At the end of the first three months of operation, Kubose Answering Services trial balance appears as
Question:
a. An inventory of office supplies reveals supplies on hand of $133.
b. The Prepaid Rent account includes the rent for the first three months plus a deposit for Aprils rent.
c. Depreciation on the equipment for the first three months is $208.
d. The balance of the Unearned Answering Service Revenue account represents a 12-month service contract paid in advance on February 1.
e. On March 31, accrued wages total $80.
REQUIRED
All adjustments affect one balance sheet account and one income statement account. For each of these situations, show the accounts affected, the amount of the adjustment (using a + or to indicate an increase or decrease), and the balance of the account after the adjustment in the followingformat:
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Related Book For
Principles of Accounting
ISBN: 978-1133626985
12th edition
Authors: Belverd E. Needles, Marian Powers and Susan V. Crosson
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