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The ledger of Keo Ltd includes the following unadjusted balances: Prepaid insurance $4,500, Service revenue $58,200, and Salaries expense $25,240. Adjusting entries are required for
The ledger of Keo Ltd includes the following unadjusted balances: Prepaid insurance $4,500, Service revenue $58,200, and Salaries expense $25,240. Adjusting entries are required for (a) expired insurance $1,200; (b) services provided $1,100, but unbilled and uncollected; and (c) accrued salaries payable $800. Enter the unadjusted balances and adjustments into a worksheet and complete the worksheet for all accounts. Note: You will need to add the following accounts: Accounts receivable, Salaries payable, and Insurance expense. Keo Ltd Worksheet Trial balance Adjustments Adjusted trial balance Statement of profit or loss Balance sheet Dr. Cr. Dr. Cr. Dr. Account Cr. Dr. Cr. Dr. Cr. Prepaid insurance 4,500 Service revenue 58,200 Salaries expense 25,240 Accounts receivable Salaries payable Insurance expense
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