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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
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 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.
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 528Step by Step Solution
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