Trial balance for Indigo Corporation on August 31 is follows: Trial Balance August 31, 2020 Debit...

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Trial balance for Indigo Corporation on August 31 is follows: Trial Balance August 31, 2020 Debit Credit Cash $6,000 Prepaid Prepare an adjusted trial balance as at August 31. Indigo Corporation Adjusted Trial Balance Debit Credit $ $

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Answer 1

Answer #1

Date	Account Name	Debit	Credit
Aug-31	Insurance expense ($3,200/4*3)	$ 2,400
	Prepaid insurance		$ 2,400

Aug-31	Supplies expense ($1,750-570)	$ 1,180
	Supplies		$ 1,180

Aug-31	Depreciation expense	$ 1,584
	Accumulated depreciation - Building ($141,00090%)/253/12)		$ 1,269
	Accumulated depreciation - Equipment ($14,00090%)/103/12)		$ 315

Aug-31	Rent revenue	$ 7,600
	Unearned rent revenue		$ 7,600

Aug-31	Unearned rent revenue (4,200/2)	$ 2,100
	Rent revenue		$ 2,100

Aug-31	Salaries expense	$ 390
	Salaries payable		$ 390

Aug-31	Accounts receivable	$ 740
	Rent revenue		$ 740

Aug-31	Interest expenses ($76,00010%3/12)	$ 1,900
	Interest payable		$ 1,900

Indigo Corporation
Adjusted Trial Balance
August 31
	Debit	Credit
Cash	$ 6,000
Accounts receivable	$ 740
Prepaid insurance ($3,200-$2,400)	$ 800
Supplies	$ 570
Land	$ 19,500
Equipment	$ 141,000
Accumulated depreciation - Building ($20,304+1,269)		$ 21,573
Equipment	$ 14,000
Accumulated depreciation - Equipment ($315+3,780)		$ 4,095
Accounts payable		$ 4,200
Unearned rent revenue ($4,200+7,600-2,100)		$ 9,700
Notes payable		$ 76,000
Interest payable		$ 1,900
Salaries payable		$ 390
Common stock		$ 80,900
Retained earnings		$ 4,750
Dividends	$ 5,300
Rent Revenue ($67,000+2,100-7,600+740)		$ 62,240
Salaries and wages expense ($44,304+390)	$ 44,694
Insurance expense ($11,200+2,400)	$ 13,600
Interest expense ($3,800+1,900)	$ 5,700
Repairs and maintenance expense	$ 3,480
Utilities expense	$ 7,600
Supplies expense	$ 1,180
Depreciation expense	$ 1,584
Totals	$ 265,748	$ 265,748

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