Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Sandhill Co. was organized on July 1, 2022. Quarterly financial statements are prepared. The unadjusted and adjusted trial balances as of September 30 are shown

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Sandhill Co. was organized on July 1, 2022. Quarterly financial statements are prepared. The unadjusted and adjusted trial balances as of September 30 are shown below. SANDHILL CO. Trial Balance September 30, 2022 Unadjusted Adjusted Dr. Cr. Dr. Cr. Cash $ 8,800 $8,800 10,500 11,600 1.550 600 2.150 1.200 18.100 18,100 Accounts Receivable Supplies Prepaid Rent Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Salaries and Wages Payable Interest Payable $.0 $ 750 9.600 9.600 2.450 2,450 0 720 0 96 Question 16 of 16 - / 15 18,100 18,100 $ 0 $ 750 9,600 9,600 Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Salaries and Wages Payable Interest Payable 2,450 2,450 0 720 0 96 Unearned Rent Revenue 1.900 1,050 22,500 22,500 1,550 1,550 16,510 17,610 Owner's Capital Owner's Drawings Service Revenue Rent Revenue Salaries and Wages Expense Rent Expense Depreciation Expense Supplies Expense 1.460 2,310 8,400 9,120 1,850 2,800 750 950 Utilities Expense 1.520 1,520 Interest Expense 96 $ 54,420 $ 54,420 $57,086 $ 57,086 MacBook Air d) Journalize the adjusting entries that were made. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Sept. 30 Accounts Receivable 1100 Service Revenue 1100 (To record revenue for services performed) Sept. 30 (To record prepaid rent) Sept. 30 (To record supplies used) Sept. 30 (To record supplies used) Sept. 30 (To record monthly depreciation) Sept. 30 (To record interest on notes payable) Sept. 30 To record rent earned) Sept. 30 (To record accrued salaries and wages)

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

Finance The Basics

Authors: Erik Banks

1st Edition

0415384575, 9780415384575

More Books

Students also viewed these Accounting questions

Question

How is geophysics used in the search for mineral deposits?

Answered: 1 week ago

Question

Compare and contrast long-term and short-term orientation cultures

Answered: 1 week ago

Question

Discuss the research behind the notion of a pancultural self

Answered: 1 week ago