Question

View Policies Current Attempt in Progress The unadjusted trial balance for Novak Corp. is shown below. + Liabilities Assets Stockholders' Equity Reatined Earnings Accts. Rec 0 Cash Bal. 15,560 Prepd. Supplies. Insur. 3 ,070 690 Acc. Depr: Notes Equip. . Equip. - Pay. 4,910 0 4,910 Sal. & Unearned Wages Serv. Rev.. Pay. 1.350 Accts. Int. Pay Pay. 2.1800 Com. Stock 11,810 Rev.. Exp.. Div 13.920 -9,250 -690 Assume the following adjustment data. 1. Supplies on hand at October 31 total $610 2. Expired insurance for the month is $115. 3. Depreciation for the month is $65. 4. As of October 31, services worth $810 related to the previously recorded unearned revenue had been performed 5. Services performed but unbilled (and no receivable has been recorded) at October 31 are $250 6. Interest expense accrued at October 31 is $70. 7. Accrued salaries at October 31 are $1.510. Prepare a tabular summary to record adjustments for the items above using the summary that follows. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity place a negative sign for parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets 2/122020

Answer 1

Answer: Assets Liabilities Stockholders' Equity Retained Earnings Acc. Int. Accts. Rec. Depr.- Equip. = Cash 15,560 Prepd. Insur. + 690 + Unearne | Sal. & d Serv. Wages Rev. + Pay. 1,350 + + + + Supplies + 3,070 + -2,460 + Pay. Notes Pay. 4,910 Accts. Pay. 2,180 Equip. - 4,910 - + + Com. Stock + 11,810 + Rev. 13,920 - Div. -690 + Exp. - -9,250 - -2,460 -115 - + + + -115 | + | + + + + + + -65 + + + + + 810 + + + + + + + 250 + + + + + + + + 250 - -70- -1,510 - 14,980 - -13,470 - + Adj. Bal. 15,560 + 1 610 + 575 + 4,910 - -65 = 4,910 + 1,510 + 1,510 + 2,180 + 70 + 540 + 11,810 + 690

1. Supplies Expense

2. Insurance Expense

3. Depreciation Expense

4.Service Revenue

5. Service Revenue

6. Interest Expense

7. Salaries Expense