Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Inear Hearing is owned by Christina Earring and provides hearing aids and other auditory services. At the end of December 2016, the company had the

image text in transcribed

image text in transcribed

image text in transcribed

Inear Hearing is owned by Christina Earring and provides hearing aids and other auditory services. At the end of December 2016, the company had the following adjustments. Dec 31 Interest on the bank loan is set at 10%. One month of interest has accrued. The balance of prepaid insurance is for the remaining 8 months of the insurance policy. One month of insurance has been Dec 31 used. The equipment was purchased two months prior at the beginning of the month and will have a useful life of 7 years, after Dec 31 which it will have no residual value. Depreciation is recorded every month. Record depreciation for December Dec 31 Inear Hearing completed $590 of work that was previously unearned. Dec 31 Office supplies used during the month totalled $280. Required Using the following trial balance, complete the adjustments and the adjusted trial balance in the worksheet. Do not enter dollar signs or commas in the input boxes. Round your answers to the nearest whole number. Inear Hearing Worksheet December 31, 2016 Adjustments Adjusted Trial Balance Unadjusted Trial Balance DR CR DR Account DR CR CR 4100 Cash 4,100 acer Unadjusted Trial Balance DR CR Adjustments Adjusted Trial Balance Account DR CR DR CR Cash 4,100 4100 Accounts Receivable 1,950 1950 Prepaid Insurance 1,680 1680 Office Supplies 1,490 1490 Equipment 15,200 Accumulated Depreciation 362 Accounts Payable 2,900 Interest Payable Unearned Revenue 2,200 Bank Loan 6,800 Earring, Capital 10,158 Samtina Downs 1.700 acer Interest Payable Unearned Revenue 2,200 Bank Loan 6,800 Earring. Capital 10,158 Earring, Drawings 1,700 Service Revenue 8,200 Depreciation Expense Insurance Expense Interest Expense Office Supplies Expense Rent Expense 1,500 Salaries Expense 3,000 Total 30,620 30,620 HE acer

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 A Complete Guide

Authors: Gerardus Blokdyk

2023rd Edition

1038805538, 978-1038805539

More Books

Students also viewed these Accounting questions