Question

The trial balance of A. Duck Ponds, Inc., at December 31, 20XX, and the data needed for the year-end adjustments follow. (Round all results to the nearest whole dollar amount.)

1. Accrued salary expense at December 31, $780.
2. Needs to be an adjusting Journal entry.

            Duck Ponds, Inc.

Trial Balance

December 31, 20XX

Account Title		Debit	Credit
Cash		$19,300
Accounts receivable		47,630
Allowance for doubtful accounts		250
Prepaid rent		1,680
Supplies		6,800
Investments		113,520
Furniture		15,350
Accumulated depreciation-furniture			12,800
Equipment		44,600
Accumulated depreciation-equipment			1,830
Building		89,900
Accumulated depreciation-building			28,600
Accounts payable			6,240
Salary payable
Unearned revenue, customer deposits			19,750
Bonds payable			150,000
Premium of bonds payable			6,000
Common stock			20,000
Retained earnings			54,920
Dividends		5,250
Revenue			128,800
Salary expense		51,600
Rent expense		5,000
Utilities expense		10,410
Depreciation expense-furniture		0
Depreciation expense-equipment		0
Depreciation expense-building		0
Advertising expense		5,650
Supplies expense		12,000
Bad debts expense		0
Interest expense		0
Total		$428,940	$428,940

Answer 1

SOLUTION : 1 (b)	ADJUSTED JOURNAL ENTRY WILL BE PASSED AS BELOW
Events	General Journal	Debit	Credit
Jan 1, 2017	Salary Expenses	$780
	Salary Payable		$780
SOLUTION 2:
	REVISED TRIAL BALANCE WILL PRE PRESENTED AS BELOW.
	ADJUSTED TRIAL BALANCE
	Account Title		Debit	Credit
	Cash		19,300
	Accounts receivable		47,630
	Allowance for doubtful accounts		250
	Prepaid rent		1,680
	Supplies		6,800
	Investments		1,13,520
	Furniture		15,350
	Accumulated depreciation-furniture			12,800
	Equipment		44,600
	Accumulated depreciation-equipment			1,830
	Building		89,900
	Accumulated depreciation-building			28,600
	Accounts payable			6,240
	Salary payable			780
	Unearned revenue, customer deposits			19,750
	Bonds payable			1,50,000
	Premium of bonds payable			6,000
	Common stock			20,000
	Retained earnings			54,920
	Dividends		5,250
	Revenue			1,28,800
	Salary expense		52,380
	Rent expense		5,000
	Utilities expense		10,410
	Depreciation expense-furniture		0
	Depreciation expense-equipment		0
	Depreciation expense-building		0
	Advertising expense		5,650
	Supplies expense		12,000
	Bad debts expense		0
	Interest expense		0
	Total		429720	429720