Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Prepare the appropriate adjusting entries on January 31, 2014. HINT: Where might you look to find information to prepare the adjusting entries? Phantom Consulting Inc.
Prepare the appropriate adjusting entries on January 31, 2014. HINT: Where might you look to find information to prepare the adjusting entries?
Phantom Consulting Inc. Unadjusted Trial Balance January 31, 2014 Cash Accounts receivable Prepaid insurance Equipment. Building. Accumulated depreciation, building. Accounts payable Unearned consulting revenue. Share capital Dividends Retained earnings. Consulting revenue earned. Salaries expense. Advertising expense. Food and drinks expense. Property taxes expense. Repair expense. Totals Debit Credit 198,893 106,600 2,400 20,400 4,000 4,000 163,000 19,800 107,000 7,830 50,000 15,087 17,100 800 164 600 358,887 358,887 a) Prepare the appropriate adjusting entries on January 31, 2014. HINT: Where might you look to find information to prepare the adjusting entries? NOTE: The adjusting entries will be automatically posted to the general ledger when you click 'submit' and the correct adjusted general ledger bala General Journal Page GJ5 Date Account/Explanation F Debit Credit + +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