Prepare journal entries as follows:
Trn. | Account Titles | Debit | Credit |
1 | Accounts receivable | $211,000 | |
Service revenue | $211,000 | ||
2 | Salaries payable | $19,300 | |
Cash | $19,300 | ||
3 | Cash | $126,000 | |
Accounts receivable | $126,000 | ||
4 | Cash | $41,000 | |
Unearned Service Revenue | $41,000 | ||
5 | Utilities payable | $8,900 | |
Cash | $8,900 | ||
6 | Cash | $91,000 | |
Accounts receivable | $145,000 | ||
Service revenue | $236,000 | ||
7 | Supplies | $44,000 | |
Cash | $44,000 | ||
8 | Interest payable | $7,300 | |
Cash | $7,300 | ||
9 | Bad debt | $5,300 | |
Allowance for doubtful | $6,300 | ||
Accounts receivable | $11,600 | ||
10 | Salaries expense | $167,000 | |
Cash | $167,000 | ||
11 | Cash | $234,000 | |
Accounts receivable | $234,000 | ||
12 | Accounts payable | $22,000 | |
Cash | $22,000 | ||
13 | Cash | $310,000 | |
Common stock | $75,000 | ||
APIC | $235,000 | ||
14 | Cash | $79,000 | |
Accounts receivable | $205,200 | ||
Service revenue | $284,200 | ||
15 | Dividend | $85,000 | |
Cash | $85,000 | ||
16 | Cash | $191,000 | |
Accounts receivable | $191,000 | ||
Adjusting Entries as follows: | |||
a | Bad debt | $12,100 | |
Allowance for doubtful | $12,100 | ||
b | Insurance expense ($27000-$9400) | $17,600 | |
Prepaid insurance | $17,600 | ||
c | Supplies expense ($31000+$44000-$38200) | $36,800 | |
Supplies | $36,800 | ||
d | Depreciation expense | $62,000 | |
Accumulated depreciation-Build. | $29,000 | ||
Accumulated depreciation-Equip. | $33,000 | ||
e | Salaries expense | $10,700 | |
Utilities expense | $2,200 | ||
Interest expense | $5,800 | ||
Salaries payable | $10,700 | ||
Utilities payable | $2,200 | ||
Interest payable | $5,800 | ||
f | Unearned service revenue | $32,300 | |
Service revenue | $32,300 |
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