Question: Scoop Consulting Service s trial balance on December 31 2014 is

Scoop Consulting Service’s trial balance on December 31, 2014, is as follows.

The following information is also available:
a. Ending inventory of office supplies, $564
b. Prepaid rent expired, $470
c. Depreciation of office equipment for the period, $820
d. Accrued interest expense at the end of the period, $730
e. Accrued salaries at the end of the period, $630
f. Service revenue still unearned at the end of the period, $2,722
g. Service revenue earned but unrecorded, $2,500

1. Open T accounts for the accounts in the trial balance plus the following: Interest Payable; Salaries Payable; Office Supplies Expense; Depreciation Expense—Office Equipment; and Interest Expense. Enter the balances shown on the trial balance.
2. Determine the adjusting entries and post them directly to the T accounts.
3. Prepare an adjusted trial balance.
4. Which financial statements do each of the above adjustments affect? Which financial statement is not affected by theadjustments?
View Solution:

Sale on SolutionInn
  • CreatedMarch 26, 2014
  • Files Included
Post your question