Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Oriole Company was organized on July 1, 2019. Quarterly financial statements are prepared. The unadjusted and adjusted trial balances as of September 30 are shown

Oriole Company was organized on July 1, 2019. Quarterly financial statements are prepared. The unadjusted and adjusted trial balances as of September 30 are shown as follows. Journalize the adjusting entries that were made AND create an income statement, retained earnings, and balance sheet.

Oriole Company Trial Balance September 30, 2019

Unadjusted Adjusted
Dr. Cr. Dr. Cr.
Cash $ 8,700 $ 8,700
Accounts Receivable 10,500 11,600
Supplies 1,450 700
Prepaid Rent 2,150 1,250
Equipment 18,000 18,000
Accumulated DepreciationEquipment $0 $ 750
Notes Payable 9,500 9,500
Accounts Payable 2,450 2,450
Salaries and Wages Payable 0 720
Interest Payable 0 95
Unearned Rent Revenue 1,900 1,000
Common Stock 21,600 21,600
Dividends 1,600 1,600
Service Revenue 17,100 18,200
Rent Revenue 1,380 2,280
Salaries and Wages Expense 8,200 8,920
Rent Expense 1,850 2,750
Depreciation Expense 750
Supplies Expense 750
Utilities Expense 1,480 1,480
Interest Expense 95
$ 53,930 $ 53,930 $ 56,595 $ 56,595

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_2

Step: 3

blur-text-image_3

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 And GRC Automation In SAP

Authors: Maxim Chuprunov

2013 Edition

3642434525, 978-3642434525

More Books

Students also viewed these Accounting questions

Question

Understanding Groups

Answered: 1 week ago