Question

a. As of December 31, Greavy had performed $500 of service revenue but has not yet billed customers. At the end of the month, Greavy had $700 of office supplies remaining. c. Prepaid Insurance of $3,900 remained. d. Depreciation expense, $4,000. e. Accrued salaries expense of $200 that hasn't been paid yet.

Answer 1

Solution

	Unadjusted trial balance		Adjustments				Adjusted trial balance
Account Names	Debit	Credit		Debit		Credit	Debit	Credit
Cash	$      4,300.00						$      4,300.00
Accounts receivable	$      5,900.00		a	$     500.00			$      6,400.00
Office supplies	$      1,900.00				b	$ 1,200.00	$          700.00
Prepaid insurance	$      4,550.00				c	$     650.00	$      3,900.00
Equipment	$    30,000.00						$    30,000.00
Accumulated depreciation-Equipment		$      7,600.00			d	$ 4,000.00		$    11,600.00
Accounts payable		$      3,600.00						$      3,600.00
Salaries payable					e	$     200.00		$          200.00
Greavy, capital		$    21,950.00						$    21,950.00
Greavy, Withdrawals	$    30,500.00						$    30,500.00
Service revenue		$    77,000.00			a	$     500.00		$    77,500.00
Deopreciation expense			d	$ 4,000.00			$      4,000.00
Supplies expense			b	$ 1,200.00			$      1,200.00
Utilities expense	$      5,500.00						$      5,500.00
Salaries expense	$    27,500.00		e	$     200.00			$    27,700.00
Insurance expense			c	$     650.00			$          650.00
Total	$ 110,150.00	$ 110,150.00		$ 6,550.00		$ 6,550.00	$ 114,850.00	$ 114,850.00