Question

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Adjusting Entries from Tral Balances The accountant for Eva's Laundry prepared the following unadjusted and adjusted trial balances. Assume that all balances in the unadjusted trial balance and the amounts of the adjustments are correct. Eva's Laundry Trial Balance May 31, 2019 Unadjusted Adjusted Debit Credit Debit Credit Balances Balances Balances Balances Cash 8,170 8,170 Accounts Receivable 19,820 23,780 Laundry Supplies 3,960 5,820 Prepaid Insurance 5,640 1,520 Laundry Equipment 205,730 199,200 Accumulated Depreciation-Laundry Equipment 52,200 52,200 Accounts Payable 10,450 10,450 Wages Payable 1,310 Eva Baldwin, Capital 120,100 120,100 Eva Baldwin, Drawing 31,200 31,200 Laundry Revenue 196,850 196,850 Wages Expense 53,560 53,560 Rent Expense 27,860 27,860 Utilities Expense 20,180 20,180 Depreciation Expense 6,530 Laundry Supplies Expense 1,860 Insurance Expense 870 Miscellaneous Expense 3,480 3,480 379,600 379,600 384,030 390,910 *4,120 of Insurance expired during the year. Identify the errors in the accountant's adjusting entries, assuming that none of the accounts were affected by more than one adjusting entry. If an amount box does not require an entry, leave it blank.

Answer 1

Eva's Laundry 1. The accountant debited Accounts Receivable for $3960 bu did not credit laundry revenue.The adjusting entry represents accrued laudry revenue. 2. The accountant debited rather than credited Laundry supplies for $1860 3. The accountant credited the prepaid insurance account for $4120, but debited the insurance expense for only $870 4.The accountant credited Laundry Equipment for the depreciation expense of $6530 instead of crediting Accum.Depre - Laundry Equip. 5.Th accountant did not debit Wages Expense for $1310 Adjusted Trial Balance For the period ending 31.5.2019 Particulars Cash Accounts Receivable Laundry Supplies Prepaid Insurance Laundry Equipment Accum.Depre - Laundry Equip. Accounts Payable Wages Payable Eva Baldwin, Capital Eva Baldwin, Drawing Laundry Revenue Wages Expense Rent Expense Utilities Expense Depreciation Expense Laundry Supplies Expense Insurance Expense Miscellaneous Expense Totals Debit in $ Credit in $ 8170 23780 2100 1520 205730 58730 10450 1310 120100 31200 200810 54870 27860 20180 6530 1860 4120 3480 391400 391400 0