Question
Using a TABULAR ANALYSIS summary, record the following adjustments, considering the account balances given. Provide explanations for specific revenue and expense accounts in the Explanation
Using a TABULAR ANALYSIS summary, record the following adjustments, considering the account balances given. Provide explanations for specific revenue and expense accounts in the Explanation column.
Unadjusted Account Balances:
Property plant and equipment 320,000
Accumulated depreciation 89,500
Prepaid Insurance 24,000
Supplies 75,000
Unearned service revenue 3,000
supplies actual count at year end, $6,500
remaining unexpired insurance, $6,000
remaining unearned service revenue, $1,200
salaries owed to employees, $2,400
depreciation on property plant and equipment, $18,000
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