Question

Ivanhoe Company Worksheet For the Month Ended June 30, 2020 Trial Balance Account Titles Dr. Cr. Cash 2,100 Accounts Receivable 2,800 Supplies 2,000 Accounts Payable 1,100 Unearned Service Revenue 400 Owner's Capital 3,160 Service Revenue 3,000 Salaries and Wages Expense Miscellaneous Expense 160 Total 7,660 7,660 Other data: 1. A physical count reveals $700 of supplies on hand. 2. $100 of the unearned revenue is still unearned at month-end. 3. Accrued salaries are $310. Complete the worksheet. June 30, Account Titles Trial Balance Adjustments Cr. Dr Cash 2,100 Accounts Receivable 2,800 Supplies 2,000 Accounts Payable 1,100 Unearned Service Revenue 400 Home North Caro. Wiley PLUS - Googl...

Answer 1

D Company
Worksheet
Account titles	Trial Balance		Adjustments		Adjusted Trial Balance		Income Statement		Balance Sheet
	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.
Cash	2100				2100				2100
Accounts receivable	2800				2800				2800
Supplies	2000			1300	700				700
Accounts payable		1100				1100				1100
Unearned service revenue		400	300			100				100
Owner's capital		3160				3160				3160
Service revenue		3000		300		3300		3300
Salaries and wages expense	600		310		910		910
Miscellaneous expense	160				160		160
Totals	7660	7660
Supplies expense			1300		1300		1300
Salaries and wages payable				310		310				310
Totals			1910	1910	7970	7970	2370	3300	5600	4670
Net income							930			930
Totals							930	3300	5600	5600

Notes:

1. Beginning balance of supplies = $2000

As per physical count, supplies on hand = $700

Therefore Adjustments = 2000 - 700 = $1300

2. Beginning balance of unearned service revenue = $400

Amount unearned revenue still unearned at the end of month = $100

Therefore Adjustments = 400-100 = $300

3. Accrued salaries are $ 310. Therefore an Adjustment to record accrued salaries will be made by debiting salaries and wages expense and creating salaries and wages payable.