Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The unadjusted trial balance for Novak Corp. is shown below. Credit NOVAK CORP Trial Balance October 31, 2022 Debit Cash $16,050 Supplies 2,940 Prepaid Insurance

image text in transcribedimage text in transcribed

The unadjusted trial balance for Novak Corp. is shown below. Credit NOVAK CORP Trial Balance October 31, 2022 Debit Cash $16,050 Supplies 2,940 Prepaid Insurance 720 Equipment 5,500 Notes Payable Accounts Payable Unearned Service Revenue Common Stock Retained Earnings Dividends 670 Service Revenue Salaries and Wages Expense 4,000 Rent Expense 1.030 $30,910 $5,500 2,190 2,180 11,840 0 9,200 $30,910 1. Assume the following adjustment data. Supplies on hand at October 31 total $600. 2. Expired insurance for the month is $120. 3. Depreciation for the month is $90. 4. As of October 31, services worth $960 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 $350. 6. Interest expense accrued at October 31 is $85. 7. Accrued salaries at October 31 are $1.480. Prepare the adjusting entries for the items above. (If no entry is required, select "No Entry"for the account titles and enter Ofor the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Debit Credit Date Account Titles and Explanation Oct. 31 1. 2. Oct. 31 3. Oct. 31 4 Oct. 31 5. Oct. 31 6. Oct. 31 7. Oct. 31

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