HOMEWORK: Adjustments: Tara has the following PARTIAL Trial Balance: Account Name Interest Receivable Supplies Prepaid Rent...

 

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HOMEWORK: Adjustments: Tara has the following PARTIAL Trial Balance: Account Name Interest Receivable Supplies Prepaid Rent Equipment Accumulated Depreciation Unearned Revenue Utility Payable Revenue Interest Revenue Rent Expense Utility Expense Supplies Expense Depreciation Expense $0 Debit. $0 $8,500 $12,000 $30,000 $3,000 $0 $0 Credit $10,000 $7,600 $0 $0 $42,000 Tara provides you with the following ADJUSTING Data: a. Tara determines that $1,500 of her supplies have been used up. b. Tara Prepaid her rent for the year and her Current monthly Rent Expense is $1,000 c. Tara's equipment DEPRECIATES at a rate of $3,200 per year. d. Tara EARNED $7,000 of the unearned revenue she collected in advance. e. Tara earned $5,500 of Interest Revenue which she has not yet recorded because she has not yet been paid the interest. f. Tara owes for $2,500 in Utilities which she has not recorded because she has not yet paid for the utilities. Required: 1. Record the Adjustments 2. What would be the UPDATED Balances of the Accounts we Adjusted? HOMEWORK: Adjustments: Tara has the following PARTIAL Trial Balance: Account Name Interest Receivable Supplies Prepaid Rent Equipment Accumulated Depreciation Unearned Revenue Utility Payable Revenue Interest Revenue Rent Expense Utility Expense Supplies Expense Depreciation Expense $0 Debit. $0 $8,500 $12,000 $30,000 $3,000 $0 $0 Credit $10,000 $7,600 $0 $0 $42,000 Tara provides you with the following ADJUSTING Data: a. Tara determines that $1,500 of her supplies have been used up. b. Tara Prepaid her rent for the year and her Current monthly Rent Expense is $1,000 c. Tara's equipment DEPRECIATES at a rate of $3,200 per year. d. Tara EARNED $7,000 of the unearned revenue she collected in advance. e. Tara earned $5,500 of Interest Revenue which she has not yet recorded because she has not yet been paid the interest. f. Tara owes for $2,500 in Utilities which she has not recorded because she has not yet paid for the utilities. Required: 1. Record the Adjustments 2. What would be the UPDATED Balances of the Accounts we Adjusted?

Answer rating: 100% (QA)

Adjustments a Supplies Adjustment Debit Supplies Expense 1500 Credit Supplies 1... View the full answer