Prepaid Rent should have a debit balance of 10,000 after adjustments
Record Adjusting Entries:
a. Prepaid Rent should have a debit balance of 10,000 after adjustments
b. Earned an $4,000 of Revenue that needs to be recorded
c. Depreciation Expense balance needs to be 15,000
d. Supplies expense should be $3,000
Record Closing Entries (four) based on the Adjusted Trial Balance
Create the Journal Entries and post in the above worksheet.
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Prepaid Rent should have a debit balance of 10,000 after adjustments
A B D E F. G н I к L M м. N o P Q...
A B D E F. G н I к L M м. N o P Q R S T U V Adjustments Debit Credit Adjusted Trial Balance Debit Credit Closing Entries Debit Credit Post Closing Trial Balance Debit Credit 1 Trial Balance Item 2 Account Title Debit Credit 3 Cash 20,000.00 4 Supplies 5,000.00 5 Prepaid Rent 12,000.00 6 Equipment 200,000.00 7 Accumulated Depreciation 120,000.00 8 Accounts Payable 8,000.00 9 Unearned Revenue 10,000.00 10 Common Stock 20,000.00 11 Retained Earnings...
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Adjustment data:
a. Accrued advertising revenue at October 31, $2,900
b. Prepaid rent expired during the month: The unadjusted prepaid
balance of $4,000 relates to the period October 2017 through
January 2018.
c. Supplies used during October, $200
d. Depreciation on computers for the month: The computers’
expected useful life is three years.
e. Accrued salary expense at October 31 for Monday through
Thursday; the five-day weekly payroll is $2,000.
Required:
Prepare the adjusting journal entries.
On the worksheet (draw...
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policy which started on Sept. 1, 2018, and no adjustments were made
from Sept. 1 – Dec. 31, 2018. Write the adjusting journal entry for
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Prepaid Insurance
6,000
Additional depreciation expense of $15,000 needs to be recorded
for the year ended 2018.
Depreciation Expense
15,000
Accumulated Depreciation
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Wages due to employees of $8,000 need to be recorded at year
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