Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need help with the highlighted boxes. I dont understand why I keep getting these three wrong when the others are correct. can you help

I need help with the highlighted boxes. I dont understand why I keep getting these three wrong when the others are correct. can you help me understand the procedure of finding these answers and how you solved it. thank you

image text in transcribed
At year-end, the Accounts Debit Credit following additional Cash $ 8, 500 information is available: Accounts Receivable 13 , 500 Prepaid Rent 5 , 400 1. The balance of Supplies 2 , 500 Prepaid Rent, $5,400, Deferred Revenue $ 1, 500 represents payment Common Stock 10, 000 on October 31, 2021, Retained Earnings 4, 500 for rent from Service Revenue 41, 400 November 1, 2021, to Salaries Expense 27 , 500 April 30, 2022. $57, 400 $57, 400 2. The balance of Deferred Revenue, $1,500, represents payment in advance from a customer. By 2. Prepare an adjusted trial balance as of December 31, 2021. the end of the year, $375 of the services DEMON DEACONS CORPORATION have been provided. Adjusted Trial Balance 3. An additional $600 in December 31, 2021 salaries is owed to Accounts Debit Credit employees at the end Cash S 8.500 of the year but will not Accounts Receivable 13.500 Prepaid Rent 3.600 be paid until January Supplies 650 4, 2022. Deferred Revenue 4. The balance of Salaries Payable 600 Supplies, $2,500, Common Stock 10.000 represents the amount Retained Earnings 1.500 of office supplies on Service Revenue hand at the beginning Salaries Expense of the year of $950 Rent Expense 1,800 plus an additional Supplies Expense 1,850 Totals 29,900 $ 15.100 $1,550 purchased throughout 2021. By the end of 2021, only $650 of supplies remains

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

Financial Accounting

Authors: Robert Libby, Patricia Libby, Daniel G Short, George Kanaan, Maureen Sterling

6th Canadian edition

73208140, 1259105695, 978-1259105692

More Books

Students also viewed these Accounting questions

Question

Annoyance about a statement that has been made by somebody

Answered: 1 week ago

Question

Self-confidence

Answered: 1 week ago