Question
Debit Credit Cash $ 126,550 Computer Equipment 50,000 50,000 Office Equipment 10,000 10,000 Common Stock 132,000 Rent Expense 3,200 Inventory 39,200 Prepaid Insurance 6,000 Sales
Debit | Credit | |||
Cash | $ | 126,550 | ||
Computer Equipment | 50,000 | 50,000 | ||
Office Equipment | 10,000 | 10,000 | ||
Common Stock | 132,000 | |||
Rent Expense | 3,200 | |||
Inventory | 39,200 | |||
Prepaid Insurance | 6,000 | |||
Sales | 128,050 | |||
Cost of Goods Sold | 79650 | |||
Office Supplies | 5,450 | |||
Totals | 320,050 | 320,050 |
using this trial balance, make these adjusting entries into a trial balance
a. A physical count of the Office Supplies account showed that there was $2,000 worth of office supplies on hand. The balance of the Office Supplies account on the unadjusted trial balance is $5,450.
b. One months insurance expired on the 12-month insurance policy purchased on July 1st for $6,000.
c. Depreciation expense on the computer system and the office equipment totaled $750 for the month of July.
d. Patrick Mahomes Sports Equipment pays their 3 part-time employees on a monthly basis. The employees will receive their paychecks totaling $3,000 on August 2, 2025.
check figure: 323,800
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