Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

ces The unadjusted trial balance of Sketch Star Makers Incorporated, prepared as of December 31, 2022, includes the followin balances. All of the accounts listed

ces The unadjusted trial balance of Sketch Star Makers Incorporated, prepared as of December 31, 2022, includes the followin balances. All of the accounts listed have normal balances. Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Notes Payable (long-term) Deferred Revenue Service Revenue. Salaries and Wages Expense The following information is also available: $ 15,000 3,000 1,500 7,200 15,000 3,000 30,000 7,500. 45,000 45,000 A) After a count of supplies, there were $600 worth of supplies remaining on hand at December 31, 2022. B) An insurance policy, purchased on January 1, 2022, covers four years. C) The equipment depreciates at a rate of $1,500 per year; no depreciation has been recorded for 2022. D) Three-fifths (or 60%) of the amount recorded as Deferred Revenue remains deferred as of December 31, 2022. E) The accrued amount of salaries and wages at December 31, 2022 is $3,000. Required: Prepare the required adjustments for the company as of December 31, 2022. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 2 3 4 5 After a count of supplies, there were $600 worth of supplies remaining on hand at December 31, 2022. Record the adjusting entry. Note: Enter debits before credits. Transaction A General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet ces < 1 3 4 5 An insurance policy, purchased on January 1, 2022, covers four years. Record the adjusting entry. Note: Enter debits before credits. Transaction B General Journal Debit Credit View general journal Record entry Clear entry eBook Print Journal entry worksheet References < 1 2 4 5 99 The equipment depreciates at a rate of $1,500 per year; no depreciation has been recorded for 2022. Record the adjusting entry. Note: Enter debits before credits. Transaction C General Journal Debit Credit View general journal Record entry Clear entry Journal entry worksheet 1 2 3 17 5 Three-fifths (or 60%) of the amount recorded as Deferred Revenue remains deferred as of December 31, 2022. Record the adjusting entry. Note: Enter debits before credits. Transaction D General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 The accrued amount of salaries and wages at December 31, 2022 is $3,000. Record the adjusting entry. Note: Enter debits before credits. Transaction General Journal Debit Credit E Record entry Clear entry View general journal

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

Financial Management For Non Profit Organizations

Authors: Hani Bashier

1st Edition

979-8863129877

More Books

Students also viewed these Accounting questions

Question

=+8. Are there any disadvantages with this tactic?

Answered: 1 week ago

Question

3. How frequently do the assessments occur?

Answered: 1 week ago