Question

Galaxy Theater Production Company's partially completed worksheet as of December 31, 2018 and adjustment data at December 31 follow Click the icon to view the partially completed worksheet.) (Click the icon to view the adjustment data.) Read the requirements. Requirement 1. Complete the worksheet. Use letters a through e to label the five adjustments. The account names and unadjusted trial balance amounts as provided in the question have been entered into the worksheet for you. Finish the partial worksheet by completing the adjustments and adjusted trial balance columns. Complete the Adjustments columns by using the letters a through e to label the five adjustments. (Abbreviation used: Equip. = Equipment.) Galaxy Production Company Worksheet December 31, 2018 Adjusted Trial Balance Adjustments Debit Credit Account Names Debit | Credit A More Info - X Unadjusted Trial Balance Debit Credit | 3,700 5,700 1,700 1,000 34,000 8,000 4,600 Cash Accounts Receivable Office Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equip. Accounts Payable Salaries Payable Common Stock Dividends Service Revenue Depreciation Expense-Equip. Supplies Expense Utilities Expense Salaries Expense Insurance Expense a. As of December 31, Galaxy had performed $800 of service revenue but has not yet billed customers. b. At the end of the month, Galaxy had $600 of office supplies remaining. C. Prepaid Insurance of $800 remained. d Depreciation expense, $3,600. e. Accrued salaries expense of $450 that hasn't been paid yet. 19,200 29,000 Print Done 73,000 5,700 24,000 104,800 S 104.800 Total

Answer 1

C (b) Accounts Names Cash Accounts receivable Office supplies Prepaid insurance Equipment Accumulated Depreciation - Equip. Accounts payable Salaries payable Common stock Dividends Service revenue Depreciation expense-Equip. Supplies expense Utilities expense Salaries expense Insurance expense Total Galaxy Production Company Worksheet December 31, 2018 Unadjusted Trial Balance Adjustments Debit Credit Debit Credit 3,700 5,700 (a) 800 1,700 1,100 1,000 (c) 200 34,000 8,000 (d) 3,600 4,600 (e) 450 19,200 29,000 73,000 (a) 800 (d) 3,600 (b) 1,100 5,700 24,000 (e) 450 L (c) 200 104,800 104,800 6,150 6,150 Adjusted Trial Balance Debit Credit 3,700 6,500 600 800 34,000 - 11,600 4,600 - 450 19,200 29,000 - 73,800 3,600 1,100 5,700 24,450 200 109,650 109,650

Debit Credit 800 Date Accounts and Explanation (a) Dec.31 Accounts receivable Service revenue |(to record service revenue) 800 1,100 (b) Dec.31 Supplies expense (1,700 - 600) Supplies (to record supplies expense) 1,100 200 (c) Dec.31 Insurance expense (1,000 -800) Prepaid Insurance (to record insurance expense) 200 3,600 |(d) Dec.31 | Depreciation expense - Equip. Accumulated depreciation - Equip. (to record depreciation expense) 3,600 450 |(e) Dec.31 Salaries expense Salaries payable (to record accrued salary) 450