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Cash 40,000.00 Accounts Receivable 16,200.00 Supplies 5,000.00 Prepaid Insurance 18,000.00 Equipment 24,000.00 Accu. Depreciation-Equipment - Accounts Payable 10,000.00 Interest Payable 800.00 Bank Loan 20,000.00 J.Cole,
Cash | 40,000.00 |
Accounts Receivable | 16,200.00 |
Supplies | 5,000.00 |
Prepaid Insurance | 18,000.00 |
Equipment | 24,000.00 |
Accu. Depreciation-Equipment | - |
Accounts Payable | 10,000.00 |
Interest Payable | 800.00 |
Bank Loan | 20,000.00 |
J.Cole, Capital | 50,000.00 |
J. Cole, Withdrawals | 9,000.00 |
Service Revenue | 73,500.00 |
Advertising Expense | 3,400.00 |
Depreciation Expense | - |
Supplies Expense | - |
Insurance Expense | - |
Salaries Expense | 30,000.00 |
Rent Expense | 5,000.00 |
Telephone Expense | 1,200.00 |
Utilities Expense | 2,500.00 |
The balances are after a months worth of operations. Do the following adjustments at the end of the month:
- Supplies used during the month amounted to $2,500.
- The amount in the Prepaid Insurance account represents a payment made on January 1, 2022, for six months of insurance coverage.
- The equipment, purchased on January 1, 2022, has an estimated useful life of 10 years with no salvage value. The firm uses the straight-line method of depreciation.
Note: The worksheet will not be submitted but will be used to calculate the balances of the various accounts after the adjustments have been made.
How much is the balance of Cash after adjustments?
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