Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The correct adjusting entry for ( d ) above is: LMN, lnc Trial Balance before Adjustments December 31 , 2022 Cash Accounts Receivable Supplies Prepaid

The correct adjusting entry for (d) above is:
image text in transcribed

LMN, lnc Trial Balance before Adjustments December 31 , 2022 Cash Accounts Receivable Supplies Prepaid Rent Equipment Accumulated Depreciation Equipment Accounts Payable Unearned Service Revenue Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Utilities Expense Additional Information: Debits $ 12,600 13,400 2,400 1 ,500 38,500 600 19,200 2,400 $90,600 Credits $7,700 8,500 9,900 18,000 11 ,500 35,000 $90,600 A. The equipment was purchased on January 1, 2021. The useful life is estimated to be 5 years, with no salvage value. B. A count of supplies on December 31 , 2022 showed $600 of supplies still on hand. C. On December 31, 2022, wages that had been earned by employees, but not yet paid amounted to $800. The next scheduled pay date is January 4, 2023. D. During December, LMN performed $3,300 worth of services, for which it been paid in September. E. On November 1, 2022, LMN paid for 5 months of rent with cash. The correct adjusting entry for (e) above includes a debit to what account and for what amount? O n n O Rent Expense - $600 Prepaid Rent - $600 Prepaid Rent - $900 Rent Expense - $900 Accounts Payable - $900

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting Tools For Business Decision Making

Authors: Donald E. Kieso, Paul D. Kimmel, Jerry J. Weygandt

8th Edition

1119316022, 978-1119316022

More Books

Students also viewed these Accounting questions