Question

The unadjusted trial balance for Green Initiatives as December 31 is provided on the trial balance tab. Information for adjustments is os follows: o. As of December 31, employees had earned $2.000 of unpaid and unrecorded salaries. The next payday is January 4, at which time $2,500 of salaries will be paid. b. The cost of supplies still available at December 31 is $1.400. c. The notes payable requires an interest payment to be made every three months. The amount of unrecorded accrued interest at December 31 is $2.250. The next interest payment, at an amount of $2700. is due on January 15. d. Analysis of the unearned member fees account shows $2,600 remaining unearned at December 31 e. in addition to the member fees included in the revenue account balance, the company has earned another $13.300 In unrecorded fees that will be collected on January 31. The company is also expected to collect $14.000 on that same day for new fees earned in January Depreclation expense for the year is $24.200 St Owners General Journal Income Statement General Ledger Post Closing Balance Sheet Requirement Tral Balance Equity Prepare the required adjusting entries and closing entries for Green Initiatives.

Answer 1

Account Titles	Debit	Credit
Salaries Expense	$      2,000.00
Salaries Payable		$         2,000.00
(Salaries accrued but not paid)
Supplies Expense	$      5,600.00
Supplies		$         5,600.00
(Supplies consumed during the month i.e. $7000-1400)
Interest Expense	$      2,250.00
Interest Payable		$         2,250.00
(Interest accrued but not paid)
Unearned Member Fees	$    16,400.00
Member Fees earned		$      16,400.00
(Member fees earned out of advance received $19000 - 2600)
Accounts Receivable	$    13,300.00
Member Fees earned		$      13,300.00
(Member fees earned but not collected)
Depreciation Expense	$    24,200.00
Accumulated Depreciation		$      24,200.00