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Take me to the text Limbo Lower has completed all of its journal entries for the month of July 2016, and posted them to the
Take me to the text Limbo Lower has completed all of its journal entries for the month of July 2016, and posted them to the general ledger. An unadjusted trial balance has been prepared. The following adjustments must be entered Jul 31 The amount of prepaid insurance is for 12 months. One month has been used Jul 31 Depreciation for the month on equipment was $140. Jul 31 Unearned revenue of $830 has now been earned. Jul 31 A count of office supplies shows that $980 remains Required a) Using the following unadjusted trial balance, complete the adjustments and the adjusted trial balance in the worksheet. Do not enter dollar signs or commas in the input boxes. Select the proper order for the headings of the worksheet. Limbo Lower - Worksheet July 31, 2016 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Account DR CR DR CR DR CR acer Adjustments Unadjusted Trial Balance DR CR Adjusted Trial Balance Account DR CR DR CR Cash 5,530 Accounts Receivable 1,880 Prepaid Insurance 2,400 Office Supplies 1,880 Equipment 9.990 Accumulated Depreciation Accounts Payable 3,770 Unearned Revenue 2,700 Bank Loan 4,340 Roberts, Capital 8,170 Roberts, Drawings 1,110 Service Revenue 5,400 acer Roberts, Drawings 1,110 Service Revenue 5,400 Depreciation Expense 420 Insurance Expense Interest Expense 60 Office Supplies Expense Rent Expense 1,110 Total 24,380 24,3801 b) Prepare the journal entries for the above transactions. Date Account Title and Explanation Debit Credit 2016 Jul 31 . Expense one month of insurance Account Title and Explanation Debit Credit Date 2016 Jul 31 Expense one month of insurance Jul 31 Depreciate Equipment Jul 31 Earned revenue Jul 31 Adjustment for office supplies used acer
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