Question
Complete the table below: SFP = Statement of Financial Position SCI = Statement of Comprehensive Income BEFORE the adjustment balance: An adjusting journal entry was
Complete the table below:
SFP = Statement of Financial Position SCI = Statement of Comprehensive Income
| BEFORE the adjustment balance: | An adjusting journal entry was required: |
AFTER the adjustment balance:
| ||||
| SFP: | $ | Journal entry: | $ | $ | SFP: | $ |
| Insurance payable | 800 | Dr Insurance expense | 150 |
|
|
|
|
|
| Cr Insurance payable |
| 150 |
|
|
| SCI: |
|
|
|
| SCI: |
|
| Insurance expense | 6 700 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| SFP: | $ | Journal entry: | $ | $ | SFP: | $ |
| Interest receivable | - | Dr Interest receivable | 239 |
|
|
|
|
|
| Cr Interest income |
| 239 |
|
|
| SCI: |
|
|
|
| SCI: |
|
| Interest income | 1 710 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| SFP: | $ | Journal entry: | $ | $ | SFP: | $ |
| Interest payable | 800 |
|
|
| Interest payable | 710 |
|
|
|
|
|
|
|
|
| SCI: |
|
|
|
| SCI: |
|
| Interest expense | 3 400 |
|
|
| Interest expense | 3 310 |
|
|
|
|
|
|
|
|
|
| ||||||
| SFP: | $ | Journal entry: | $ | $ | SFP: | $ |
|
|
| Dr Sales - credit | 3 400 |
| Accounts receivable | 78 000 |
|
|
| Cr Accounts receivable |
| 3 400 |
|
|
| SCI: |
|
|
|
| SCI: |
|
|
|
|
|
|
| Sales - credit | 915 008 |
|
|
|
|
|
|
|
|
|
| ||||||
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Accountability Of Local Authorities In England And Wales, 1831-1935 Volume 1
Authors: Hugh Coombs, J. R. Edwards
1st Edition
1138965758, 9781138965751
