Question

Sheridan was founded in January 2013. Presented below are adjusted and unadjusted trial balances as of December 31, 2020

Answer 1

ADJUSTING ENTRIES: Debit Credit 4700 Date Account titles and explanations Dec-31 Account Receivable To Service revenue (To record accrued service revenue) 4700 1500 Dec-31 Unearned service Revenue To Service revenue (To record earned service revenue) 1500 5600 Dec-31 Supplies Expense To Supplies (To record supplies used) 5600 5000 Dec-31 Depreciation To Accumulated Depreciation (To record deprecition on equipment) 5000 270 Dec-31 Interest expense To Interest payable (To record interest accrued on note) 270

450 Dec-31 Insurance expense To prepaid insurance (To record expired insurance) 450 1300 Dec-31 Salaries and wages expense To Salaries and wages payable (To record accrued wages) 1300

WORKINGS: Calculation of differences

DIFFERENCE DEBIT unadjusted TB debit credit 24000 21500 8000 ADJUSTED TB debit credit 24000 26200 CREDIT 0 0 0 2400 -4700 5600 450 0 2700 0 2250 61000 61000 0 0 32000 37000 0 -5000 0 6000 0 6000 270 0 0 -270 9000 9000 0 0 cash account receivable supplies prepaid insurance equipment accumulated depreciation -equipment accounts payable interest payable note payable unearned service revenue salaries and wages payable common stock retained earnings service revenue salaries and wages expense insurance exp interest exp depreciation supplies exp 6700 0 1500 5200 1300 15000 0 -1300 0 0 15000 7000 61600 0 0 7000 67800 -6200 14700 0 -1300 -450 0 0 400 -270 0 16000 450 670 5000 5600 5000 -5000 -5600 Ooo rent exp 5000 0

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