Question

The trial balance for Whispering Winds Corp. on August 31 is as follows: Whispering Winds Corp. Trial Balance August 31, 2020
Additional information: 1 2 3. The balance in Prepaid Insurance includes the cost of four months premiums for an insurance po
No. Account Titles and Explanation Debit 1. Credit 2. 3. (To record depreciation on buildings) (To record depreciation on equ
Prepare an adjusted trial balance as at August 31. Whispering Winds Corp. Adjusted Trial Balance Debit Credit
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Answer #1

(A)

Adjustment entries -

No Description Debit Credit

1) Insurance Account...... Dr 2400

To Prepaid Insureance account 2400

( Being prepaid insurance adjusted)

2) Inventory account......... Dr 690

To Supplies account 690

(Being inventory adjusted.)

3) Depreciation account...Dr. 5292

To Accumulated Depreciation Building 5292

( Being Depriciation Charged On Building)

  

Depreciation account... Dr 1620

To Accumulated Depreciation Equipment    1620

(Being Depriciation Charged on Equipment)

4) Rent Revenue account...Dr 7100

To Unearned Rent Income 7100

( Being rent revenue unearned adjusted.)

Unearned Rent account... Dr 2025

To Rent Revenue account 2025

( Being rent revenue adjusted.)

5) Salaries account...........Dr 340

To Salaries Payble account   340

(Being outstanding salaries adjusted)

6) Accounts Receivable account. . Dr 770

To Rental Revenue account 770

( Being rental revenue accrued but not received)

7) Interest Account......................Dr 1900

To Interest Payble Account 1900

(Being interest outstanding on notes Payble for 3 months.)

( 76000 x 10/100 x 3/12)

(B)

Adjusted Trial Balance

Description Debit   Credit

​​Cash 6000

Prepaid Insurance (3200-2400) 800  

Supplies (2000-690) 1310

Land 20300

Building 147000

Acumulated Depreciation

Building (21168 + 5292) 26460

Equipment 18000

Acumulated Depreciation

Equipment (4860 + 1620) 6480

Accounts Payable    4250

Unearned Rent Revenue 9125

(4050 + 7100 - 2025)

Notes Payble 76000

Common Shares 79700

Retained Earnings 4250

Dividends 4550

Rent Revenue 62195

(66500-7100+2025+770)

Salaries and Wages (33648+340) 33988

Insurance Expense (11200+2400) 13600

Interest Expense (3800+1900) 5700

Utilities Expense 7600

Repair and maintenance 3480

Inventory 690

Depreciation (5292+1620) 6912

Salaries Payble 340

​​​​​​Accounts Receivable 770

Interest Payble 1900

Total 270700   270700

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