Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I need the answers step by step. ( no handwriting) Peyton Approved Bakery opened July 1, 2019. On September 30, its unadjusted trial balance was
I need the answers step by step. ( no handwriting)
Peyton Approved Bakery opened July 1, 2019. On September 30, its unadjusted trial balance was as follows. Complete adjusting entries and complete the adjusted trial balance. Adjusting entries Credit Adjusted trial balance Credit Unadjusted trial balance Account Cash Baking Supplies Prepaid Rent Prepaid Insurance Baking Equipment Accumulated Depreciation Office Supplies Accounts Receivable Notes Payable Interest Payable Accounts Payable Wages Payable Unearned Revenue Common Stock Dividends Bakery Sales Baking Supplies Expense Rent Expense Interest Expense Insurance Expense Depreciation Expense Misc. Expense Office Supplies Expense Business License Expense Advertising Expense Wages Expense Telephone Expense Total Debit Credit Debit Debit $37,869 $18,500 $1,500 $2,400 $6,000 $600 $7,700 $10,000 $5,000 $6,000 $16,000 $10,000 $55,000 $4,500 $250 $375 $200 $1,956 $150 $92,000 $92,000 -The Baking Equipment has a $1,200 estimated residual value with a 2 year useful life Account DR -On August 1, 2019, a 12 month insurance policy was purchased for $2,400 and debited to Prepaid Insurance Account DR CR -On September 30, 2019, there were $50 in office supplies on hand. Account DR CR -On August 1, 2019 Peyton received $6,000 from customer to provide services for the following 6 months. This was credited to Unearned Revenue Account DR CR -Wages for the time September 23-September 30 are $750 and will be paid October 11. Account DR CR -The $10,000 note payable was issued July 1, 2019 and is at a 10% annual rate CR Account DR CRStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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