Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The unadjusted trial balance of Skotch Star Makers Inc. prepared as of December 31, 2015, includes the following account bailances. All of the accounts listed

image text in transcribed

image text in transcribed

The unadjusted trial balance of Skotch Star Makers Inc. prepared as of December 31, 2015, includes the following account bailances. All of the accounts listed have normal balances. Cash Accounts Recevable Supplies Prepaid Insurance Equipment $ 16,000 3,200 3,400 7,200 22,000 3,200 32.000 11000 42.000 36 000 Notes Payable (long-term) Uneaned Revenue Service Revenue Salaries and Wages Expense The follorwing information is also available A) Account of supplies revealed $1,600 worth on hand at December 31,2015 B) An insurance policy. purchased on January 1,2015 cowers four years C) The equipment depreciates at a rate of 52 200 per year no depreciation has been recorded for 2015 DI Half (or 50%) of the amount recorded as Uneamed Reenue remains unearned as of December 3, 2015 E) The accrued amount of salaries and wages at December 31, 2015 are $3,200 Required: Prepare the required adustments for the company as of December 31, 2015 (t no entry is requized for a transaction/event, select "No journal entry required in the finst account field ) Journal entry worksheet

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

Recommended Textbook for

Auditors Letter Handbook

Authors: American Bar Association Business Law Section

2nd Edition

161438973X, 978-1614389736

More Books

Students also viewed these Accounting questions

Question

Can I go blind with Multiple Sclerosis?

Answered: 1 week ago