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Create adjusting entries from the following information. When making the entries, be sure to letter them as noted below and change the font colour. (z)

Create adjusting entries from the following information. When making the entries, be sure to letter them as noted below and change the font colour.

  • (z) One of the three months rent has been used.
  • (aa) One of the 12 months of insurance has been used.
  • (bb) $6,800 of shop materials were used to make or repair products during the month of October.
  • (cc) The machinery purchased at the beginning of the month has depreciated $400 over the month ($24,000 depreciated over 5 years).
Trial Balance
October 31, 202X
Acct. Balance
No. Debits Credits
Cash 100 2,700
Accounts Receivable 101 8,500
Prepaid Rent 102 4,200
Prepaid Insurance 103 -
Shop Supplies 104 17,000
Shop Machinery 105 24,000
Accounts Payable 200 3,000
Notes Payable 201 14,000
Loans Payable 202 10,000
James T. Picard, Capital 300 25,000
James T. Picard, Withdrawals 301 4,000
Revenue - Cabinet Sales 400 16,750
Revenue - Cabinet Repairs 401 900
Wages Expense 500 7,000
Delivery Expense 501 350
Hydro Expense 502 400
Insurance Expense 503 -
Rent Expense 504 -
Supplies Expense 505 1,500
Totals 83,650 55,650

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