Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Hi can you please explain what's happening in the highlighted numbers which one is debit or credit balance? Unadjusted trial balance Adjusting journal entries ACCOUNT
Hi can you please explain what's happening in the highlighted numbers
which one is debit or credit balance?
Unadjusted trial balance Adjusting journal entries ACCOUNT DEBIT CREDIT Cash 9,000 Accounts Receivable 6.000 Prepaid Rent 3.100 Inventory 14,000 Accumulated Depreciation 3,500 Accounts Payable 9,000 Notes Payable 2,000 Common Stock 9,000 Revenue 18.100 Payroll Expense 5,000 Rent Expense 2,000 Utilities Expense 1,000 Depreciation Expense 1,500 TOTALS 41,600 41,600 ACCOUNT DEBIT CREDIT Rent Expense 600 Prepaid Rent 600 Depreciation Expense 200 Accumulated Depreciation 200 Adjusted trial balance 1 ACCOUNT DEBIT CREDIT Cash9,000 Accounts Receivable 6,000 Prepaid Rent 2,500 Inventory 14,000 Accumulated Depreciation 5.700 Accounts Payable 9,000 Notes Payable 3,000 Common Stock 9000 Revenue 18.100 Payroll Expense 6,000 Rent Expense 3,600 Utilities Expense 1.000 Depreciation Expense 2,700 TOTALS 44,800 44,800Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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