Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Current Attempt in Progress The trial balances before and after adjustment for Oriole Company at October 31, 2021, which is the end of its fiscal
Current Attempt in Progress The trial balances before and after adjustment for Oriole Company at October 31, 2021, which is the end of its fiscal year, are as follows: Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Notes Payable Salaries Payable Interest Payable Unearned Revenue E. Oriole, Capital E. Oriole, Drawings Service Revenue Depreciation Expense Insurance Expense Interest Expense Rent Expense Salaries Expense Supplies Expense Totals Before Adjustment Debit Credit $9,285 8,855 2,485 3,765 34,400 $3,380 6,025 39,165 0 0 1,600 5,800 10,245 46,540 0 0 1,470 14,750 17,255 0 $102,510 $102,510 After Adjustment Debit Credit $9,285 9,365 685 2,525 34,400 $5,595 6,025 39,165 1,180 490 955 5,800 10,245 47,695 2.215 1,240 1,960 14,750 18,435 1.800 $106,905 $106,905 Prepare the adjusting entries that were made. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Oct. 31 (To accrue revenue for services performed but not billed or collected.) Oct. 31 (To record supplies used.) Oct. 31 (To record insurance expired.) Oct. 31 (To record depreciation expense.) Oct. 31 (To record accrued salaries.) Oct. 31 (To accrue interest expense.) Oct. 31 Prepare Oriole Company's income statement. ORIOLE COMPANY Income Statement $ $ S Liabilities and Owner's Equity
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