Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

i just want to make sure I'm doing this correctly Crown Inc. Below is part of the worksheet Crown Inc. used in preparing the information

i just want to make sure I'm doing this correctly
image text in transcribed
image text in transcribed
Crown Inc. Below is part of the worksheet Crown Inc. used in preparing the information needed for current-year financial statements At December 31. Both the unadjusted and adjusted trial balances are shown. By examining the differences between the two trial balances you can determine the adjusting entries that were made to update the account balances in the unadjusted trial balance to the amounts in the adjusted trial balance. In the space provided below the worksheet prepare the adjusting entries Crown made, in general journal form, then transfer them to the adjustments columns in the worksheet to verify the correctness of the entries you made. Unadjusted Adiusted Trial Balance Adjustments Trial Balance Credits Account Title Debits Credits Debits 50.000 35,000 2.000 1,500 60.000 30,000 45,000 Cash Accounts receivable Prepaid rent Supplies Inventory Notes recolvable Interest receivable Office equipment Accumulated depreciation Accounts payable Salaries payable Notes payable Interest payable Deferred rent revenue Common stock Retained earnings Sales revenue Rent revenue Interest revenue Cost of goods sold Salores expense Rent expense Depreciation expense Supplies expense Interest expense Advertising expense Totals 15.000 34.000 0 50,000 0 2.000 46.000 20.000 244.000 4,000 0 Debits Credits 50.000 35,000 1.200 800 60.000 30,000 1.500 45.000 21.500 34,000 6.200 50,000 2.500 0 46.000 20,000 244.000 6.000 1.500 126,000 51.200 11,800 6.500 1,800 7.900 3,000 431.700 431.700 126,000 45.000 11.000 0 1.100 5.400 3,000 415.000 415.000 Account Credit Cash Accounts Receivable Prepaid Rent Debit $50.000 $35,000 $2.000 Supplies $1.500 s) 1 Focus Account Credit Accounts Receivable Pret TREN Dobit 550.000 $35.000 52.000 Supplies 51.500 Inventory IN Rocelyn ble Interest Receivable $60.000 $30.000 $0 Once Equipment Accumulated Depreciation $45.000 $15.000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Auditing For Dummies

Authors: Maire Loughran

1st Edition

0470530715, 978-0470530719

More Books

Students also viewed these Accounting questions

Question

How is the impairment of AFS securities treated?

Answered: 1 week ago