The trial balance of Ortiz Company as of January 31, 20X1, after the company completed the first
Question:
The trial balance of Ortiz Company as of January 31, 20X1, after the company completed the first month of operations, is shown in the partial worksheet below.
INSTRUCTIONS
Complete the worksheet by making the following adjustments: supplies on hand at the end of the month, $4,200; expired insurance, $5,500; depreciation expense on equipment for the period, $1,600.
Analyze:
How does the insurance adjustment affect Prepaid Insurance?
Cash Accounts Receivable 3 Supplies Prepaid Insurance 5 Equipment Accumulated Depreciation-Equipment 7 Accounts Payable 8 Frank Ortiz, Capital ACCOUNT NAME 9 Frank Ortiz, Drawing 10 Fees Income 11 Supplies Expense 12 Insurance Expense 13 Salaries Expense 14 Depreciation Expense-Equipment 15 Utilities Expense 16 Totals Ortiz Company Worksheet (Partial) Month Ended January 31, 20X1 TRIAL BALANCE DEBIT 105 0 0 0 00 21 8 0000 39 4 0 0 00 66 0 0 0 00 109 0 0 0 00 15 4 0000 32 2 0 0 00 42 0000 393 0 0 0 00 CREDIT 25 8 0000 253 0 0 0 001 114 2 0 0 00 393 0 0 0 00 DEBIT ADJUSTMENTS CREDIT
Step by Step Answer:
Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Deb...View the full answer
College Accounting A Contemporary Approach
ISBN: 9781260780352
5th Edition
Authors: David Haddock, John Price, Michael Farina
Related Video
A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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