Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

River Resort opened for business on June 1, 2019. Its trial balance before adjustment on June 30 is as follows Credit River Resort Trial Balance

image text in transcribed

River Resort opened for business on June 1, 2019. Its trial balance before adjustment on June 30 is as follows Credit River Resort Trial Balance as at June 30, 2019 Debit Cash 4,500 Accounts Receivable 6,000 Supplies 1,900 Prepaid Insurance 3,600 Equipment 16,400 Accounts Payable Unearned Rent Revenue Owner's Capital Rent Revenue Salaries and Wages Expense 6.400 Rent Expense 900 Totals 39,700 4,500 2,000 18,700 14,500 39,700 The company accumulates the following adjustment data at June 30 1) A count of supplies shows supplies on hand total 1,000. 2) Utilities expense of 250 are not paid on June 30. 3) Expired insurance for the month is 300 4) 1,500 of the unearned rent revenue account was earned 5) Salaries of 4,500 are accrued and unpaid at June 30 6) The equipment is being depreciated for 200 per month 7) Invoices representing 2,800 of services performed during the month have not been recorded as of June 30 REQUIRED a) Prepare the adjusting entries for the month of June. b) Post the adjusting entries to the ledger accounts c) Prepare an adjusted trial balance at June 30, 2019

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

Culture Audit In Financial Services Reporting On Behaviour To Conduct Regulators

Authors: Dr Roger Miles

1st Edition

1789667755, 978-1789667752

More Books

Students also viewed these Accounting questions

Question

Describe the five elements of the listening process.

Answered: 1 week ago