Consider the data in Figure 5.23 for Daffy?s Dance Studio:

Trial Balance for Daffy?s Dance Studio

Adjustment Data

1. Insurance expired, $100.

2. Dance supplies on hand, $200.

3. Depreciation on dance equipment, $2,500.

4. Salaries earned by employees but not to be paid until December,?$500.

Your task is to do the following:

1. Prepare a worksheet.

2. Journalize adjusting and closing entries.

Transcribed Image Text:

DAFFY'S DANCE STUDIO TRIAL BALANCE NOVEMBER 30, 201X Account Titles Dr. Cr. 42 50000 400000 110000 Cash Accounts Receivable Prepaid Insurance Dance Supplies 200000 Dance Equipment 23 00000 Accumulated Depreciation, Dance Equipment Accounts Payable 860000 30 00000 D. Dominico, Capital 14 70000 이이6| 22 4 0000 D. Dominico, Withdrawals 90000 Dance Fees Earned Salaries Expense 140000 Telephone Expense 60000 Advertising Expense 20000 Totals 75 70000 75 70000