Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The trial balance for Windsor, Inc. appears as follows: Windsor, Inc. Trial Balance December 31, 2022 Cash $310 Accounts Receivable 543 Prepaid Insurance 85 Supplies
The trial balance for Windsor, Inc. appears as follows:
Windsor, Inc. | ||||
Trial Balance | ||||
December 31, 2022 | ||||
Cash | $310 | |||
Accounts Receivable | 543 | |||
Prepaid Insurance | 85 | |||
Supplies | 187 | |||
Equipment | 4160 | |||
Accumulated Depreciation, Equipment | $620 | |||
Accounts Payable | 399 | |||
Common Stock | 1250 | |||
Retained Earnings | 1460 | |||
Service Revenue | 3116 | |||
Salaries and Wages Expense | 1040 | |||
Rent Expense | 520 | |||
$6845 | $6845 |
If, on December 31, 2022, supplies on hand were $42, the adjusting entry would contain a:
credit to Supplies for $42.
debit to Supplies Expense for $145.
credit to Supplies Expense for $145.
debit to Supplies for $42.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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