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The balances of the ledger accounts for Buffet Services on September 30,201, and the information needed for adjustments are shown below. Adjustment information: a. The
The balances of the ledger accounts for Buffet Services on September 30,201, and the information needed for adjustments are shown below. Adjustment information: a. The supplies were purchased on September 1, 20X1. An inventory of supplies showed $1,500 on hand on September 30, 201. b. The amount of Prepaid Insurance represents a payment made September 1, 20X1, for a six-month insurance policy. c. The equipment, purchased September 1, 20X1, has an estimated useful life of 5 years with no salvage value. The firm uses the straight-line method of depreciation. Prepare the Trial Balance section, record the adjustments, and complete the worksheet. BALANCE SHEET The balances of the ledger accounts for Buffet Services on September 30,201, and the information needed for adjustments are shown below. Adjustment information: a. The supplies were purchased on September 1, 20X1. An inventory of supplies showed $1,500 on hand on September 30, 201. b. The amount of Prepaid Insurance represents a payment made September 1, 20X1, for a six-month insurance policy. c. The equipment, purchased September 1, 20X1, has an estimated useful life of 5 years with no salvage value. The firm uses the straight-line method of depreciation. Prepare the Trial Balance section, record the adjustments, and complete the worksheet. BALANCE SHEET
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