5- The trial balance for Sheridan Company appears as follows: Sheridan Company Trial Balance December 31, 2022 Cash $310 Accounts Receivable 543 Prepaid Insurance 85 Supplies 187 Equipment 4160 Accumulated Depreciation, Equipment $620 Accounts Payable 399 Common Stock 1250 Retained Earnings 1460 Service Revenue 3116 Salaries and Wages Expense 1040 Rent Expense 520 $6845 $6845

If the estimated depreciation for equipment were $624, the adjusting entry would contain a: credit to Accumulated Depreciation, Equipment for $624. credit to Equipment for $624. credit to Depreciation Expense, Equipment for $624. debit to Accumulated Depreciation, Equipment for $624.

6- The policy at Sheffield Corp. is to expense all office supplies at the time of purchase. On the last day of the accounting period, there are $1170 of unused office supplies on hand and the balance of supplies expense is $3710. What should the accountant do? Nothing, company policy says to expense supplies when purchased. Debit Supplies and credit Supplies Expense for $1170. Convince management to change its policy to avoid problems in the future. Debit Supplies Expense for $2540 and credit Supplies for $2540.

7- Oriole Company received a check for $26880 on July 1 which represents a 6 month advance payment of rent on a building it rents to a client. Unearned Rent Revenue was credited for the full $26880. Financial statements will be prepared on July 31. Oriole's should make the following adjusting entry on July 31: debit Unearned Rent Revenue, $26880; credit Rent Revenue, $26880. debit Unearned Rent Revenue, $4480; credit Rent Revenue, $4480. debit Rent Revenue, $4480; credit Unearned Rent Revenue, $4480. debit Cash, $26880; credit Rent Revenue, $26880.

8- Mary Richardo has performed $550 of CPA services for a client but has not billed the client as of the end of the accounting period. What adjusting entry must Mary make? Debit Unearned Service Revenue and credit Service Revenue Debit Cash and credit Unearned Service Revenue Debit Accounts Receivable and credit Unearned Service Revenue Debit Accounts Receivable and credit Service Revenue

9- Employees at Cheyenne Corp. are paid $13200 cash every Friday for working Monday through Friday. The calendar year accounting period ends on Wednesday, December 31. How much salaries and wages expense should be recorded two days later on January 2? $13200 $7920 $5280 None, expense recognition requires the weekly salary to be accrued on December 31.

10- Based on the account balances below, what is the total of the debit and credit columns of the adjusted trial balance? Service revenue $5310 Equipment $7450 Cash 2745 Prepaid insurance 1245 Unearned service revenue 5400 Depreciation expense 710 Salaries and wages expense 1110 Accum. depreciation 1400 Common stock 570 Retained earnings 580 $12860 $11860 $11440 $13260

Answer rating: 100% (QA)

Answer 5 The adjustment entry required for depreciation expense is Depreciation expenses Ac Dr 624 T... View the full answer