Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Salmon Fisheries is owed by John Ashmore and provides fish products to the fishing industry. At the end of December 2018, they had the following
Salmon Fisheries is owed by John Ashmore and provides fish products to the fishing industry. At the end of December 2018, they had the following adjustments.
Dec 31 | A count of office supplies showed that there was $610 worth of supplies remaining in the office. |
Dec 31 | The balance of prepaid insurance is for a 11-month policy, one month of insurance has been used. |
Dec 31 | During December, Salmon Fisheries earned $660 of unearned revenue. |
Dec 31 | The computers were purchased on December 1, 2018 and have an expected useful life of five years, after which they will have no residual value. Record depreciation for December |
Required
Using the following trial balance, complete the adjustments and the adjusted trial balance in the spreadsheet.
Do not enter dollar signs or commas in the input boxes.
Salmon Fisheries Spreadsheet December 31, 2018 | ||||||
Unadjusted Trial Balance | Adjustments | Adjusted Trial Balance | ||||
Account | DR | CR | DR | CR | DR | CR |
Cash | 5,700 | |||||
Accounts Receivable | 2,200 | |||||
Prepaid Insurance | 16,500 | |||||
Office Supplies | 1,100 | |||||
Computers | 14,400 | |||||
Accumulated Depreciation-Computers | ||||||
Accounts Payable | 2,300 | |||||
Unearned Revenue | 3,100 | |||||
Notes Payable | 3,610 | |||||
Ashmore, Capital | 29,640 | |||||
Ashmore, Withdrawals | 1,370 | |||||
Service Revenue | 4,730 | |||||
Depreciation Expense | ||||||
Insurance Expense | ||||||
Office Supplies Expense | ||||||
Rent Expense | 1,900 | |||||
Telephone Expense | 210 | |||||
Total | 43,380 | 43,380 |
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