Question
Please help with this one, would really appreciate it! Thanks! The trial balance of Large Company, Inc., at the end of its annual accounting period
Please help with this one, would really appreciate it! Thanks!
The trial balance of Large Company, Inc., at the end of its annual accounting period is as follows:
LARGE COMPANY, INC. Trial Balance December 31, 2019 | ||
|
|
|
Cash....................................................................... | $ 4,000 |
|
Accounts Receivable.. | 400 |
|
Prepaid Insurance................................................. | 1,200 |
|
Supplies ............................................................... | 2,100 |
|
Equipment ............................................................ | 20,000 |
|
Accumulated DepreciationEquipment.............. |
| $ 2,000 |
Owner Capital . |
| 19,000 |
Owner Withdrawals ............................................. | 2,000 |
|
Revenue................................................................. |
| 33,000 |
Salaries Expense................................................... | 18,300 |
|
Rent Expense ....................................................... | 6,000 | ______ |
Totals..................................................................... | $54,000 | $54,000 |
Additional information:
- Expired insurance, $400.
- Unused supplies, per inventory, $800.
- Estimated depreciation, $1,000.
- Earned but unpaid salaries, $700.
- Services completed for a client by year-end but the client has not been billed for those services, $500
Required:
1) Prepare adjusting entries ONLY. No need for closing or post-closing entries.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
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