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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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