Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Company XYZ completed its (unadjusted) Trial Balance for the year ending December 31, 2019. The four transactions described below require adjusting entries on December 31,

image text in transcribed
image text in transcribed
image text in transcribed
Company XYZ completed its (unadjusted) Trial Balance for the year ending December 31, 2019. The four transactions described below require adjusting entries on December 31, 2019. Update the spreadsheet with the Adjusting Entries in the Adjusting Entries column and reflect the update in the Adjusted Trial Balance column. Note: Ensure the Adjusted Trial Balance reflects the sum of the (Unadjusted) Trial Balance and Adjusting Entries for each Account Title From the Adjusted Trial Balance, carry the account balance to the appropriate Financial Statement(s) and normal account balance (Debitor Credit). Adjusting Entries Debit Credit Adjusted Trial Balance Debit Credit Income Statement Debit Credit Statement of Owner's Equity & Balance Sheet Debit Credit Statement of Cash Flow Debit Credit Account Title (unadjusted) Trial Balance Debit Credit 19,000 0 7,700 132,500 Cash Accounts Receivable Prepaid Rent Equipment Accumulated Depreciation Eqpt Salaries Payable Unearned Revenue Owner's Capital Owner's Withdrawal Revenue Depreciation Expense-Eqpt Salaries Expense Rent Expense Totals Net Income (Loss) Totals 26,750 0 25,500 89,160 33,500 111,150 0 47,360 12,500 $252,560 $252,560 $0 $0 8 $0 $0 $0 $0 $0 $0 $0 $0 SO Company XYZ completed its (Unadjusted) Trial Balance for the year ending The four transactions described below require adjusting entries on Decem Update the spreadsheet with the Adjusting Entries in the Adjusting Entries column. Note: Ensure the Adjusted Trial Balance reflects the sum of the (Unadjusted Title. From the Adjusted Trial Balance, carry the account balance to the appropri Credit). Transactions requiring Adjusting Entries: 1. Company XYZ has determined that the cost of expired rent paid in advance is $4,000. 2. Company XYZ records annual depreciation on equipment of $8,900. 3. Company XYZ records earned revenue of $1,000 for which the customer paid in advance. 4. Company XYZ employees have earned $2,000 of accrued salaries at year-end, not yet recorded or paid

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions