Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following trial balances are before and after adjustment for Ivanhoe Company at the end of its fiscal year.Prepare the adjusting entries that were made.


The following trial balances are before and after adjustment for Ivanhoe Company at the end of its fiscal year.Prepare the adjusting entries that were made. (List all debit entries before credit entries. If no entry isrequired, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titlesare automatically indented when the amount is entered. Do not indent manually.)(To record the service revenue)Aug.31(To record the supplies expense)Aug.31(To record the insurance expense)Aug.31(To record depreciation expense)Aug.31(To record salaries and wages expense)Aug.31(To record rent revenue)
student submitted image, transcription available

The following trial balances are before and after adjustment for Ivanhoe Company at the end of its fiscal year. IVANHOE COMPANY Trial Balance August 31, 2025 Before Adjustment After Adjustment Dr. Cr. Dr. Cr. Cash $10,200 $10,200 Accounts Receivable 9,160 9,750 Supplies 2,910 1,720 Prepaid Insurance 4,120 2,670 Equipment 15,000 15,000 Accumulated Depreciation-Equipment $3,375 $4,575 Accounts Payable 5,970 5,970 Salaries and Wages Payable Unearned Rent Revenue Common Stock 0 1,030 1,800 1,030 18,460 18,460 Retained Earnings 5,180 5,180 Dividends 2,810 2,810 Service Revenue 34,000 34,590 Rent Revenue 13,720 14,490 Salaries and Wages Expense 16,010 17,040 Supplies Expense 0 1,190 Rent Expense 22,295 22,295 Insurance Expense 1,450 Depreciation Expense 1,200 $82,505 $82,505 $85,325 $85,325 Prepare the adjusting entries that were made. (List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Aug. 31 Aug. 31 (To record the service revenue) Aug. (To record the supplies expense) 31 Aug. 31 Aug. 31 Aug. 31 (To record the insurance expense) (To record depreciation expense) (To record salaries and wages expense) (To record rent revenue) Debit Credit

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 Accounting Tools for Business Decision Making

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

9th edition

1-119-49356-3, 1119493633, 1119493560, 978-1119493631

More Books

Students also viewed these Accounting questions

Question

What is the formula to calculate the mth Fibonacci number?

Answered: 1 week ago

Question

Evaluate the combinations 12. C20

Answered: 1 week ago