Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Larkspur, Inc. was organized on July 1, 2022. Quarterly financial statements are prepared. Information from the unadjusted and adjusted tabular summary on September 30,
Larkspur, Inc. was organized on July 1, 2022. Quarterly financial statements are prepared. Information from the unadjusted and adjusted tabular summary on September 30, 2022 is shown as follows. The $13,912 in the revenue column includes Service Revenue: $13,254 and Rent Revenue: $658. The $9,557 in the expense column includes Salaries and Wages $8,272, Rent $846, and Utilities $439. Assets Liabilities Acc. Accts. Prepd. Depr- Equip. Notes Accts. Sal/Wages Pay. Int. Cash Rec + Supplies + Rent + Equip. Pay. Pay. + Pay Bal. 6,298 + 376 + 1.128+ 1,692 + 14,100 4,700 + 1,003 + 0+ Adj. 1. Adj. 2. Adj. 3. Adj, 4. Adj. S. Adj. 6. Adj. 7 Adj. Bal. 6,298 + 940 + 172+ 846 + 329 - 4,700 + 1.003 14,100 564+ 47 Record the adjustments that were made. (Ifa transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets Accts. Prepd. Cash Rec. Supplies Rent Bal. 6,298 376 1,128 Adj. 1. Adj. 2. Adj. 3. Adj. 4. Adj. 5. Adj. 6. Adj. 7 Adj. Bal, 6.298 940 172
Step by Step Solution
★★★★★
3.53 Rating (163 Votes )
There are 3 Steps involved in it
Step: 1
LARASKPUR DATE ASSETS LIABILITIES EQUITY Retained Earnings Month Cash Accounts Receivable Supplies P...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