Square Space is owned by Luke Kosak. At the end of April 2022, they had the...
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Square Space is owned by Luke Kosak. At the end of April 2022, they had the following adjustments. Apr 30 Interest of $530 had accrued on the bank loan. Apr 30 The balance of prepaid insurance is for a 10-month policy, one month of insurance has been used. Apr 30 During April, Square Space earned $520 of unearned revenue. The computers were purchased on April 1, 2022 and have an expected useful life of five years, after which they will have no residual Apr 30 value. Record depreciation for April Required Using the following trial balance, complete the adjustments and the adjusted trial balance in the worksheet. Do not enter dollar signs or commas in the input boxes. Square Space Worksheet April 30, 2022 Unadjusted Trial Balance Adjustments DR CR DR Adjusted Trial Balance CR Account DR CR Cash 3,700 Accounts Receivable 1,970 Prepaid Insurance 13,000 9,000 Computers Accumulated Depreciation-Computers Accounts Payable 1,900 Interest Payable Unearned Revenue 2,700 Bank Loan 2,790 Kosak, Capital 17,170 Kosak, Withdrawals 1,950 Service Revenue 5,910 Depreciation Expense Insurance Expense Interest Expense Rent Expense 550 Telephone Expense 300 Total 30,470 30,470 Square Space is owned by Luke Kosak. At the end of April 2022, they had the following adjustments. Apr 30 Interest of $530 had accrued on the bank loan. Apr 30 The balance of prepaid insurance is for a 10-month policy, one month of insurance has been used. Apr 30 During April, Square Space earned $520 of unearned revenue. The computers were purchased on April 1, 2022 and have an expected useful life of five years, after which they will have no residual Apr 30 value. Record depreciation for April Required Using the following trial balance, complete the adjustments and the adjusted trial balance in the worksheet. Do not enter dollar signs or commas in the input boxes. Square Space Worksheet April 30, 2022 Unadjusted Trial Balance Adjustments DR CR DR Adjusted Trial Balance CR Account DR CR Cash 3,700 Accounts Receivable 1,970 Prepaid Insurance 13,000 9,000 Computers Accumulated Depreciation-Computers Accounts Payable 1,900 Interest Payable Unearned Revenue 2,700 Bank Loan 2,790 Kosak, Capital 17,170 Kosak, Withdrawals 1,950 Service Revenue 5,910 Depreciation Expense Insurance Expense Interest Expense Rent Expense 550 Telephone Expense 300 Total 30,470 30,470
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