Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 4 and its answer is already shown, please answer Question 6 step by step clearly. the unadjusted trial balance is below ACCT 201 Case

Question 4 and its answer is already shown, please answer Question 6 step by step clearly. image text in transcribed
image text in transcribed
image text in transcribed
the unadjusted trial balance is below
image text in transcribed
ACCT 201 Case Spring 2020 Page 9 Using the following data, prepare adjusting entries for the month ended August 31. b. Insurance expired during August, $500. A count of supplies on August 31 indicated $1,400 on hand. Depreciation on the computer for August is $250. Interest of $90 is accrued on the note payable. Accrued salary for Ima Nurd at August 31 is $3,400. $3,000 of the unearned revenue has been earned. REQUIRED: Prepare the adjusting entries at August 31. General Journal Account Titles Debit Credit 5. Post these entries to the T-accounts on pages 6 & 7. Date Account Titles Ref Debit ($) Credit Aug-31 Insurance expense 500 Prepaid insurance 500 s 250 (To record insurance expired) Aug-31 N/A Aug-31 Depreciation expense Accumulated depreciation (To record depreciation expense) Aug-31 Interest expense Accured interest 250 (To record accrued interest) Aug-31 Salaries expense e 3,400 Accrued salary 3,400 (To record accrued salary) Unearned revenue Revenue 3,000 3,000 (To record revenue earned) Page 10 ACCT 201 Case Spring 2020 6. Prepare the adjusted trial balance at August 31, 2020 (total debits = $125,640). Credit Debit 58,800 12,000 8,700 13,400 5,500 6,200 Accounts Cash Computer Inventory Accounts Receivable Prepaid Insurance Supplies 12% Notes Payable Unearned Revenue Accounts Payable Shareholder's stock Retained Earnings Cost of Goods sold Insurance Expense Utility expense Advertisement expense Sales Service Revenue 7,000 6,000 15,500 60,000 900 12,300 500 800 2,800 30,400 3,000 121,900 121,900

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

Accounting And Money For Ministerial Leadership Key Practical And Theological Insights

Authors: Nimi Wariboko

1st Edition

1625640129, 9781625640123

More Books

Students also viewed these Accounting questions

Question

Let G be a group where a2 = e for all a G. Prove that G is abelian.

Answered: 1 week ago

Question

=+a) What is the center line for the R chart?

Answered: 1 week ago