Part 2 Required: A. Prepare adjusting entries using the information below: Feb 28th One month of...

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Part 2 Required: A. Prepare adjusting entries using the information below: Feb 28th One month of the fire insurance policy ha

Stellar Student Tutoring Adjusted Trial Balance February 28, 2020 Debit Account Credit

Cash Wage Payable 31-Jan 1-Feb $ 32,000 15,000 25,000 1-Feb 7,800 1-Feb 12,300 16-Feb Interest Payable 18-Feb $ 22-Feb $ 10,5

Depreciation Expense Accum. Depr Interest Expense Accounts Payable 4,200 31-Jan 3,500 9-Feb 25-Feb $ 6,250 1,450 Unearned Rev

Common Stock 85,000 31-Jan 15,000 1.Feb 100,000 Retained Earnings 27,400 31-Jan 28-Feb $ Dividends 2,000

Stellar Student Tutoring Adjusted Trial Balance February 28, 2020 Debit

business accounting

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Answer 1

Answer #1

	Adjustment Entries
date	explanation	debit	credit
28-Feb	insurance expense	650
	prepaid insurance

28-Feb	unearned revenue	4750
	sales revenue		4750

28-Feb	wages expense	11600
	wages payable		11600

28-Feb	supplies expense	7600
	supplies		7600

28-Feb	depreciation expense	625
	accumulated depreciation		625

28-Feb	interest expense	1250
	interest payable		1250

	T-Accounts With Adjustment
	Prepaid insurance
1-Feb	7800	28-Feb	650
28-Feb	7150

	Insurance expese
28-Feb	650

	unearned revenue
28-Feb	4750	10-Feb	10000
		28-Feb	5250

	sales revenue
		11-Feb	35840
		28-Feb	4750
			40590
	wages expense
13-Feb	12300
28-Feb	11600
	23900

	wages payable
		28-Feb	11600
	supplies expense
28-Feb	7600

	supplies
31-Jan	5600	28-Feb	7600
9-Feb	3500
	9100
28-Feb	1500
	depreciation expense
28-Feb	625

	accumulated depreciation
		28-Feb	625
	Interest expense
28-Feb	1250

	Interest payable
		28-Feb	1250


Trial Balance
explanation	debit	credit
cash	40820
A/R	6840
Supplies	1500
prepaid insurance	7150
land	68000
building	150000
accumulated depreciation		625
A/P		1450
unearned revenue		5250
notes payable		125000
common stock		100000
retained earning		27400
dividend	2000
wages payable		11600
interest payable		1250
sales revenue		40590
wage expense	23900
utility expense	3300
Insurance expense	650
supplies expense	7600
depreciation expense	625
Interest expense	1250
total	313635	313165

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