Question

3 2 CI On January 31, 2016, the general ledger account balances. ny showed the following ACCOUNTS Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accum. Depr.-Equip. Accounts Payable Lorraine Meeks, Capital Fees Income Depreciation Exp.-Equip. Insurance Expense Rent Expense Salaries Expense Supplies Expense 61,200 20,700 7,200 6,400 89,700 0 14.900 80,150 108,000 8.800 9,050 Additional information: a. Supplies used during January totaled $4,800. b. Expired insurance totaled $1.600. c. Depreciation expense for the month was $1,375. Complete the worksheet through the Adjusted Trial Balance section. Assume that every account has the normal debit or credit balance. The worksheet covers the month of

Answer 1

	Trial Balance		Adjsutments		Adjusted Trial Balance
Account Titles	Debit	Credit	Debit	Credit	Debit	Credit
Cash	$       61,200				$               61,200
Accounts Receivable	$       20,700				$               20,700
Supplies	$         7,200			$             4,800	$                 2,400
Prepaid Insurance	$         6,400			$             1,600	$                 4,800
Equipment	$       89,700				$               89,700
Accumulated Depreciation		$                         -		$             1,375		$            1,375
Accounts Payable		$               14,900				$          14,900
Lorraine Meeks, Capital		$               80,150				$          80,150
Fees Income		$            1,08,000				$      1,08,000
Rent Expenses	$         8,800				$                 8,800
Salaries Expenses	$         9,050				$                 9,050
Supplies Expenses	$                -		$       4,800		$                 4,800
Insurance Expense	$                -		$       1,600		$                 1,600
Depreciation Expense	$                -		$       1,375		$                 1,375
Total	$   2,03,050	$            2,03,050	$       7,775	$             7,775	$           2,04,425	$      2,04,425