Question
The trial balances before and after adjustment for Ivanhoe Company at the end of its fiscal year are presented below. IVANHOE COMPANY Trial Balance August
The trial balances before and after adjustment for Ivanhoe Company at the end of its fiscal year are presented below.
IVANHOE COMPANY Trial Balance August 31, 2022 | ||||||||
---|---|---|---|---|---|---|---|---|
Before Adjustment | After Adjustment | |||||||
Dr. | Cr. | Dr. | Cr. |
Cash | $ 10,200 | $ 10,200 | ||||||
---|---|---|---|---|---|---|---|---|
Accounts Receivable | 8,800 | 9,600 | ||||||
Supplies | 2,500 | 600 | ||||||
Prepaid Insurance | 3,800 | 2,500 | ||||||
Equipment | 12,800 | 12,800 | ||||||
Accumulated DepreciationEquipment | $ 3,700 | $ 4,600 | ||||||
Accounts Payable | 5,900 | 5,900 | ||||||
Salaries and Wages Payable | 0 | 1,200 | ||||||
Unearned Rent Revenue | 1,600 | 600 | ||||||
Owners Capital | 13,700 | 13,700 | ||||||
Service Revenue | 33,900 | 34,700 |
Rent Revenue | 11,100 | 12,100 | ||||||
---|---|---|---|---|---|---|---|---|
Salaries and Wages Expense | 17,000 | 18,200 | ||||||
Supplies Expense | 0 | 1,900 | ||||||
Rent Expense | 14,800 | 14,800 | ||||||
Insurance Expense | 0 | 1,300 | ||||||
Depreciation Expense | 0 | 900 | ||||||
$ 69,900 | $ 69,900 | $ 72,800 | $ 72,800 |
Prepare the adjusting entries that were made. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Date | Account Titles and Explanation | Debit | Credit |
---|---|---|---|
Aug. 31 | enter an account title to record revenue for services performed on August 31 | enter a debit amount | enter a credit amount |
enter an account title to record revenue for services performed on August 31 | enter a debit amount | enter a credit amount | |
(To record revenue for services performed) | |||
Aug. 31 | enter an account title to record supplies used on August 31 | enter a debit amount | enter a credit amount |
enter an account title to record supplies used on August 31 | enter a debit amount | enter a credit amount | |
(To record supplies used) | |||
Aug. 31 | enter an account title to record insurance expired on August 31 | enter a debit amount | enter a credit amount |
enter an account title to record insurance expired on August 31 | enter a debit amount | enter a credit amount | |
(To record insurance expired) | |||
Aug. 31 | enter an account title to record monthly depreciation on August 31 | enter a debit amount | enter a credit amount |
enter an account title to record monthly depreciation on August 31 | enter a debit amount | enter a credit amount | |
(To record monthly depreciation) | |||
Aug. 31 | enter an account title to record accrued salaries and wages on August 31 | enter a debit amount | enter a credit amount |
enter an account title to record accrued salaries and wages on August 31 | enter a debit amount | enter a credit amount | |
(To record accrued salaries and wages) | |||
Aug. 31 | enter an account title to record rent earned on August 31 | enter a debit amount | enter a credit amount |
enter an account title to record rent earned on August 31 | enter a debit amount | enter a credit amount | |
(To record rent earned) |
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