Homework Answers
Balance sheet
| Assets | Liabilities | ||||
| Cash | 20,000 | Accounts payable | 1,000 | ||
| Accounts receivable | 5,000 | Unearned revenue | 200 | ||
| Supplies | 1,200 | Total liabilities | 1,200 | ||
| Prepaid insurance | 900 | ||||
| Total current assets | 27,100 | Equity | |||
| Office equipment | 9,000 | Common stock | 24,000 | ||
| Less : Accumulated depreciation | -1000 | 8,000 | Retained earnings | 9,900 | |
| Total equity | 33,900 | ||||
| Total assets | $35,100 | Total liabilities and equity | $35,100 |
Prepaid insurance expired = $300
Supplies expense = $800
Unearned revenue earned = $900
Depreciation expense = $1,000
Amount to be debited to retained earning = Unearned revenue earned - Prepaid insurance expired - Supplies expense - Depreciation expense
= 900 - 300 - 800 - 1,000
= $1,200
Retained earnings after adjustments = Unadjusted retained earnings - Amount to be debited to retained earning
= 11,100 - 1,200
= $9,900
Adjusted supplies = Unadjusted supplies - Supplies used
= 2,000 - 800
= $1,200
Adjusted prepaid insurance = Unadjusted prepaid insurance - Insurance expense
= 1,200 - 300
= $900
Adjusted Unearned revenue = Unadjusted unearned revenue - Unearned revenue earned
= 1,100 - 900
= $200
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