Answered step by step
Verified Expert Solution
Question
1 Approved Answer
list of various reasons for adjusting account balances is presented below, along with an unadjusted thai balance presented for the year ended December 31, 3.
list of various reasons for adjusting account balances is presented below, along with an unadjusted thai balance presented for the year ended December 31, 3. As of December 31, the equipment has been used for two full years. Approximately $1,200 of the equipment's usefulness is consumed each year, b. On December 31, the company performed $400 of services for a customer but has not yet recorded or billed the customer c. On December 31, the company received an e- mail from its utility company indicating the company used $250 of services during December. The company has not recorded this item because the $250 will not be paid until January 15. d. Salaries and wages totaling $333 for the second half of December have not yet been paid or recorded. e. No adjustment is needed for this account. Credit Debit $ 6,000 500 12,000 Account Name 1. Cash 2. Accounts Receivable 3. Equipment 4. Accumulated Depreciation 5. Accounts Payable 6. Salaries and Wages Payable 7. Common Stock B. Retained Earnings 9. Service Revenue 10. Salaries and Wages Expense 11. Depreciation Expense 12. Utilities Expense Totals $ 2,300 700 0 10,000 5,017 12,000 7,667 1,100 2,750 $30,017 $30,017 Required: 1. For each account balance numbered 1-12, choose an appropriate reason from a-d that explains why that particular account balance needs to be adjusted or choose "e, when no adjustment is needed." 2. Prepare the adjusting journal entries required as of December 31
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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