Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following trial balance has been provided to you. Trial Balance (June 30, 2020) Debit Credit Cash 9,935 Office Supplies 2,700 Prepaid Insurance 6,600

image text in transcribedimage text in transcribed

The following trial balance has been provided to you. Trial Balance (June 30, 2020) Debit Credit Cash 9,935 Office Supplies 2,700 Prepaid Insurance 6,600 Equipment 16,200 Accum depreciation equipment - Accounts payable Unearned revenue Common shares Retained earnings Rental revenue Salaries expense Total An analysis of the account balances provided the following additional information: An analysis of the account balances provided the following additional information: 1. A physical count of office supplies revealed $1,200 on hand on June 30. 2.150 37,585 2. An annual insurance policy was purchased on June 1 for $6,600. 3. The office equipment was purchased on December 1 for $16.200 and has an estimated useful life of five years and no residual value. 4. Rent received in advance that remains unearned at June 30 is $500. 5. An additional $500 of wages has been earned but not yet paid. Required: news the adjusting inurnal entries for the above transactions (5 marks) 0 1,100 1,200 10,000 18,925 6,360 37.585

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

Step: 3

blur-text-image

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 and Managerial Accounting the basis for business decisions

Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello

17th edition

007802577X, 978-0078025778

More Books

Students also viewed these Accounting questions

Question

Mention the key principles of TQM.

Answered: 1 week ago