The trial balances shown below are before and after adjustment for Pharoah Company at the end of
Question:
The trial balances shown below are before and after adjustment for Pharoah Company at the end of its fiscal year.
PHAROAH COMPANY Trial Balance August 31, 2017 | ||||||||
---|---|---|---|---|---|---|---|---|
Before | After | |||||||
Dr. | Cr. | Dr. | Cr. | |||||
Cash | $11,050 | $11,050 | ||||||
Accounts Receivable | 9,120 | 9,700 | ||||||
Supplies | 2,610 | 1,400 | ||||||
Prepaid Insurance | 4,030 | 2,670 | ||||||
Equipment | 16,840 | 16,840 | ||||||
Accumulated Depreciation—Equipment | $3,789 | $4,989 | ||||||
Accounts Payable | 5,800 | 5,800 | ||||||
Salaries and Wages Payable | 0 | 1,650 | ||||||
Unearned Rent Revenue | 1,850 | 1,070 | ||||||
Common Stock | 18,360 | 18,360 | ||||||
Retained Earnings | 5,160 | 5,160 | ||||||
Dividends | 2,980 | 2,980 | ||||||
Service Revenue | 34,000 | 34,580 | ||||||
Rent Revenue | 12,580 | 13,360 | ||||||
Salaries and Wages Expense | 16,350 | 18,000 | ||||||
Supplies Expense | 0 | 1,210 | ||||||
Rent Expense | 18,559 | 18,559 | ||||||
Insurance Expense | 0 | 1,360 | ||||||
Depreciation Expense | 0 | 1,200 | ||||||
$81,539 | $81,539 | $84,969 | $84,969 |
Prepare the adjusting entries that were made. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Date | Account Titles and Explanation | Debit | Credit |
---|---|---|---|
Aug. 31 | enter an account title to record the service revenue | enter a debit amount | enter a credit amount |
enter an account title to record the service revenue | enter a debit amount | enter a credit amount | |
(To record the service revenue) | |||
Aug. 31 | enter an account title to record the supplies expense | enter a debit amount | enter a credit amount |
enter an account title to record the supplies expense | enter a debit amount | enter a credit amount | |
(To record the supplies expense) | |||
Aug. 31 | enter an account title to record the insurance expense | enter a debit amount | enter a credit amount |
enter an account title to record the insurance expense | enter a debit amount | enter a credit amount | |
(To record the insurance expense) | |||
Aug. 31 | enter an account title to record the depreciation expense | enter a debit amount | enter a credit amount |
enter an account title to record the depreciation expense | enter a debit amount | enter a credit amount | |
(To record depreciation expense) | |||
Aug. 31 | enter an account title to record salaries and wages expense | enter a debit amount | enter a credit amount |
enter an account title to record salaries and wages expense | enter a debit amount | enter a credit amount | |
(To record salaries and wages expense) | |||
Aug. 31 | enter an account title to record the rent revenue | enter a debit amount | enter a credit amount |
enter an account title to record the rent revenue | enter a debit amount | enter a credit amount | |
(To record rent revenue) |
Accounting Tools for Business Decision Making
ISBN: 978-1118128169
5th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso