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-Prepare the adjusting entries required at September 30. East Laboratory adjusts and closes its accounts at the end of each month. The trial balance at
-Prepare the adjusting entries required at September 30.
East Laboratory adjusts and closes its accounts at the end of each month. The trial balance at September 30, 2019, before adjustments is as follows: Credit Debit $18,200 27,000 5,000 1,200 21,800 Cash Medical Fees Receivable Prepaid Rent Office Supplies Medical Equipment Accumulated Depreciation: Medical Equipment Accounts Payable Notes Payable Unearned Medical Fees Capital Stock Retained Earnings Dividends Medical Fees Earned Salaries Expense Utilities Expense Insurance Expense $ 6,000 3,000 8,000 14,000 18,000 16,000 1,000 31,000 14,000 2,000 5,800 $96.000 $96.000 The following information relates to month end adjustments: (a) Office supplies on hand September 30 were $1,000. (b) The useful life of the medical equipment was estimated to be 20 years (round up to nearest $) (c) Many patients pay in advance for major medical procedures. Fees of $6,425 were earned during the month by performing procedures on patients who had paid in advance. (d) Salaries earned by employees during the month but not yet recorded were $3,200. (e) On September 1 East Laboratory had moved and paid 4 month's rent in advance. (f) Medical procedures performed during the month but not yet billed or recorded were $3,878Step by Step Solution
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