ACC 3305 Practice Adjusting and Closing Entries .esiring gniteuibs stings Edwards Engineering adjusts and closes its...

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ACC 3305 Practice Adjusting and Closing Entries .esiring gniteuibs stings Edwards Engineering adjusts and closes its books at the end of the year to prepare financial statements. The trial balance on December 31, 2022, before adjustments is as follows: Cash Edward's Engineering Unadjusted Trial Balance December 31, 2022 Debit Credit $39,645 27,000 3,375 7,560 64,800 $22,500 17,550 15,840 18,000 23,850 78,570 28,800 1,080 Accounts Receivable. Supplies. Prepaid Advertising Equipment.. Accumulated Depreciation: Equipment Unearned Consulting Fees. Income Taxes Payable Capital Stock. Retained Earnings Consulting Fees Earned. Salaries Expense.. Utilities Expense... Rent Expense.. 4,050 S $176.310 oni $176,310 The following information relates to year-end adjustments: (a) According to contracts, consulting fees received in advance that were earned by year-end total $15,300. (b) On October 1, 2022, the company paid in advance for 6 months' advertising in professional journals. (c) On December 31, supplies on hand amount to $2,205. (d) The equipment was purchased November 12, 2021. It has an original estimated useful life of 3 years. The half-month convention is used. Straight-line depreciation is used. (e) Salaries earned but not paid until January 1, equal $2,400. (f) Utilities used in December that will not be paid until January total $75. ACC 3305 Practice Adjusting and Closing Entries .esiring gniteuibs stings Edwards Engineering adjusts and closes its books at the end of the year to prepare financial statements. The trial balance on December 31, 2022, before adjustments is as follows: Cash Edward's Engineering Unadjusted Trial Balance December 31, 2022 Debit Credit $39,645 27,000 3,375 7,560 64,800 $22,500 17,550 15,840 18,000 23,850 78,570 28,800 1,080 Accounts Receivable. Supplies. Prepaid Advertising Equipment.. Accumulated Depreciation: Equipment Unearned Consulting Fees. Income Taxes Payable Capital Stock. Retained Earnings Consulting Fees Earned. Salaries Expense.. Utilities Expense... Rent Expense.. 4,050 S $176.310 oni $176,310 The following information relates to year-end adjustments: (a) According to contracts, consulting fees received in advance that were earned by year-end total $15,300. (b) On October 1, 2022, the company paid in advance for 6 months' advertising in professional journals. (c) On December 31, supplies on hand amount to $2,205. (d) The equipment was purchased November 12, 2021. It has an original estimated useful life of 3 years. The half-month convention is used. Straight-line depreciation is used. (e) Salaries earned but not paid until January 1, equal $2,400. (f) Utilities used in December that will not be paid until January total $75.

Answer rating: 100% (QA)

The information provided relates to yearend adjustments for Edwards Engineering Based on the adjustments provided we can calculate the necessary adjus... View the full answer