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The following adjustments are needed to adjust the unadjusted trial balance: a. Of the unearned revenue, 60 percent was still unearned. b. The depreciation expense
The following adjustments are needed to adjust the unadjusted trial balance: a. Of the unearned revenue, 60 percent was still unearned. b. The depreciation expense for the period is $480. c. Salaries earned, but unpaid, totaled $1,520. d. Half of the Prepaid Rent was used up this period. e. Office Supplies on hand totaled $300 at the end of the period. f. Services performed but not yet billed or recorded amount to $1,800.
Adjustments Dr Cr Adjusted TB Dr Cr Income Statement Dr Cr Balance Sheet Dr Cr Unadjusted TB Dr Cr 20000 6400 3600 1000 9600 Cash A/R PPD Rent Office Supplies Office Equipment A/D - Office Equip. Salaries Payable A/P Unearned Rev Common Stock Retained Earnings Dividends Consulting Revenue Salaries Expense Insurance Expense Rent Expense Office Supplies Expense Depreciation Expense 400 0 14800 2000 20000 900 500 12000 7400 1600 0 0 0 50100 50100 Net Income Income Statement Stmt of RE Balance Sheet Consulting Revenue Salaries Expense Insurance Expense Rent Expense Office Supplies Expense Depreciation Expense Net Income Beginning Net Income Dividends Ending Cash A/R PPD Rent Office Supplies Office Equip.(net) Sal Pay A/P Unearned Rev Total Liabilities Common Stock Retained Earnings Total Equity Total Assets Total Liab./EquityStep by Step Solution
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