On July 31, 2019, after one month of operation, the general
ledger of Michael Domenici, Consultant, contained the accounts and
balances given below.
ACCOUNTS AND BALANCES | ||||
Cash | $ | 25,360 | Dr. | |
Accounts Receivable | 1,410 | Dr. | ||
Supplies | 930 | Dr. | ||
Prepaid Rent | 10,050 | Dr. | ||
Prepaid Insurance | 2,040 | Dr. | ||
Prepaid Interest | 388 | Dr. | ||
Furniture | 14,397 | Dr. | ||
Accumulated Depreciation—Furniture | ||||
Equipment | 6,995 | Dr. | ||
Accumulated Depreciation—Equipment | ||||
Notes Payable | 17,400 | Cr. | ||
Accounts Payable | 5,200 | Cr. | ||
Interest Payable | ||||
Unearned Consulting Fees | 5,640 | Cr. | ||
Michael Domenici, Capital | 31,680 | Cr. | ||
Michael Domenici, Drawing | 2,700 | Dr. | ||
Consulting Fees | 8,700 | Cr. | ||
Salaries Expense | 3,900 | Dr. | ||
Utilities Expense | 255 | Dr. | ||
Telephone Expense | 195 | Dr. | ||
Supplies Expense | ||||
Rent Expense | ||||
Insurance Expense | ||||
Depreciation Expense—Furniture | ||||
Depreciation Expense—Equipment | ||||
Interest Expense | ||||
ADJUSTMENTS
Required:
Analyze:
By what total amount were the expense accounts of the business
adjusted?
On July 31, 2019, after one month of operation, the general ledger of Michael Domenici, Consultant,...
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Current Attempt in Progress Everett Co. was organized on July 1, 2020. Quarterly financial statements are prepared. The unadjusted and adjusted trial balances as of September 30 are shown as follows Everett Co. Trial Balance September 30, 2020 Unadjusted Dr. Cr. Cash $8,700 Accounts Receivable 10,400 Supplies 1,500 Prepaid Rent 2.200 Equipment 18,000 Accumulated Depreciation-Equipment $ 0 Notes Payable 10,000 Accounts Payable 2,500 Salaries and Wages Payable 0 Interest Payable 0 Unearned Rent Revenue 1.900 Common Stock 22.000 Dividends 1.600...