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The unadjusted trial balance for Flounder Corp. is shown below.
Assume the following adjustment data.
| 1. | Supplies on hand at October 31 total $610. | |
| 2. | Expired insurance for the month is $115. | |
| 3. | Depreciation for the month is $95. | |
| 4. | As of October 31, services worth $940 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 $230. | |
| 6. | Interest expense accrued at October 31 is $75. | |
| 7. | Accrued salaries at October 31 are $1,535. |
Prepare the adjusting entries for the items above. (If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
FLOUNDER CORP Trial Balance October 31, 2017 Debit $15,150 2,660 690 4,700 Credit Cash Supplies Prepaid Insurance Equipment Notes Payable Accounts Payable Unearned Service Revenue Common Stock Retained Earnings Dividends Service Revenue Salaries and Wages Expense Rent Expense $4,700 2,800 1,650 11,390 500 13,800 4,000 6,640 $34,340 $34,340
Expert Answer
Answer:
Journal Entries
| No | Accounts titles and Explanation | Debit | credit |
| 1 | Supplies expense (2660-610) | 2050 | |
| Oct.31 | Supplies | 2050 | |
| 2 | Insurance expense | 115 | |
| Oct.31 | Prepaid Insurance | 115 | |
| 3 | Depreciation expense | 95 | |
| Oct.31 | Accumulated depreciation – equipment | 95 | |
| 4 | Unearned service revenue | 940 | |
| Oct.31 | Service revenue | 940 | |
| 5 | Accounts receivable | 230 | |
| Oct.31 | Service revenue | 230 | |
| 6 | Interest expense | 75 | |
| Oct.31 | interest payable | 75 | |
| 7 | Salaries and wages expense | 1535 | |
| Oct.31 | salaries and wages payable | $1,535 |
