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The unadjusted trial balance for Monty Corp. is shown below. MONTY CORP. Trial Balance October 31, 2017 Debit Credit Cash $15,330 Supplies 2,750 Prepaid Insurance
The unadjusted trial balance for Monty Corp. is shown below.
MONTY CORP. Trial Balance October 31, 2017 | ||||
---|---|---|---|---|
Debit | Credit | |||
Cash | $15,330 | |||
Supplies | 2,750 | |||
Prepaid Insurance | 750 | |||
Equipment | 4,760 | |||
Notes Payable | $4,760 | |||
Accounts Payable | 2,300 | |||
Unearned Service Revenue | 1,720 | |||
Common Stock | 11,510 | |||
Retained Earnings | 0 | |||
Dividends | 540 | |||
Service Revenue | 13,360 | |||
Salaries and Wages Expense | 4,000 | |||
Rent Expense | 5,520 | |||
$33,650 | $33,650 |
Assume the following adjustment data.
1. | Supplies on hand at October 31 total $690. | |
---|---|---|
2. | Expired insurance for the month is $125. | |
3. | Depreciation for the month is $60. | |
4. | As of October 31, services worth $930 related to the previously recorded unearned revenue had been performed. | |
5. | Services performed but unbilled (and no receivable has been recorded) at October 31 are $260. | |
6. | Interest expense accrued at October 31 is $85. | |
7. | Accrued salaries at October 31 are $1,570. |
Prepare the adjusting entries for the items above. (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.)
Account Titles and Explanation Debit Credit No. Date Oct. 31 1. 2. Oct. 31 Oct. 31 3. 4. Oct. 31 5. Oct. 31 6. Oct. 31 Oct. 31 7
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