Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The trial balance of Sky Company on January 31, 2020 is shown below. Sky CMS Trike January 31, 2020 ACES Debit Credit Cash 30.000 Prepaid

image text in transcribed
image text in transcribed
The trial balance of Sky Company on January 31, 2020 is shown below. Sky CMS Trike January 31, 2020 ACES Debit Credit Cash 30.000 Prepaid Insurance 66,000 Supplies 33.000 Equipment 720,000 Accumulated Depreciation 135.000 - Equipment Notes 120,000 Payable Accounts 72.000 Payable Sky, Capital 459,000 Sky. 72.000 Drawings Service 147.000 Revenue Ubilities 12.000 Expense Total 983 000983.0 Other information 1. Depreciation of equipment for January was 510.000 2. Rent owed for the month of January but will not be paid until February, 2020 was $15.000 2. The amount of insurance that expired in the month of January was 56,000 4. Salaries owed for the month of January but will not be paid until February, 2020 was $25.000 5. A physical count of supplies indicates $10.000 on hand at January 31 The trial balance of Sky Company on January 31, 2020 is shown below. Sky Company Trial Balance January 31, 2020 Accounts Debit Credit 30,000 66.000 33.000 720.000 135.000 Cash Prepaid Insurance Supplies Equipment Accumulated Depreciation Equipment Notes Payable Accounts Payable Sky, Capital Sky Drawings Service Revenue Utilities Expense Total 120.000 72.000 459.000 22.000 147,000 12.000 933,000 933.000 Other Information 1. Depreciation of equipment for January was 510.000. 2. Rent owed for the month of January but will not be paid until February2020 was $15.000 3. The amount of insurance that expired in the month of January was 56,000 4. Salaries owed for the month of January but will not be paid until February, 2020 was $25.000 5. A physical count of supplies indicates $10,000 on hand at January 31, Required: Prepare the adjusting entries required on January 31, 2020

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_2

Step: 3

blur-text-image_step3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

=+a) Explain why this is what you would expect.

Answered: 1 week ago

Question

Find dy/dx if x = te, y = 2t2 +1

Answered: 1 week ago