Answered step by step
Verified Expert Solution
Link Copied!

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?

image text in transcribed

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 44,800

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Taxation Of Individuals And Business Entities 2019 Edition

Authors: Brian C. Spilker, Benjamin C. Ayers, John Robinson, Edmund Outslay, Ronald G. Worsham, John A. Barrick, Connie Weaver

10th Edition

1259918394, 978-1259918391

Students also viewed these Accounting questions

Question

=+c) Compute the CV and RRR for each decision.

Answered: 1 week ago