Question: Please help me understand this. My professor is out for 2 more days because of new years holiday. The ledger of Pharoah Company includes the
Please help me understand this. My professor is out for 2 more days because of new years holiday.
The ledger of Pharoah Company includes the following unadjusted balances: Prepaid Insurance $4,300, Service Revenue $57,100, and Salaries and Wages Expense $25,500. Adjusting entries are required for (a) expired insurance $1,500, (b) services performed $1,000 are billed and not yet collected, and (c) accrued salaries payable $900. Enter the unadjusted balances and adjustments into a worksheet and complete the worksheet for all accounts.
| PHAROAH COMPANY Worksheet | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Trial Balance | Adjustments | Adjusted Trial Balance | Income Statement | Balance Sheet | ||||||||||||||||
| Account Titles | Dr. | Cr. | Dr. | Cr. | Dr. | Cr. | Dr. | Cr. | Dr. | Cr. | ||||||||||
| Prepaid Insurance | enter a debit amount | enter a credit amount | enter a debit amount | enter a credit amount | enter an adjusted debit balance | enter an adjusted credit balance | enter a debit amount | enter a credit amount | enter a debit balance | enter a credit balance | ||||||||||
| Service Revenue | enter a debit amount | enter a credit amount | enter a debit amount | enter a credit amount | enter an adjusted debit balance | enter an adjusted credit balance | enter a debit amount | enter a credit amount | enter a debit balance | enter a credit balance | ||||||||||
| Salaries and Wages Expense | enter a debit amount | enter a credit amount | enter a debit amount | enter a credit amount | enter an adjusted debit balance | enter an adjusted credit balance | enter a debit amount | enter a credit amount | enter a debit balance | enter a credit balance | ||||||||||
| Accounts Receivable | enter a debit amount | enter a credit amount | enter a debit amount | enter a credit amount | enter an adjusted debit balance | enter an adjusted credit balance | enter a debit amount | enter a credit amount | enter a debit balance | enter a credit balance | ||||||||||
| Salaries and Wages Payable | enter a debit amount | enter a credit amount | enter a debit amount | enter a credit amount | enter an adjusted debit balance | enter an adjusted credit balance | enter a debit amount | enter a credit amount | enter a debit balance | enter a credit balance | ||||||||||
| Insurance Expense | enter a debit amount | enter a credit amount | enter a debit amount | enter a credit amount | enter an adjusted debit balance | enter an adjusted credit balance | enter a debit amount | enter a credit amount | enter a debit balance | enter a credit balance |
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