Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The trial balances shown below are before and after adjustment for Pharoah Company at the end of its fiscal year. PHAROAH COMPANY Trial Balance August

The trial balances shown below are before and after adjustment for Pharoah Company at the end of its fiscal year.

PHAROAH COMPANY Trial Balance August 31, 2017

Before Adjustment

After Adjustment

Dr. Cr. Dr. Cr.
Cash $11,050 $11,050
Accounts Receivable 9,120 9,700
Supplies 2,610 1,400
Prepaid Insurance 4,030 2,670
Equipment 16,840 16,840
Accumulated DepreciationEquipment $3,789 $4,989
Accounts Payable 5,800 5,800
Salaries and Wages Payable 0 1,650
Unearned Rent Revenue 1,850 1,070
Common Stock 18,360 18,360
Retained Earnings 5,160 5,160
Dividends 2,980 2,980
Service Revenue 34,000 34,580
Rent Revenue 12,580 13,360
Salaries and Wages Expense 16,350 18,000
Supplies Expense 0 1,210
Rent Expense 18,559 18,559
Insurance Expense 0 1,360
Depreciation Expense

0

1,200

$81,539

$81,539

$84,969

$84,969

Prepare the adjusting entries that were made. (If no entry is required, select "No Entry" for the account titles and enter 0 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

enter an account title to record the service revenue

enter a debit amount

enter a credit amount

enter an account title to record the service revenue

enter a debit amount

enter a credit amount

(To record the service revenue)
Aug. 31

enter an account title to record the supplies expense

enter a debit amount

enter a credit amount

enter an account title to record the supplies expense

enter a debit amount

enter a credit amount

(To record the supplies expense)
Aug. 31

enter an account title to record the insurance expense

enter a debit amount

enter a credit amount

enter an account title to record the insurance expense

enter a debit amount

enter a credit amount

(To record the insurance expense)
Aug. 31

enter an account title to record the depreciation expense

enter a debit amount

enter a credit amount

enter an account title to record the depreciation expense

enter a debit amount

enter a credit amount

(To record depreciation expense)
Aug. 31

enter an account title to record salaries and wages expense

enter a debit amount

enter a credit amount

enter an account title to record salaries and wages expense

enter a debit amount

enter a credit amount

(To record salaries and wages expense)
Aug. 31

enter an account title to record the rent revenue

enter a debit amount

enter a credit amount

enter an account title to record the rent revenue

enter a debit amount

enter a credit amount

(To record rent revenue)

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: 3

blur-text-image

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

Develop a program for effectively managing diversity. page 303

Answered: 1 week ago

Question

List the common methods used in selecting human resources. page 239

Answered: 1 week ago