Question

On January 31, 2019, the general ledger of Palmer Company showed the following account balances OUNTS ach 62,800 22,300 Accounts Receivable Supp Insurance 8,886 91.300 Equipment Accum. Depr-Equip. 16,58 81.750 Sadie Palmer, Capital Fees Income 116,000 Equip. Tosurance E xnense Rent Expense 18,400 18.650 Supn1ies Expense Addltlonal Information: a. Supplies used during January totaled $5.600. b. Expired insurance totaled $2.000. c. Depreciation expense for the month was $1,775. Complete the worksheet through the Adjusted Trial Balance section. Assume that every account has the normal debit or credit balance. The worksheet covers the month of January. PALMER COMPANY ... Worksheet (Partial) Month Ended January 31, 2019 Trial Balance Adjusted Trial Balance Adjustments Credit Account Name Debit Credit Debit Credit Debit Cash arnnunte Raniuahl
Please make the Palmer Chart understandable so I can understand how you solved.

Answer 1

PALMER COMPANY worksheet(partial) month ended 31 january 2019 Adjustments debit Adjusted Trial Balance debit 62800 Trial Balance debit credit credit credit Account name cash 62800 22300 22300 accounts receivable 5600 supplies 8800 8800 5600 prepaid insurance 8000 8000 equipment 91300 2000 91300 2000 accumulated depreciation-equipment 1775 1775 accounts payable 16500 16500 sadie palmer capital 81750 81750 fee income 116000 116000 10400 10400 rent expense salaries expense 10650 10650 supplies expense 5600 0 5600 insurance expense 2000 2000 |depreciation expense -equipment 0 1775 1775 Totals 214250 214250 9375 9375 223625 223625 이이이s

adjusting journal entries for the transactions debit credit general journal a) supplies expense 5600 |supplies being supplies used b) insurance expense 5600 2000 prepaid insurance 2000 being insurance expense expired c) depreciation expense-equipment 1775 accumulated depreciation 1775 being recorded dep expense on equipment notes all expenses assets shown on the debit side in the trial balance all incomes liabilities capital are shown on the credit side in the trial balance