Question & Answer: Debit Credit Cash Accounts Receivable Equipment Insurance Expense Salaries and Wages Expense Supplies Expense Advertising Expense Rent Expense Utilities Expen…..

Debit Credit Cash Accounts Receivable Equipment Insurance Expense Salaries and Wages Expense Supplies Expense Advertising Expense Rent Expense Utilities Expense $8,600 14,000 45,000 2,700 30,000 3,700 1,900 1,500 1,700 $109,100 Notes Payable Accounts Payable Owners Capital Sales Revenue Service Revenue $20,000 9,000 22,000 52,100 6,000 $109,100 the following additional data. Analysis reveals 1. The $3,700 balance in Supplies Expense represents supplies purchased in January. At June 30, $1,500 of supplies are on hand 2. The note payable was issued on February 1 . It is a 996, 6-month note 3. The balance in Insurance Expense is the premium on a one-year policy, dated March 1, 2017 4. Service revenues are credited to revenue when received. At June 30, services revenue of $1,300 are unearned. 5. Revenue for services performed but unrecorded at June 30 totals $2,000 6. Depreciation is $2,250 per year: Instructions (a) Journalize the adjusting entries at June 30. (Assume adjustments are recorded every 6 months.) (b) Prepare an adjusted trial balance

Debit Credit Cash Accounts Receivable Equipment Insurance Expense Salaries and Wages Expense Supplies Expense Advertising Expense Rent Expense Utilities Expense $8,600 14,000 45,000 2,700 30,000 3,700 1,900 1,500 1,700 $109,100 Notes Payable Accounts Payable Owner’s Capital Sales Revenue Service Revenue $20,000 9,000 22,000 52,100 6,000 $109,100 the following additional data. Analysis reveals 1. The $3,700 balance in Supplies Expense represents supplies purchased in January. At June 30, $1,500 of supplies are on hand 2. The note payable was issued on February 1 . It is a 996, 6-month note 3. The balance in Insurance Expense is the premium on a one-year policy, dated March 1, 2017 4. Service revenues are credited to revenue when received. At June 30, services revenue of $1,300 are unearned. 5. Revenue for services performed but unrecorded at June 30 totals $2,000 6. Depreciation is $2,250 per year: Instructions (a) Journalize the adjusting entries at June 30. (Assume adjustments are recorded every 6 months.) (b) Prepare an adjusted trial balance

Expert Answer

 

Don't use plagiarized sources. Get Your Custom Essay on
Question & Answer: Debit Credit Cash Accounts Receivable Equipment Insurance Expense Salaries and Wages Expense Supplies Expense Advertising Expense Rent Expense Utilities Expen…..
GET AN ESSAY WRITTEN FOR YOU FROM AS LOW AS $13/PAGE
Order Essay

a) ADJUSTING JOURNAL ENTRIES :

DATE ACCOUNTS & EXPLANATION DEBIT CREDIT
1. Supplies a/c 1500
     Supplies expenses a/c 1500
(To record supplies)
Interest expenses a/c (20000*9%*5/12) 750
       Interest payable a/c 750
(To record interest payable)
Prepaid insurance a/c (2700*8/12) 1800
       Insurance expenses a/c 1800
(To record prepaid insurance)
Service revenue a/c 1300
      Unearned service revenue a/c 1300
(To record unearned service revenue)
Accured revenue a/c 2000
      Service revenue a/c 2000
(To record accured revenue)
Depreciation a/c (2250*6/12) 1125
      Accumlated depreciation a/c 1125
(To record dep expenses)

B) prepare adjusted trial balance :

DEBIT CREDIT
Cash 8600 Account payable 9000
Account receivable 14000 Interest payable 750
Accured revenue 2000 Notes payable 20000
Supplies 1500 Accumlated dep 1125
Prepaid insurance 1800 Owner’s capital 22000
Equipment 45000 Sales revenue 52100
Depreciation expenses 1125 service revenue 6700
Interest expenses 750 Unearned revenue 1300
supplies expenses 2200
Insurance expenses 900
Salaries & wages exp 30000
Advertising 1900
rent expenses 1500
Utilities expenses 1700
112975 112975

Grand Paper Writers
Order NOW For A 10% Discount!
Pages (550 words)
Approximate price: -

Our Advantages

Plagiarism Free Papers

All papers are written by the best professional writers to ensure 100% originality. We always provide plagiarism reports whenever we deliver completed papers.

Free Revisions

All papers by Grand Paper Writers are completed and submitted on time. This timely delivery of papers gives you time to go through the paper before the official deadline.

Title-page

As an additional service, we will provide a title page that precedes the contents of your paper. Here, you will provide your personal details.

Bibliography

We also ensure that we provide an extra page for the references or bibliographies following referencing rules.

Originality & Security

At Grandpaperwriters.com, we guarantee students for the provision of security and original work. All your personal information is handled with confidentiality and is not shared with third parties. Additionally, we ensure that we provide original content with accompanying plagiarism reports to show originality.

24/7 Customer Support

Our customer support team is always available 24/7 to provide instant responses to any queries raised by students.

Try it now!

Calculate the price of your order

We'll send you the first draft for approval by at
Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

Grandpaperwriters.com has the best professional essay writers for quality services.

Pricing

Flexible Pricing

Here, a Grandpaperwriters.com, we do not compromise on the time of our clients. We always deliver all completed papers on or before the deadlines.

Communication

Admission Help & Client-Writer Contact

Grandpaperwriters.com provides an interactive portal where students can communicate directly to their writers.

Deadlines

Paper Submission

Here, a Grandpaperwriters.com, we do not compromise on the time of our clients. We always deliver all completed papers on or before the deadlines.

Reviews

Customer Feedback

Grandpaperwriters.com appreciates feedback from our clients to help us improve the delivery of essay writing services. As such, we are constantly changing our policies to ensure maximum customer and writer satisfaction.