Question: Please help me understand how to solve this. I don't understand. TYIA. This is all of the information available. The unadjusted trial balance of Sketch

Please help me understand how to solve this. I don't understand. TYIA. This is all of the information available.

Please help me understand how to solve this. I don't understand. TYIA.

This is all of the information available. The unadjusted trial balance of

The unadjusted trial balance of Sketch Star Makers Incorporated, prepared as of December 31,2022 , includes the following account balances. All of the accounts listed have normal balances. The following information is also available: A) After a count of supplies, there were $500 worth of supplies remaining on hand at December 31, 2022 . B) An insurance policy, purchased on January 1, 2022, covers five years. C) The equipment depreciates at a rate of $1,100 per year; no depreciation has been recorded for 2022 . D) One half (or 50% ) of the amount recorded as Deferred Revenue remains deferred as of December 31, 2022. E) The accrued amount of salaries and wages at December 31,2022 is $2,100. Required: Prepare the required adjustments for the company as of December 31, 2022. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet 2 5 After a count of supplies, there were $500 worth of supplies remaining on hand at December 31, 2022. Record the adjusting entry. Note: Enter debits before credits

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!