Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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:

  1. Expired insurance, $400.
  2. Unused supplies, per inventory, $800.
  3. Estimated depreciation, $1,000.
  4. Earned but unpaid salaries, $700.
  5. 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

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

More Books

Students also viewed these Accounting questions

Question

c. What groups were least represented? Why do you think this is so?

Answered: 1 week ago