Question

Grayson Theater Production Company's partially completed worksheel as of December 31, 2018, follows. B Click the icon to view the partially completed worksheet.) (Click the icon to view the adjustment data) Read the requirements Requirement 1. Complete the worksheet. Use letters a through eta label the five adjustments The account names and unadjusted trial balance amounts as provided in the question have been entered into the worksheet for you. Finish the partial worksheet by completing the adjustments and adjusted trial balance columns. Complete the Adjustments columns by using the letters a through e to label the five adjustments. (Abbreviation used: Equip. - Equipment.) Grayson Production Company Worksheet December 31, 2018 Unadjusted Trial Balance Adjustments Debit Credit Debit Credit Adjusted Trial Balance Account Names Debit Credit $ (a) 3,900 6.100 2,300 1,500 31,000 (b) S Cash Accounts Receivable Office Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equip Accounts Payable Salanes Payable Grayson, Capital Grayson, Withdrawals Service Revenue Depreciation Expense-Equip Supplies Expense Utilities Expense Salaries Expense Insurance Expense Total Ilic) 8.700 || (d) 3,800 L (a) 22,900 (d) 32,000 74,000 || 5,500 27,000 $ 109,400 S 109,400

Answer 1

Requirement:1

Grayson Production Company
Worksheet
December. 31, 2018
	Unadjusted Trial Balance		Adjustments				Adjusted Trial Balance
Account title	Debit	Credit	Debit		Credit		Debit	Credit
Cash	$          3,900	$                   -					$          3,900	$                 -
Accounts Receivable	$          6,100	$                   -	[a]	$           600			$          6,700	$                 -
Office supplies	$          2,300	$                   -			[b]	$        1,900	$              400	$                 -
Prepaid Insurance	$          1,500				[c]	$           250	$          1,250	$                 -
Equipment	$        31,000	$                   -					$        31,000	$                 -
Accumulated Depreciation-Equipment	$                 -	$            8,700			[d]	$        3,900	$                 -	$        12,600
Accounts Payable	$                 -	$            3,800					$                 -	$          3,800
Salaries Payable	$                 -	$                   -			[e]	$           120	$                 -	$              120
Grayson, Capital	$                 -	$          22,900					$                 -	$        22,900
Grayson, Withdrawal	$        32,000	$                   -					$        32,000	$                 -
Service Revenue	$                 -	$          74,000			[a]	$           600	$                 -	$        74,600
Depreciation Expense-Equipment	$                 -	$                   -	[d]	$        3,900			$          3,900	$                 -
Supplies Expense	$                 -	$                   -	[b]	$        1,900			$          1,900	$                 -
Utilities Expense	$          5,600	$                   -					$          5,600	$                 -
Salaries Expense	$        27,000	$                   -	[e]	$           120			$        27,120	$                 -
Insurance Expense	$                 -	$                   -	[c]	$           250			$              250	$                 -
Total	$      109,400	$        109,400		$        6,770		$        6,770	$     114,020	$     114,020

Requirement:2

Date	Accounts and Explanation	Debit	Credit
[a] Dec. 31	Accounts Receivable	$        600
	Service Revenue		$        600
	(To record service revenue)
[b] Dec. 31	Supplies Expense	$        400
	Supplies Expense		$        400
	(To record insurance expense recorded)
[c] Dec. 31	Insurance Expense	$        250
	Prepaid Insurance		$        250
	(To record insurance expense recorded)
[d] Dec. 31	Depreciation Expense-Equipment	$    3,900
	Accumulated Depreciation-Equipment		$    3,900
	(To record depreciation expense)
[e] Dec. 31	Salaries Expense	$        120
	Salaries payable		$        120
	(To record salary expense)