Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

what is the debit and credit? Required information [The following information applies to the questions displayed below.] The December 31, 2021, unadjusted trial balance for

image text in transcribedimage text in transcribedwhat is the debit and credit?

Required information [The following information applies to the questions displayed below.] The December 31, 2021, unadjusted trial balance for Demon Deacons Corporation is presented below. Credit Debit $ 9,300 14,300 6,360 3,300 Accounts Cash Accounts Receivable Prepaid Rent Supplies Deferred Revenue Common Stock Retained Earnings Service Revenue Salaries Expense $ 2,300 10,000 5,300 47,160 31,500 $64,760 $ 64,760 At year-end, the following additional information is available: 1. The balance of Prepaid Rent, $6,360, represents payment on October 31, 2021, for rent from November 1, 2021, to April 30, 2022 2. The balance of Deferred Revenue, $2,300, represents payment in advance from a customer. By the end of the year, $575 of the services have been provided. 3. An additional $600 in salaries is owed to employees at the end of the year but will not be paid until January 4, 2022. 4. The balance of Supplies, $3,300, represents the amount of office supplies on hand at the beginning of the year of $1,350 plus an additional $1,950 purchased throughout 2021. By the end of 2021, only $730 of supplies remains. 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

Students also viewed these Accounting questions