loan was taken out on Jan 1,2022 , at 6% annual interest rate for 5 -years. 7. The weekly wage is $6,000 will be paid on Friday, April 1st (March 31 st is on the Thursday). 8. The month of March Utility and Telephone bills for $300 and $600 respectively were received and paid on April 5 th. 9. Received payment of $6,000 on April 6th for services completed on March 31 st. Unadjusted Trial Balance 31Mar-22 Adjustments 1. Supplies on hand is $2,700. 2. March Depreciation expenses are: Building $100. Equipment, $300 3. Prepaid Rent is for 2-years (24-months). Need to recognize March expense 4. Prepaid Insurance is for 1-year (12-months). Need to recognize March expense 5. The camed portion of Uneamed Revenue is $50,000. 6. The Bank loan was taken out on Jan 1, 2022, at 6% annual interest rate for 5-years 7. The weekly wage is $6,000 will be paid on Friday, April Ist (March 3 Ist is on the Thursday). 8. The month of March Utility and Telephone bills for $300 and $600 respectively were received and paid on April 5 th. 9. Received payment of $6,000 on April 6th for services completed on March 31 st

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

The Why And How Of Auditing Auditing Made Easy

Authors: Charles B. Hall

1st Edition

0578519739, 978-0578519739

More Books

Students also viewed these Accounting questions

Question

WHAT does the User NEED?

Answered: 1 week ago

Question

5.3 Explain internal recruitment methods.

Answered: 1 week ago