Cash Debit 11,900

Accts Receivable Debit 13,900

Prepaid Ins Debit 3,500

Office supplies Debit 1,100

Building Debit 51,500

Accumulated Depreciation Building Credit 350.000

Accts Payables Credit 4,500

Salaries Payable

Unearned revenue Credit 2,500

Coffey Capital Credit 175,620

Coffey Withdrawals Debit 2,170

Service revenue Credit 18,200

Salaries expense Debit 2,500

Depreciation expense

Advertising expense Debit 750

Supplies expense

Total $550, 820 Credit 550, 820

Adjustment date Dec. 31

as of Dec. 31 New port had 600 of prepaid ins remaining

At the end of the month Newport had 700 of office supplies remaining

Depreciation on the building is 3,500

Newport pays its employees weekly on Friday. Its employees earn 1,500 for five day workweek Dec 31 falls on Wednesday this year.

On Nov 20, Newport contacted to perform services for a client receiving 2,500 in advance New port recorded this receipt of cash as unearned revenue as of Dec 31 Newport has 1,500 still unearned

Journalize the adjusting entries on Dec 31

Using the unadjusted trial balance, open the accounts (use four column ledger) with the unadjusted balances. Post the adjusting entries to ledger accounts

Prepare the adjusted trial balance

Assuming the adjusted trial balance has total debits equal to total credits, does this mean that the adjusting entries have been recorded correctly explain