Question

Jade Company December 31, 2018 Unadjusted Trial Balance 130,000 25,000 15,000 12,000 100,000 14,000 64,000 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2018) Dividends Service Revenue Repair Expense Delivery Expense Depreciation Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Expense Income Tax Expense Total 35,000 9,000 13,600 12,500 40,000 35,000 65,700 4,000 576,000 1,800 50,000 6,000 64,000 10,000 190,000 50,000 6,000 45,000 786,800 786,800

Answer 1

Jade Company Adjusting Enteries Trans. Particulars 1 Insurance Expense a/c Dr. To Prepaid Insurance (Insurance expensed) 12000 x 4/12 Debit in $ Credit in $ 4000 4000 2 15000 Depreciation Expense a/c Dr. To Accumulated Depreciation (To record depreciation) 15000 Dr. 8000 Wages Expense a/c To Wages Payable (Wages accrued) 8000 4 Dr. 12900 Unearned Revenue a/c To Service Revenue (Revenue recognized) 12900 8000 Accounts Receivable a/c Dr. To Service Revenue (Services provided on account) 8000 Dr. 11000 Supplies Expense a/c To Supplies (Supplies expensed) 11000

Adjusted Trial Balance For the period ending 31.12.2018 Particulars Cash Debit in $ Credit in $ 130000 33000 4000 8000 100000 14000 64000 50000 9000 700 Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long Term Notes Payable Common Stock Retained Earnings Dividends Service Revenue Repair Expense Delivery Expense Depreciation Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Expense Income Tax Expense Totals 20500 40000 35000 65700 4000 596900 1800 50000 21000 64000 14000 198000 61000 6000 45000 817800 817800

Prepaid Insurance 13600 Insurance Expense 4000 Bal. 4000 Unearned Revenue Service Revenue 12900 Bal. Bal. 700 13600 4000 4000 13600 Bal Prepaid Insurance 12000 Insurance Expense Bal. 12000 4000 8000 12000 Service Revenue Bal. Unearned Revenue 596900 Accounts Receivable 596900 576000 12900 8000 596900 Bal. Depreciation Expense Bal. 6000 Accumulated Depri 15000 Bal. 21000 21000 21000 Bal. Supplies Supplies Expense 50000 11000 Bal. 61000 61000 61000 Accumulated Depreciation Bal. 50000 Depreciation Expen 50000 Bal. 35000 15000 50000 Bal. Supplies 15000 Supplies Expense Bal. 15000 11000 4000 15000 Bal. Wages Payable Wages Expense 190000 8000 Bal. 198000 198000 198000 Wages Payable Bal. Bal. 20500 Wages Expense 20500 12500 8000 20500