Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Skysong, Inc. was organized on July 1, 2022. Quarterly financial statements are prepared. Information from the unadjusted and adjusted tabular summary on September 30, 2022

image text in transcribedSkysong, Inc. was organized on July 1, 2022. Quarterly financial statements are prepared. Information from the unadjusted and adjusted tabular summary on September 30, 2022 is shown as follows. The $13,024 in the revenue column includes Service Revenue: $12,408 and Rent Revenue: $616. The $8,948 in the expense column includes Salaries and Wages $7,744, Rent $792, and Utilities $412.

image text in transcribedimage text in transcribed

Record the adjustments that were made. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets Liabilities Acc. Depr.- Equip. Accts. Rec. Prepd. Rent Sal./Wages 1 Notes Pay. Accts. Pay. + + Supplies + + Equip. = + + Pay. + + 352 + 1,056 + 1,584 + 13,200 4,400 + 940 + + Cash Bal. 5,896 Adj. 1. Adj. 2. Adj. 3. Adj. 4. Adj. 5. Adj. 6. Adj. 7 Adj. Bal. 5,896 + 880 + 160 + 792 + 13,200 308 = 4,400 + 940 + 528 + Liabilities Stockholders' Equity Retained Earnings Notes Pay. 4,400 Accts. Pay. Sal./Wages Pay. Int. Pay Unearn. Rent. Rev. Com. Stock + + + + + + Rev. Div Exp. 8,948 + 940 + 0 + 0 + 880 + 12,320 + 13,024 528 4,400 + 940 + 528 + 44 + 704 + 12,320 + 13,728 11,516 528 Record the adjustments that were made. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets Liabilities Acc. Depr.- Equip. Accts. Rec. Prepd. Rent Sal./Wages 1 Notes Pay. Accts. Pay. + + Supplies + + Equip. = + + Pay. + + 352 + 1,056 + 1,584 + 13,200 4,400 + 940 + + Cash Bal. 5,896 Adj. 1. Adj. 2. Adj. 3. Adj. 4. Adj. 5. Adj. 6. Adj. 7 Adj. Bal. 5,896 + 880 + 160 + 792 + 13,200 308 = 4,400 + 940 + 528 + Liabilities Stockholders' Equity Retained Earnings Notes Pay. 4,400 Accts. Pay. Sal./Wages Pay. Int. Pay Unearn. Rent. Rev. Com. Stock + + + + + + Rev. Div Exp. 8,948 + 940 + 0 + 0 + 880 + 12,320 + 13,024 528 4,400 + 940 + 528 + 44 + 704 + 12,320 + 13,728 11,516 528

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

Students also viewed these Accounting questions