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.
These are the year end entries, which are recorded to report the accrued revenues and expenses in the financial statements.
In the adjustment section, total debits and credis equals $18,900.
Question :Consider the facts presented in the following table for Tropical View:Beginning Prepaid Rent Payments for Prepaid Rent during the year Total amount to account for Subtract: Ending Prepaid Rent Rent Expense Situation A B C D $1,400 700 2,100 800 $ a $1,000 1,600 700 $900 b $ 200 1,800 $1,900 c d $ 700 f e 600 $1,000Complete the table by filling in the missing values.
Question : The unadjusted trial balance for All Mopped Up Company, a cleaning service, is as follows:ALL MOPPED UP COMPANY Unadjusted Trial Balance December 31, 2018 Account Title Prepaid Insurance Cash Debit Credit Office Supplies Equipment Accumulated Depreciation—Equipment Accounts Payable Salaries Payable Unearned Revenue Common Stock Dividends Service Revenue Salaries Expense Supplies Expense Depreciation Expense—Equipment Insurance Expense Total Balance $ 800 $ 45,400 $ 45,400 $ 2,000 15,300 25,000 2,000 600 30,000 2,400 700 5,000 7,000 A, During the 12 months ended December 31, 2018, All Mopped Up: a. used office supplies of $1,700. b. used prepaid insurance of $580. c. depreciated equipment, $500. d. accrued salaries expense of $310 that hasn’t been paid yet. e. earned $400 of unearned revenue. Requirements 1. Open a T-account for each account using the unadjusted balances. 2. Journalize the adjusting entries using the letter and December 31 date in the date column. 3. Post the adjustments to the T-accounts, entering each adjustment by letter. Show each account’s adjusted balance.
On September 1, Big Fan of Toledo prepaid six months of rent, $3,300. Requirements 1. Record the journal entry for the September 1 payment. 2. Record the adjusting entry required at September 30. 3. Using T-accounts, post the journal entry and adjusting entry to the accounts involved and show their balances at September 30. (Ignore the Cash account.)
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