Question

(C ) 2. Shown below are selected data taken from the unadjusted and adjusted trial balances for the Simonson Company for the current year ended December 31. Determine the items A through H below. Simonson Company Trial Balances December 31 Account Unadjusted Trial Adjusted Trial Balance Balance Debit Credit Debit Credit Cash (A) Accounts receivable 1 88270 9 0.770 Office supplies 700 (B) Prepaid insurance 2.500 Office equipment 49.600 (D) Accumulated depreciation - Office 10,260 equipment Accounts payable 36.100 36.400 Salaries payable 2,700 Common stock 40,000 Retained earnings 36.370 Revenue earned 542,500 Advertising expense 15.000 15.000 Depreciation expense-Office 2.160 equipment Insurance expense 4.300 Office supplies expense 480 Rent expense 28.500 28.500 162.000 Salaries expense (H ) Answers: L-CM10 palavras inglês (Estados Unidos) Foco no

Answer 1

Simonson Company
Trial Balances
December 31
Account	Unadjusted Trial Balances		Adjusted Trial Balances
	Debit	Credit	Debit	Credit	Remarks
Cash	10,000		10,000		No change assumed
Accounts Receivable	88,270		90,770
Office Supplies	700		220		480 increase in office supplies expense in adjusted trial balance leads decrease in office supplies
Prepaid Insurance	6,800		2,500		Increase in 4300 in insurance exense in adjusted trial balance leads to increase in prepaid insurance in unadjusted trial balance
Office Equipment	49,600		49,600		Same for both trial balances
Accumulated Depreciation - Office Equipment		8,100		10,260	2160 increase in depreciation expense leads to decrease in accumulated depreciation in unadjusted trial balance
Accounts Payable		36,400		36,400
Salaries Payable		-		2,700
Common Stock		40,000		40,000	No change assumed
Retained Earnings		70,870		63,730	Unadjusted trial balances number not asked in question. Please check the retained earnings number in adjusted trial balance. According to me the numbers are interchanged erroneously. It is mentioned 36,370 instead of 63,730 70870=63730+2160+4300+480+2700-2500
Revenue Earned		5,40,000		5,42,500	Increase in accounts receivable by 2500 decrease in revenue earned in unadjusted trial balance
Advertising Expense	15,000		15,000
Depreciation expense - office equipment	-		2,160
Insurance expense	-		4,300
Office supplies expense	-		480
Rent expense	28,500		28,500
Salaries expense	4,62,000		4,64,700		Increase in salaries payables leads to increase in salaries expense by 2700