Question

Adjusting Entries Good Note Company specializes in the repair of music equipment and is owned and operated by Robin Stahl. On November 30, 2019, the end of the current year, the accountant for Good Note prepared the following trial balances: Good Note Company Trial Balance November 30, 2019 Unadjusted Adjusted Debit Balances Credit Balances Debit Balances Credit Balances Cash 34,030 34,030 97,490 Accounts Receivable Supplies 3,140 97,490 10,120 12,880 494,860 Prepaid Insurance 2.450 494,860 84.160 95,100 102,090 102,090 Equipment Accumulated Depreciation-Equipment Automobiles Accumulated Depreciation-Automobiles Accounts Payable Salaries Payable Unearned and 48,750 22,070 51,190 22,950 6,900 53120 16.100

Answer 1

Credit Debit 6,980 $ $ 6,980 $ 10,430 $ 10,430 $ 10,940 $ 10,940 Date Account Titles and Explanation Sep. 30 Supplies Expense Supplies Sep. 30 Insurance Expense Prepaid Insurance Sep. 30 Depreciation Expense - Equipment Accumulated Depreciation - Equipment Sep. 30 Depreciation Expense - Automobiles Accumulated Depreciation - Automobiles Sep. 30 Utiities Expense Accounts Payable Sep. 30 Salary Expense Salaries Payable Sep. 30 Unearned Service Fee Service Fees Earned $ 2,440 $ 2,440 $ 880 $ 880 $ 6,900 $ 6,900 $ 10,980 $ 10,980 Working Notes: Supplies Expense = $10,120-$3,140 = $6,980 Insuranec Expenses = $12,880-$2,450 = $10,430 Utilities Expense = $12,380-$11,500 = $880 Service Fees Earned = $697,350-$686,370 = $10,980