Question
Hakik Enterprises offers rug cleaning services to business clients. Below are the adjustments data for the year ended July 31, 2010. REQUIRED: Using this information
Hakik Enterprises offers rug cleaning services to business clients. Below are the adjustments data for the year ended July 31, 2010. REQUIRED: Using this information along with the spreadsheet below, record the adjusting entries in proper general journal form. Adjustments: a) The equipment is estimated to last for 5 years with no salvage value. The asset will be depreciated evenly over its useful life. Please record one month%u2019s depreciation. b) Accrued Wages $2. c) Unused supplies on hand $8. d) Of the unearned revenue, 75% has been earned. e) Unexpired insurance remaining at the end of the month, $9.
Hakik Enterprises End of Period Spreadsheet (Work Sheet) For the Year Ended July 31, 2010 | ||||||
| Trial Balance | Adjustments | Adjusted Trial Balance | |||
| Debit | Credit | Debit | Credit | Debit | Credit |
Cash | 36 |
|
|
|
|
|
Prepaid Insurance | 12 |
|
|
|
|
|
Fees Receivable | 56 |
|
|
|
|
|
Supplies | 12 |
|
|
|
|
|
Equipment | 60 |
|
|
|
|
|
Accum. Deprec. - Equip |
| 12 |
|
|
|
|
Unearned Revenue |
| 20 |
|
|
|
|
Accounts Payable |
| 32 |
|
|
|
|
Wages Payable |
|
|
|
|
|
|
Ramon Hakik, Capital |
| 84 |
|
|
|
|
Ramon Hakik, Drawings | 4 |
|
|
|
|
|
Service Revenue |
| 80 |
|
|
|
|
Advertising Expense | 28 |
|
|
|
|
|
Wage Expense | 20 |
|
|
|
|
|
Insurance Expense |
|
|
|
|
|
|
Supplies Expense |
|
|
|
|
|
|
Depreciation Expense |
|
|
|
|
|
|
Totals | 228 | 228 |
|
|
|
|
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