Question
Required information [The following information applies to the questions displayed below.] The December 31, Year 1, unadjusted trial balance for a company is presented below.
Required information
[The following information applies to the questions displayed below.]
The December 31, Year 1, unadjusted trial balance for a company is presented below.
Accounts | Debit | Credit | |||||||
Cash | $ | 8,100 | |||||||
Accounts Receivable | 13,100 | ||||||||
Prepaid Rent | 4,920 | ||||||||
Supplies | 2,100 | ||||||||
Deferred Revenue | $ | 1,100 | |||||||
Common Stock | 11,000 | ||||||||
Retained Earnings | 4,100 | ||||||||
Service Revenue | 37,520 | ||||||||
Salaries Expense | 25,500 | ||||||||
$ | 53,720 | $ | 53,720 | ||||||
At year-end, the following additional information is available:
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The balance of Prepaid Rent, $4,920, represents payment on October 31, Year 1, for rent from November 1, Year 1, to April 30, Year 2.
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The balance of Deferred Revenue, $1,100, represents payment in advance from a customer. By the end of the year, $275 of the services have been provided.
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An additional $700 in salaries is owed to employees at the end of the year but will not be paid until January 4, Year 2.
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The balance of Supplies, $2,100, represents the amount of office supplies on hand at the beginning of the year of $750 plus an additional $1,350 purchased throughout Year 1. By the end of Year 1, only $610 of supplies remains.
2. Prepare an adjusted trial balance as of December 31, Year 1.
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