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The unadjusted trial balance of Bolton Consulting is entered on the partial worksheet below. Bolton Consulting...

The unadjusted trial balance of Bolton Consulting is entered on the partial worksheet below.

Bolton Consulting

Work Sheet

For the year ended December 31

Account

Unadjusted Trial Balance

Adjustments

Adjusted Trial Balance

Income Statement

Balance Sheet and Statement of Stockholders’ Equity

Debit

Credit

Debit

Credit

Debit

Credit

Debit

Credit

Debit

Credit

Cash

31,000

Accounts Receivable

8,000

Supplies

12,500

Automobiles

175,000

Accum. Depr. - Autos

  52,000

Accounts payable

17,500

Unearned fees

26,500

Salaries payable

Capital Stock

58,000

Dividends

42,500

Fees earned

241,750

Salary expense

91,000

Rent expense

35,750

Advertising expense

Supplies expense

Depreciation expense

______

______

Totals

395,750

395,750

Instructions

Complete the worksheet using the following information:

(a) Unpaid and unrecorded salaries earned by employees, $6,500.

(b)   Unused supplies still on hand is $3,200.

(c)   Machinery depreciation, $20,000.

(d)   Customers who paid $12,750 in advance have received their services.

(e)   Advertising for last quarter of the year in the amount of $5,200 remains unpaid and unrecorded.

(f) The rent expense incurred and not yet paid or recorded at fiscal year-end is $4,100.

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Answer #1

Answer

Adjusting Entries General Journal Debit Credit a) Unpaid and unrecorded salaries earned by employees, $6,500 Salary expense Salaries payable 6,500 6,500 b) Unused supplies still on hand is $3,200 Supplies expense Supplies 9,300 9,300 c) Machinery depreciation, $20,000 Depreciation expense Accum. Depr. Autos 20,000 20,000 (d) Customers who paid $12,750 in advance have received their services Unearned fees 12,750 Fees earned 12,750 (e) Advertising for last quarter of the year in the amount of $5,200 remains unpaid and unrecorded 5,200 Advertising expense Accounts payable 5,200 (f) The rent expense incurred and not yet paid or recorded at fiscal year-end is $4,100 Rent expense Accounts payable 4,100 4,100

Bolton Consulting Work Sheet For the year ended December 31 Account Unadjusted Trial Adjustments Debit Adjusted Trial Debit Income Statement Balance Sheet and Debit Credit Debit Credit Credit Credit Debit Credit 31,000 8,000 12,500 175,000 31,000 8,000 3,200 175,000 31,000 8,000 3,200 175,000 Accounts Receivable Supplies Automobiles Accum. Depr. Autos Accounts payable Unearned fees Salaries payable Capital Stock Dividends Fees earned Salary expense Rent expense Advertising expense Supplies expense Depreciation expense Totals Net Income Totals 9,300 52,000 17,500 26,50012,750 20,000 9,300 72,000 26,800 13,750 6,500 58,000 72,000 26,800 13,750 6,500 58,000 6,500 58,000 42,500 42,500 42,500 241,750 12,750 254,500 254,500 97,500 39,850 5,200 9,300 20,000 97,500 39,850 5,200 9,300 20,000 91,000 35,750 6,500 4,100 5,200 9,300 20,000 50 171,850 254,500 259,700 177,050 82,650 254,500 254,500 259,700 259,700 395,750 395,750 5 57,850 431,550 431,5 82,650

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