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The following information is from the December 31 un-adjusted trial balance of Excelsior Shop. Credit Debit $ 100,000.00 $ 20a. From the trial balance and the following information, prepare the annual adjusting necessary on December 31. 1.00 The equiAccount Dr Cr Journal Entries: Date December 31 Depreciation Expense - Equipment: Cost Salvage Value Depreciated cost UsefulReported Ending Balances: Account Income Statement Dr Cr Balance Sheet Dr Cr Cash Accounts Receivable Prepaid Advertising Pre

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Answer #1
Journal Enteries
Date Account Debit Credit
December
31 Depreciation Expense $12000 Depreciation Exp. Salary Accrued-$1000
Accumulated Depreciation-Equipment $12000 Cost-$145000 Weekly Salary-$2500
31 Interest Expense $3000 Salvage-25000 Daily Salary-$500
Interest Payable $3000 Depreciated Cost-$72000 No. of days Accrued-2
31 Service Revenue $30000 Useful life-10year Total Salary Accruded-$1000
Unearned Service Revenue $30000 Annual depreciation Exp.-12000
31 Prepaid Advertising $2500
Advetising Expense $2500 Accrued Interest-$3000
31 Salaries Expense $1000 Loan-$100000
Salaries Payable $1000 Interest Rate-12%
31 Supplies Expense $3000 Annual Interest-12000
Supplies $3000 Monthly Interest-$1000
31 Prepaid Insurance $6000 Total Month-3
Insurance Expense $6000 Total Interest-$3000
Reported Ending Balances:
Accounts Income Statement Balance Sheet
Debit Credit Debit Credit
Cash $100000
Account Receivables $204000
Prepaid Advertising $2500
Prepaid Insurance $6000
Supplies $15000
Equipment $145000
Accumulated Depreciation-Equipment $84000
Interest Payable $3000
Salaries Payable $1000
Unearned Service Revenue $30000
Notes Payable $100000
Service Revenue $420000
Salaries Expense $126000
Interest Expense $5500
Advertising Expense $7000
Depreciation Expense $12000
Supplies Expense $3000
Insurance Expense $18000
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