The following information has been taken from Out Loud Comedy Club?s unadjusted and adjusted trial balances at
Question:
The following information has been taken from Out Loud Comedy Club?s unadjusted and adjusted trial balances at October 31, 2020.
Given this trial balance information, prepare the adjusting journal entries.
Transcribed Image Text:
Unadjusted Debit Adjusted Debit Credit Credit Prepaid insurance Interest payable. Insurance expense Interest expense. $3,100 $2,350 $-0- $750 -0- -0- 750 750
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2020 Oct 31 Insurance Expense 750 ...View the full answer
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Related Book For
Fundamental Accounting Principles Volume I
ISBN: 978-1260305821
16th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
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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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