Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Kimmel, Survey of Accounting, le CALCULATOR PRINTER VERSION 4BACK RCES Sunkan Company prepares monthly financial statements. Below are listed some selected accounts and their balances

image text in transcribed
Kimmel, Survey of Accounting, le CALCULATOR PRINTER VERSION 4BACK RCES Sunkan Company prepares monthly financial statements. Below are listed some selected accounts and their balances on the September 30 trial balance before any adjustments have been made for the month of September + Stockholders Equity Supplies + Prepaid Ins. +Equipment Accum. Depr. Equip Unearned Rent Rev. +Revenue Expenses -Liabilities Bal. 2,700 4,800 16,200 1,000 1,200 Note: Debit column does not equal credit column because this is a partial listing of selected account balances.) An analysis of the account balances by the company's accountant provided the following additional information: 1. A physical count of office supplies revealed $1,000 on hand on September 30. 2. A two-year life insurance policy was purchased on September 1 for $4,800. 3. Office equipment depreciates $3,000 per year. 4. The amount of rent received in advance that remains unearned at September 30 is $300. Using the information given, above and the tabular summary, prepare the adjustments that should be made by Sunkan Company on September 30. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Do not leave any answer field blank. Enter O for amounts.) Assets Liabilities Stockholders' Equity Expenses Supplies Prepaid Ins. +Equipment-Accum. Depr. Equip Unearned Rent Rev. +Revenue Bal. (A1) (A2) (A3) (A4) 2,700 4,800 16,200 1,000 1,200 Supplies exp. Ins. Exp. 12 1250 Depr. Exp. Rent. rev LIST OF ACCOUNTS Question Attempts: 2 of 3 used SAVE FOR LATER

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

The Business Innovation Audit

Authors: William Tate

1st Edition

0955970733, 978-0955970733

More Books

Students also viewed these Accounting questions

Question

What are the emotional impacts of the word choice in each version?

Answered: 1 week ago