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I am struggling understanding trial balance sheets and how to make adjusted trial balance. Please help. Power and Light Company Unadjusted Trial Balance April 30,
I am struggling understanding trial balance sheets and how to make adjusted trial balance. Please help.
Power and Light Company Unadjusted Trial Balance April 30, 20XX Account Title Cash Supplies Prepaid insurance Equipment Accumulated depreciation-Equipment Accounts Payable Interest payable Rent payable Wages payable Property taxes payable Long-term notes payable J. Tharp, Capital J. Tharp, Withdrawals Demolition fees earned Depreciation expense-Equipment Wages expenses Interest expense Insurance expense Rent expense Supplies expense Property taxes expense Repairs expense Utilities expense Debit $7,000 $16,000 $200,000 $12,600 Credit $14,000 $6,800 $ $ $ $ $30,000 $86,900 $12,000 $187,000 $ $41,400 $3,300 $ $13,200 $ $9,700 $4,700 $4,800 $324,700 $324,700 Adjustment Account and details 1 REF Debit Credit $0 $0 2 3 4 5 Total TRIAL BALANCE Adjusting Entry a Debit (+) Credit (-) Adjusting Entry b Debit (+) Credit (-) Adjusting Entry c Debit (+) Credit (-) Adjusting Entry d Debit (+) Credit (-) Adjusting Entry e Debit (+) Credit (-) Adjusting Entry f Debit (+) Credit (-) Adjusting Entry g Debit (+) Credit (-) Cash Supplies Prepaid insurance Equipment Accumulated depreciation-Equipment Accounts Payable Interest payable Rent payable Wages payable Property taxes payable Long-term notes payable J. Tharp, Capital J. Tharp, Withdrawals Demolition fees earned Depreciation expense-Equipment Wages expenses Interest expense Insurance expense Rent expense Supplies expense Property taxes expense Repairs expense Utilities expense - - - - - - - - - - - - - Adjusted Trial Balance Debit (+) Credit (-) - The purpose of this assessment is to identify adjusting entries in a trial balance and understand the impact of these adjusting entries on the profits. Power and Light Company's fiscal year ended April 30, 20XX. Using worksheet AC1420_nn_Discussion 2 1.xlsx, complete the following adjusting entries: a. A periodic inventory for supplies was conducted, totaling $10,000; therefore, during April, $6,000 worth of supplies was used. b. The cost of expired insurance for the fiscal year is $20,000. c. Annual depreciation on equipment is $4,000. d. The April utilities expense of $750 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared; therefore, the $750 amount owed needs to be recorded. e. The company's employees have earned $2,000 of accrued wages at fiscal year end. f. The rent expense incurred and not yet paid or recorded at fiscal year end is $2,000. g. Additional property taxes of $650 have been assessed for this fiscal year but have not been paid or recorded in the accountsStep by Step Solution
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