The following information is available at year end on Dec 31, 2019.

A. Unexpired insurance at Dec 31 $2,200

B. Fees earned but unbilled on Dec 31 - Nike $3,470

C. Supplies on hand at Dec 31 $1,150

D. Revenue Unearned at Dec 31 $4,650

E. Accrued salaries and wages at Dec 31 $3,405

F. Prepaid Advertising $800

G. Inventory $13,600

H. Depreciation of truck for the year _________ /1

I. Depreciation of machine for the year _________ /1

J. Depreciation of equipment for the year _________ /1

K. Interest Owed to Under Amor _________ /1

Info to determine Depreciation & Interest:

Truck: Bought for $36,000 with a salvage value of $2,000 and a useful life of 6 years.

Machine: Bought for $48,000 with a salvage value of $4,000 and a useful life of 11 years.

Equipment: Bought for $57,777 with a salvage value of $5,631 and a useful life of 6 years.

Interest: Borrowed $18,000 from Under Amor with an 17% interest rate compounded monthly.

Champs

Unadjusted Trial Balance

April1, 2019

Cash

$18,700

A/R - Adidas

$18,950

Prepaid Insurance

$6,300

Prepaid Advertising

$2,400

Inventory

$21,000

Supplies

$2,750

Land

$58,025

Building

$71,000

Car

$19,503

Machine

$48,000

Truck

$36,000

Equipment

$57,777

Accumulated Dep – Truck

$8,630

Accumulated Dep – Machine

$13,502

Accumulated Dep – Equip

$26,492

A/P

$23,044

Note Payable – Under Amor

$18,000

Unearned Revenue

$10,000

Capital Stock

$14,300

Drawings

$10,500

Fees Earned

$202,725

Champs, Capital

$125,857

Salaries & Wages Expense

$55,103

Utilities Expense

$4,201

Advertising Expense

$12,341

Totals

$442,550

$442,550

Journalize the adjusting entries from above and include explanations for each. (11 transactions x 2 each) /22

Please see above for proper date and ensure you skip a line between transactions.

  

Transcribed Image Text:

Prepare and complete an Adjusted Trial Balance based on the adjusted balances. /24 Deb/Cred Totals: /2 for totals /22 for changes Prepare and complete an Adjusted Trial Balance based on the adjusted balances. /24 Deb/Cred Totals: /2 for totals /22 for changes

Answer rating: 100% (QA)

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