Question

%x E3-24 (similar to) Question Help Requirements The accounting records of Foley Architects include the following selected, unadjusted balances at March 31: Accounts Receivable, $1,300; Office Supplies, $1,000; Prepaid Rent, $2,250; Equipment, $9,500; Accumulated Depreciation Equipment, $0, Salaries Payable, So; Unearned Revenue, $500; Service Revenue, $4,600; Salaries Expense, $800; Supplies Expense, SO; Rent Expense, $0; Depreciation Expense-Equipment, $0. Inces. Use a "Bal" reference to show Enter the unadjusted balances on the first line of each account. Use a "Mar. 31" reference to show the unadjusted balance. Post the adju the ending balance of each account. (For accounts with a $0 unadjusted balance, make sure to enter "0" on the normal side of the accou 1. Journalize the adjusting entries using the letter and March 31 date in the date column. 2. Post the adjustments to the T-accounts opened for you, entering each adjustment by letter. Show each account's adjusted balance. Review the adjusting entries you prepared in Requirement 1. Accounts Receivable Salaries Payable Service Revenue 0 Adjusting entries (a) Mar. 31 600 Office Supplies Unearned Revenue Salaries Expense (b) Mar. 31 (c) Mar. 31 900 Accounts Receivable Service Revenue To accrue service revenue. Unearned Revenue Service Revenue To record service revenue that was collected in advance. Supplies Expense Office Supplies To record office supplies used. Salaries Expense Salaries Payable To accrue salaries expense. Rent Expense Prepaid Rent To record rent expense. Prepaid Rent Supplies Expense (d) Mar. 31 200 Choose from any list or enter any number in the input fields and then click Check Answer (e) Mar. 31 All parts showing

Answer 1

Foley Architects Journal entries Date Account (a) Mar. 31 Accounts Receivable Service Revenue Credit Debit $ 600 $ 600 $ 300 (b) Mar. 31 Unearned Revenue Service Revenue $ 300 $ 900 (c) Mar. 31 Supplies expense Office Supplies $ 900 $ 200 (d) Mar. 31 Salaries expense Salaries Payable $ 200 $ 750 (e) Mar. 31 Rent expense Prepaid Rent $ 750

Credit Date Date Foley Architects T Accounts Date Debit Date Accounts Receivable Mar 31. $ 1,300 (a) Mar. 31 $ 600 Debit Date Credit Salaries Payable Mar 31. (d) Mar. 31 $ 200 Debit Date Credit Service Revenue Mar 31. $ 4,600 (a) Mar. 31 $ 600 (b) Mar. 31 $ 300 Bal. $ $ 5,500 $ 1,900 Office Supplies $1,000 (c) Mar. 31 $ Bal. Uneanred Revenue Mar 31. (b) Mar. 31 $ 300 200 Salaries Expense 500 Mar 31. $ 800 (d) Mar. 31 $ 200 Mar 31. $ 900 Bal. $ 200 Bal. $ 100 Prepaid Rent $2,250 (e) Mar. 31 $ $ 1,000 Equipment $ 9,500 Mar 31. Supplies Expense Mar 31. $ (c) Mar. 31 $ 900 Mar 31. 750 Bal. $ 1,500 Rent expense Mar 31. $ - (e) Mar. 31 $ 750 Bal. $ 900 Accumulated Depreciation-Equipment Mar 31. $ - Bal. $ 9,500 Depreciation expense-Equipment Mar 31. $ - Bal. $ 750 Bal. $ - Bal.

Adjusted TB Debit Credit 1,900 100 1,500 9,500 Foley Architects Account Names Accounts Receivable Office Supplies Prepaid Rent Equipment Accumulated Depreciation Equipment Salaries Payable Unearned Revenue Service Revenue Salaries expense Rent expense Supplies expense Depreciation expense-Equipment Totals 200 200 5,500 1,000 750 900 15,650 5,900