Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The trial balances before and after adjustment for Shamrock Company at October 31, 2024, which is the end of its fiscal year, are as follows:
The trial balances before and after adjustment for Shamrock Company at October 31, 2024, which is the end of its fiscal year, are as follows:
Before Adjustment | After Adjustment | ||||||||
---|---|---|---|---|---|---|---|---|---|
Debit | Credit | Debit | Credit | ||||||
Cash | $9,285 | $9,285 | |||||||
Accounts receivable | 8,885 | 9,415 | |||||||
Supplies | 2,575 | 645 | |||||||
Prepaid insurance | 3,845 | 2,585 | |||||||
Equipment | 34,315 | 34,315 | |||||||
Accumulated depreciationequipment | $3,405 | $5,615 | |||||||
Accounts payable | 5,830 | 5,830 | |||||||
Notes payable | 39,260 | 39,260 | |||||||
Salaries payable | 0 | 1,085 | |||||||
Interest payable | 0 | 470 | |||||||
Unearned revenue | 1,410 | 630 | |||||||
E. Shamrock, capital | 5,485 | 5,485 | |||||||
E. Shamrock, drawings | 10,090 | 10,090 | |||||||
Service revenue | 47,375 | 48,685 | |||||||
Depreciation expense | 0 | 2,210 | |||||||
Insurance expense | 0 | 1,260 | |||||||
Interest expense | 1,410 | 1,880 | |||||||
Rent expense | 14,975 | 14,975 | |||||||
Salaries expense | 17,385 | 18,470 | |||||||
Supplies expense | 0 | 1,930 | |||||||
Totals | $102,765 | $102,765 | $107,060 | $107,060 |
prepare balance sheet
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