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Instructions: Answer all questions. Use the following unadjusted trial balance to prepare adjusting entries, given the additional information below it. Assume financial statements are prepared
Instructions: Answer all questions. Use the following unadjusted trial balance to prepare adjusting entries, given the additional information below it. Assume financial statements are prepared quarterly. Omit explanation [Questions 1 - 6]. Leipzig Financial Services has an unadjusted trial balance at September 30, 2020: Credit Debit $8,000 3,200 500 1,800 4,800 Cash Accounts Receivable Office Supplies Prepaid Rent Office Furniture Accumulated Depreciation, Furn. Accounts Payable Unearned Revenue Jed Leipzig, Withdrawals Jed Leipzig, Capital Consulting Revenue Salaries Expense Insurance Expense $200 7,400 1,000 2,000 10,200 6,000 3,700 800 $24,800 $24,800 1. Of the revenue received in advance, 70 percent remained unearned on September 30. 2. The office furniture has an estimated ten-year useful life and no salvage value. Record depreciation for the quarter. 3. Salaries earned, but unpaid, totaled $560. 4. The Prepaid Rent applies to the 12-month period beginning July 1, 2003. 5. Office supplies on hand totaled $120 at the end of the quarter. 6. Services performed but not yet billed or recorded amount to $700
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