Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The trial balances shown below are before and after adjustment for Sheridan Company at the end of its fiscal year. SHERIDAN COMPANY Trial Balance August
The trial balances shown below are before and after adjustment for Sheridan Company at the end of its fiscal year. SHERIDAN COMPANY Trial Balance August 31, 2022 Before Adjustment After Adjustment Dr. Cr. Dr. Cr. Cash $10,150 $10,150 Accounts Receivable 9,120 9.690 Supplies 2,800 1,740 Prepaid Insurance 4,080 2,690 Equipment 16,000 16,000 Accumulated Depreciation-Equipment $3,600 $4,800 Accounts Payable 5,500 5,500 Salaries and Wages Payable 1.750 Unearned Rent Revenue 1.980 1.190 Common Stock 15,930 15,930 Common Stock 15,930 15,930 Retained Earnings 5,760 5,760 Dividends 2,980 2,980 Service Revenue 34,000 34,570 Rent Revenue 12,590 13,380 Salaries and Wages Expense 16,570 18,320 Supplies Expense 0 1,060 Rent Expense 17,660 17,660 Insurance Expense 0 1,390 Depreciation Expense 0 1,200 $79,360 $79,360 $82,880 $82,880 Prepare the adjusting entries that were made. (If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually:) Date Account Titles and Explanation Debit Credit Aug. 31 (To record the service revenue) Aug. 31 (To record the supplies expense) Aug. 31 (To record the insurance expense) Aug. 31 (To record the insurance expense) Aug. 31 (To record depreciation expense) Aug. 31 (To record salaries and wages expense) Aug. 31 (To record rent revenue)
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