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30E_2

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Horngren'S Financial And Managerial Accounting
Found in: Page 168

Short Answer

Question :The worksheet of Macey’s Landscaping Services follows but is incomplete. Requirements 1. Calculate and enter the adjusted account balances in the Adjusted Trial Balance columns. 2. Describe each adjusting entry. For example, a. Prepaid rent expires, $1,150.

(a) Prepaid rent expires, $1,150.

(b)Office supplies used, $350.

(c) Depreciation on equipment, $1,300.

(d) Depreciation on trucks, $1,900.

(e) Unearned revenue earned, $3,200

(f) Salaries owed to employees, $7,200

(g) Interest expense accrued, $300.

(h) Service revenue accrued, $3,500.

See the step by step solution

Step by Step Solution

Step-by-Step-SolutionStep1: Explanation on Adjusting Entries

These are the year end entries, which are recorded to report the accrued revenues and expenses in the financial statements.

Step2: Explanation on Adjustments

In the adjustment section, total debits and credis equals $18,900.

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