Question

accounting help

The trial balances before and after adjustment for Cullumber Company at the end of its fiscal year are presented below. Cr. Cullumber Company Trial Balance August 31, 2020 Before Adjustment Dr. Cr. Cash $10,000 Accounts Receivable 8,500 Supplies 2,300 Prepaid Insurance 3,700 Equipment 12,000 Accumulated Depreciation-Equipment $3,400 Accounts Payable 5,700 Salaries and Wages Payable 0 Unearned Rent Revenue 1,300 Common Stock 9,500 Retained Earnings 3,600 Service Revenue 33,800 Rent Revenue 10,800 Salaries and Wages Expense 16,800 Supplies Expense 0 Rent Expense 14,800 Insurance Expense 0 Depreciation Expense 0 $68,100 $68,100 After Adjustment Dr. $10,000 9,500 500 2,500 12,000 $4,300 5,700 1,000 600 9,500 3,600 34,800 11,500 17,800 1,800 14,800 1,200 900 $71,000 $71,000 Prepare the adjusting entries that were made. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Answer 1

Aug31

To record accrued revenue:
Accounts receivable Dr. 1000 (9500-8500)
Service revenue Cr. 1000(34800-33800)

Aug31
To record supplies used:
Supplies expense Dr. 1800
Supplies Cr. 1800 (2300-500)

Aug31
To record expired insurance:
Insurance expense Dr. 1200
Prepaid insurance Cr. 1200 (3700-2500)

Aug31
To record depreciation:
Depreciation expense Dr. 900
Accumulated depreciation-Equipment Cr. 900(4300-3400)

Aug31
To record accrued salaries:
Salaries and wages expense Dr. 1000 (17800-16800)
Salaries and wages payable Cr. 1000

Aug31
To record rent earned:
Unearned rent revenue Dr. 700 (1300-600)
Rent revenue Cr. 700(11500-10800)