EXERCISE 3-2 (LO1,2) Adjusting Entries The trial balance of Lauer Corporation at December 31, 2015 follows,...

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EXERCISE 3-2 (LO1,2) Adjusting Entries The trial balance of Lauer Corporation at December 31, 2015 follows, before and after the posting of adjusting entries. Exercises 131 Trial Balance Adjustments Adjusted Trial Balance Dr. Cr. Dr. Cr. Dr. Cr. Cash $4,000 $4,000 Accounts Receivable 5,000 5,000 Prepaid Insurance Prepaid Rent Truck 3,600 3,300 1,000 500 6,000 6,000 Accounts Payable Accumulated Depreciation Salaries Payable $ -0- $1,500 7,000 7,400 1,000 Unearned Rent 1,200 600 Share Capital 2,700 2,700 Revenue Rent Earned Advertising Expense 700 Commissions Expense 2,000 25,000 25,000 600 700 2,000 Depreciation Expense 1,500 300 Insurance Expense Interest Expense 100 500 Rent Expense 5,500 6,000 Salaries Expense Totals 8,000 $35,900 9,000 $35,900 $38,800 $38,800 Required: a. Indicate in the "Adjustments" column the debit or credit difference between the unadjusted trial balance and the adjusted trial balance. b. Prepare in general journal format the adjusting entries that have been recorded. Include descriptions. EXERCISE 3-2 (LO1,2) Adjusting Entries The trial balance of Lauer Corporation at December 31, 2015 follows, before and after the posting of adjusting entries. Exercises 131 Trial Balance Adjustments Adjusted Trial Balance Dr. Cr. Dr. Cr. Dr. Cr. Cash $4,000 $4,000 Accounts Receivable 5,000 5,000 Prepaid Insurance Prepaid Rent Truck 3,600 3,300 1,000 500 6,000 6,000 Accounts Payable Accumulated Depreciation Salaries Payable $ -0- $1,500 7,000 7,400 1,000 Unearned Rent 1,200 600 Share Capital 2,700 2,700 Revenue Rent Earned Advertising Expense 700 Commissions Expense 2,000 25,000 25,000 600 700 2,000 Depreciation Expense 1,500 300 Insurance Expense Interest Expense 100 500 Rent Expense 5,500 6,000 Salaries Expense Totals 8,000 $35,900 9,000 $35,900 $38,800 $38,800 Required: a. Indicate in the "Adjustments" column the debit or credit difference between the unadjusted trial balance and the adjusted trial balance. b. Prepare in general journal format the adjusting entries that have been recorded. Include descriptions.