Record the adjusted entries and prepare the adjusted trial balance. Account Cash 2,100 Accounts Receivable 1,696 Prepaid
Fantastic news! We've Found the answer you've been seeking!
Question:
Record the adjusted entries and prepare the adjusted trial balance.
Transcribed Image Text:
Account Cash 2,100 Accounts Receivable 1,696 Prepaid Rent 1,180 Long-term investments 2,190 Property, plant, and equipment 15,056 Less: Accumulated depreciation Accounts payable Salary Payable Notes payable Retained Earnings Dividends Service Revenue Payroll Expenses Depreciation Expense Rent Expense Supplies Expense Prepare the Adjusting Journal Entries: 1 Adjust Service Revenue Account: Accounts 2 Adjust Payroll Expense Account: Accounts 3 Adjust Depreciation Expense Account: Accounts 4 Adjust Rent Expense Account: Accounts Unadjusted Trial Balance Debit Credit 2,500 1,925 225 600 725 28,197 Debit Credit Debit Credit Debit Credit Litquidity Corporation December 31, 2020 Debit Credit 3,655 1,000 1,443 2,644 3,855 15,600 28,197 Adjustments Debit Credit Adjusted Trial Balance Debit Credit 2,600 800 900 725 25,000 *NOTE: Have to subtract change Account Cash 2,100 Accounts Receivable 1,696 Prepaid Rent 1,180 Long-term investments 2,190 Property, plant, and equipment 15,056 Less: Accumulated depreciation Accounts payable Salary Payable Notes payable Retained Earnings Dividends Service Revenue Payroll Expenses Depreciation Expense Rent Expense Supplies Expense Prepare the Adjusting Journal Entries: 1 Adjust Service Revenue Account: Accounts 2 Adjust Payroll Expense Account: Accounts 3 Adjust Depreciation Expense Account: Accounts 4 Adjust Rent Expense Account: Accounts Unadjusted Trial Balance Debit Credit 2,500 1,925 225 600 725 28,197 Debit Credit Debit Credit Debit Credit Litquidity Corporation December 31, 2020 Debit Credit 3,655 1,000 1,443 2,644 3,855 15,600 28,197 Adjustments Debit Credit Adjusted Trial Balance Debit Credit 2,600 800 900 725 25,000 *NOTE: Have to subtract change
Expert Answer:
Answer rating: 100% (QA)
Liquidity Corporation Adjusted Entries and Trial Balance Dec 31 2020 Adjusting Entries 1 Accrued Ser... View the full answer
Related Book For
Interpreting and Analyzing Financial Statements
ISBN: 978-0132746243
6th edition
Authors: Karen P. Schoenebeck, Mark P. Holtzman
Posted Date:
Students also viewed these accounting questions
-
Manny is 59 years old and close to retirement. He earns a gross annual salary of $185,000. His average tax rate is 41% and he manages to save $600 each month for his annual vacation. Manny spoke to...
-
The unadjusted trial balance of Williamson Anvils at December 31, 2016, and the data for the adjustments follow: Adjustment data: a. Unearned Revenue still unearned at December 31, $3,300. b. Prepaid...
-
The September 30, 2013, adjusted trial balance of Java Jolt, Inc. is shown next. Requirements 1. Prepare the September closing entries for Java Jolt, Inc. 2. Calculate the ending balance in retained...
-
You are currently a managing partner at Innovative Marketing Solutions (IMS) a social media marketing start-up. The firm occupies a modern office space at the London Roundhouse (a hub for tech...
-
The rectangular block shown rotates about the diagonal OA with a constant angular velocity of 6.76 rad/s. Knowing that the rotation is counterclockwise as viewed from A, determine the velocity and...
-
A group of doctors is deciding whether or not to perform an operation. Suppose the null hypothesis, H0, is: the surgical procedure will go well. State the Type I and Type II errors in complete...
-
What happens to an existing partnership if a partner dies?
-
1. Defend Rack and Shelving Manufacturings (RSM) new product development strategy of tying new rack and shelving products to ASTs AGV/robotic innovation cycles. 2. How will product manufacturers and...
-
(06.04 LC) A recent study states that high winds can affect the pollination rate of sunflowers. It reported that 52 of 60 sunflower plants that were shielded from high winds pollinated and 41 of 55...
-
The following is the post-closing trial balance for Kennesaw Company, Inc (KCI), a merchandising company, at December 31, 2024. Account Title Cash Accounts Receivable Allowance for Uncollectible...
-
Shuri, a 35-year-old graphic designer, had been working for a small design agency for six years when she was let go without a reason. Her salary was in line with the industry standards, and the...
-
How willing and agreeable were you to accept responsibility for planning and implementing systems and strategies to achieve organisational goals, as well as negotiating key aspects with others ?
-
Calculate the internal rate of return Rg for the following cash flow Year Cash flow 0 2 3 4 5 O a. 28.7% O b. 26.1% Oc. 22.1% O d. 18.0% O e 16.7% -1,000 350 350 350 350 350
-
How do individual differences in personality traits, cognitive styles, and motivational patterns influence employee behavior, decision-making processes, and job performance within organizations, and...
-
Income Statement FY20 FY21 Sales Cost of Goods Sold 11,280,000,000 13,108,000,000 5,076,000,000 5,899,000,000 Other Expenses 4,512,000,000 5,243,000,000 Depreciation 903,000,000 1,050,000,000...
-
How do emerging trends in organizational behavior research, such as the study of emotional intelligence, mindfulness practices, and diversity and inclusion initiatives, contribute to the development...
-
Reimbursement Rates Blue Cross Highmark $20 $35 per visit per visit Variable Costs Resource Inputs Labor 48,000 total hours Supplies 65,000 total units Resource Input Prices Labor $25.00 per hour...
-
Under what conditions is the following SQL statement valid?
-
Q1. Make the following statements true by correcting the false information. There may be more than one way to correct the false information. a. The four financial statements include the ___________...
-
Q1. Use the information below for J.C. Penney and Intel to answer the following questions. a. Calculate the values for (A) and (X). Revenue for INTC is more than (__________ / 10 times) greater than...
-
Q1. Prepare the common-size statements for the Coca-Cola (KO) and the Starbucks (SBUX) companies listed below. To compute, divide each amount on the income statement by sales revenue. Record the...
-
Sales of automotive products for Ford Motor Company and General Motors Corporation for a five-year period are: Net sales for Pfizer Inc. and Abbott Laboratories for the same five years follow:...
-
Consider the following financial statements for Nixon Company. During the year, management obtained additional bond financing to enlarge its production facilities. The plant addition produced a new...
-
The following are the financial statements for Truman Company, with almost all dollar amounts missing: The following information is available about Truman Company's financial statements: 1. Quick...
Study smarter with the SolutionInn App