The unadjusted trial balance for Sierra Corp. is shown below. SIERRA CORPORATION Trial Balance October 31, 2014
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Question:
The unadjusted trial balance for Sierra Corp. is shown below.
SIERRA CORPORATION | ||||
Debit | Credit | |||
Cash | $15,310 | |||
Supplies | 3,440 | |||
Prepaid Insurance | 714 | |||
Equipment | 4,730 | |||
Notes Payable | $ 4,730 | |||
Accounts Payable | 2,830 | |||
Unearned Service Revenue | 2,150 | |||
Common Stock | 10,500 | |||
Retained Earnings | 0 | |||
Dividends | 690 | |||
Service Revenue | 13,300 | |||
Salaries and Wages Expense | 4,000 | |||
Rent Expense | 4,626 | |||
$33,510 | $33,510 |
Instead of the adjusting entries shown in the text at October 31, assume the following adjustment data.
1. | Supplies on hand at October 31 total $690. | |||||
2. | Expired insurance for the month is $122. | |||||
3. | Depreciation for the month is $54. | |||||
4. | As of October 31, services worth $926 related to the previously recorded unearned revenue had been performed. | |||||
5. | Services performed but unbilled (and no receivable has been recorded) at October 31 are $320. | |||||
6. | Interest expense accrued at October 31 is $74. | |||||
7. | Accrued salaries at October 31 are $1,490. Prepare the adjusting entries for the items above. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
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Related Book For
Horngrens Financial and Managerial Accounting
ISBN: 978-0133866292
5th edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
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