so i have the answers from my professor but just need to see this step by step if possible for esch part ? thank you
Tracy, Inc. adjusts its books each month but closes its books at the end of the year. The trial balance at July 31 before adjustments is as follows: Debit Credit Cash $12.920 Accounts Receivable 9,620 Supplies 1,300 Prepaid Insurance 3.120 Equipment 26,000 Accumulated Depreciation - Equipment S10,400 Unearned Service Revenue 6,500 Capital Stock 7.190 Retained Earnings 23,400 Dividends 1,560 Service Revenue 16 510 Wages and Salaries Expense 7,800 Utilities Expense 380 Rent Expense 1.300 S64.000 S64.000 41. Refer to the trial balance for Tracy, Inc. On July 31, the amount of supplies on hand is $520. What amount is reported in the July income statement for supplies expense? a. SS20 b. 51,400 c. S1.920 .8880 42. Refer to the trial balance for Tracy, Inc. Employees are owed $750 for services since the last payday in July, to be paid the first week in August. The amount to be reported in the July income statement for salaries expense is: a. $750 6, 88,550 c. $7.050 d. 87,800 Exam & Quiz Practice Questions Adjusting Entries 43. Refer to the trial balance of Tracy, Inc. (Round calculations to the nearest dollar.) If the equipment had an estimated useful life of five years and no salvage value, what is its book value at July 31, after the proper monthly July adjustment is recorded? a. S10,400 b. 525,567 $15,167 d. S10,833 44. Refer to the trial balance of Tracy, Inc. On July 1, Tracy paid four months in advance for insurance. Which of the following is included in the adjusting entry at July 312 a. A debit to Prepaid Insurance for $780 b. A credit to Prepaid Insurance for $2,340 c. A debit to Prepaid Insurance for $2,340 d. A credit to Prepaid Insurance for $780 45. Refer to the trial balance for Tracy, Inc. According to contracts, $4,810 of Uncared Service Revenue has been earned in July. Which of the following is the correct amount of Service Revenue to be reported in the July income statement? a. $20,410 b. S11,700 $21,320 d. S16,510 Tamant 2014 for $120.000 The furniture has an estimated