Question

- : X fi H I J K L M N O P Q R S T U V W X Y ДА В D E F G 2 Lawn and Garden Plus was founded in January 2013. Presented below is the unadjusted trial balances as of December 31, 2020. Complete the adjusting entries (below Trial Balance) and Adjusted Trial Balance. Cash and Equipment are started for you. 3 Adjusted DR CR $ 11,000 60,000 Lawn and Garden Plus Trial Balance December 31, 2020 Unadjusted DR CR Cash $ 11,000 Accounts Receivable 20,000 Supplies 8,400 Prepaid Insurance 3,350 Equipment 60,000 Accumulated Depreciation Equipment $ 28,000 Accounts Payable 5,000 Interest Payable Notes Payable 5,000 Unearned Service Revenue 7,000 Salaries and Wages Payable Common Stock 10,000 Retained Earnings 3,500 Service Revenue 58,600 Salaries and Wages Expense 10,000 Insurance Expense Interest Expense 350 Depreciation Expense Supplies Expense Rent Expense 4,000 $117,100 $ 117,100 $ 71,000 $ - Project +
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Answer 1

Lawn and Garden Plus Adjusting Enteries Trans. Particulars a. Accounts Receivable a/c To Service Revenue (Revenue on account) Dr. Debit in $ Credit in $ 3500 3500 b. Dr. 1400 Unearned Service Revenue a/c To Service Revenue (Revenue earned) 1400 5400 Supplies Expense a/c To Supplies (Supplies Expensed) 8400 - 3000 5400 d. Dr. 5000 Depreciation Expense a/c To Accum. Depre - Equip. (To record depreciation) 5000 e. 150 Interest Expense a/c Dr. To Interest Payable (Interest accrued) 5000 x 12% x 3/12 150 f. 850 Insurance Expense a/c Dr. To Prepaid Insurance (Insurance expensed) 3350 - 2500 850 g. 1300 Salaries and Wages Expense a/c Dr. To Salaries and Wages Payable (Wages accrued) 1300

Worksheet For the period ending 31.12.2020 Unadjusted Adjustments Adjusted Particulars Debit in $ Credit in $ Debit in $ Credit in $ Debit in $ Credit in $ Cash 11000 11000 Accounts Receivable 20000 3500 23500 Supplies 8400 5400 3000 Prepaid Insurance 3350 850 2500 Equipment 60000 60000 Accum. Depre - Equip. 28000 5000 33000 Accounts Payable 5000 5000 Interest Payable 150 150 Notes Payable 5000 5000 Unearned Service Revenue 7000 1400 5600 Salaries and Wages Payable 1300 1300 Common Stock 10000 10000 Retained Earnings 3500 3500 Service Revenue 58600 4900 63500 Salaries and Wages Expense 10000 1300 11300 Insurance Expense 850 850 Interest Expense 350 150 500 Depreciation Expense 5000 5000 Supplies Expense 5400 5400 Rent Expense 4000 4000 Totals 117100 117100 17600 17600 127050 127050 63500 Statement of Income For the period ending 31.12.2020 Service Revenue Less: Salaries and Wages Expense Insurance Expense Interest Expense Depreciation Expense Supplies Expense Rent Expense Net Income 11300 850 500 5000 5400 4000 27050 36450 Statement of Retained Earnings For the period ending 31.12.2020 Beginning Balance 3500 Net Income 36450 39950

Amounts in $ Amounts in $ Balance sheet As at 31.12.2020 Assets Amounts in $ Amounts in $ Liabilities Current Assets Current Liabilities Cash 11000 Accounts Payable Accounts Receivable 23500 Interest Payable Supplies 3000 Notes Payable Prepaid Insurance 2500 40000 Unearned Service Revenue Salaries and Wages Payable Non Current Assets Equipment 60000 Shareholders Equity Accum. Depre - Equip -33000 27000 Common Stock Retained Earnings Total Assets 67000 Total Liabilities & Equity 5000 150 5000 5600 1300 17050 10000 39950 49950 67000