Homework Answers
Requirement 2&3:
| Account Name | Trial Balance | Adjustments | Adjusted Trial Balance | |||
| Debit | Credit | Debit | Credit | Debit | Credit | |
| Cash | $45,050 | $45,050 | ||||
| Accounts Receivable | $6,524 | $6,524 | ||||
| Supplies | $11,700 | $4,700 | $7,000 | |||
| Prepaid Rent | $41,300 | $5,900 | $35,400 | |||
| Equipment | $53,900 | $53,900 | ||||
| Accumulated depreciation-Equipment | $0 | $1,950 | $1,950 | |||
| Accounts payable | $15,800 | $15,800 | ||||
| Ruby Darkson, Capital | $81,474 | $81,474 | ||||
| Ruby Darkson, Drawing | $5,800 | $5,800 | ||||
| Fees Income | $82,690 | $82,690 | ||||
| Depreciation Expense-Equipment | $0 | $1,950 | $1,950 | |||
| Rent Expense | $0 | $5,900 | $5,900 | |||
| Salaries Expense | $14,800 | $14,800 | ||||
| Supplies Expense | $0 | $4,700 | $4,700 | |||
| Utilities Expense | $890 | $890 | ||||
| Totals | $179,964 | $179,964 | $12,550 | $12,550 | $181,914 | $181,914 |
Analyze:
Prepaid rent balance prior to adjustment = After adjustment balance + Adjustment
= $35,400+$5,900
= $41,300
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