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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