Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The accounting records of Funaro Architects include the following selected, unadjusted balances at March 31: Accounts Receivable, $1,000; Office Supplies, $1,100; Prepaid Rent, $3,400; Equipment,
The accounting records of Funaro Architects include the following selected, unadjusted balances at March 31: Accounts Receivable, $1,000; Office Supplies, $1,100; Prepaid Rent, $3,400; Equipment, $14,000; Accumulated Depreciation Equipment, $0, Salaries Payable, $0; Unearned Revenue, $400; Service Revenue, $4,200; Salaries Expense, $1,200; Supplies Expense, $0; Rent Expense, $0; Depreciation Expense-Equipment, $0. The data developed for the March 31 adjusting entries are as follows: (Click the icon to view the data.) Read the requirements. Requirement 2. Post the adjustments to the T-accounts opened for you, entering each adjustment by letter. Show each account's adjusted balance. Enter the unadjusted balances on the first line of each account. Use a "Mar. 31" reference to show the unadjusted balance. Post the adjusting entries to the T-accounts using the corresponding letters (a) through (f) as posting references. Use a "Bal." reference to show the ending balance of each account. (For accounts with a $0 unadjusted balance, make sure to enter "O" on the normal side of the accounts.) Review the adjusting entries you prepared in Requirement 1. Accounts Receivable Salaries Payable Service Revenue Mar. 31 Office Supplies Unearned Revenue Salaries Expense Prepaid Rent Supplies Expense Prepaid Rent Supplies Expense Equipment Rent Expense Accumulated Depreciation- Equipment Depreciation Expense- Equipment Choo00 from Auliatorontar umborinthoinut field and then alielehool AnaAP 0 Adjusting entries Date Accounts and Explanation Debit Credit (a) Mar. 31 900 (b) Mar. 31 (c) Mar. 31 Accounts Receivable Service Revenue To accrue service revenue. Unearned Revenue Service Revenue To record service revenue that was collected in advance. Supplies Expense Office Supplies To record office supplies used. Salaries Expense Salaries Payable To accrue salaries expense Rent Expense Prepaid Rent To record rent expense. Depreciation Expense-Equipment Accumulated Depreciation-Equipment To record depreciation on equipment. (d) Mar. 31 (e) Mar. 31 (f) Mar. 31 Print Done
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started