Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The partial unadjusted trial balance of Erif Corporation on December 31, 2022, follows. All accounts have normal balances. (3 marks) Prepaid Insurance 36,000 Office Supplies
The partial unadjusted trial balance of Erif Corporation on December 31, 2022, follows. All accounts have normal balances. (3 marks) Prepaid Insurance 36,000 Office Supplies 6,200 Prepaid Rent 48,000 Utilities Expense 3,850 The following additional information is available at the December 31, 2022, year-end: (a) Prepaid Insurance represents a 3-year insurance policy for the period from January 1, 2022, to December 31, 2024. (b) A count of office supplies reveals that on December 31, 2022, the company had $500 of office supplies on hand. (c) The company's lease, signed on January 1, 2022, specifies monthly rent of $4,000, or $48,000 a year. (d) The December 2022 utility bill has not yet been received and is not included in the trial balance. The utility bill averages $400 a month. Required: Using the information above, find the balances in the following account balances, after adjustment, on December 31, 2022 A) Prepaid Insurance B) Office Supplies Expense C) Prepaid Rent
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started