Use the information below to derive the journal entries and complete the requirements 1. Supplies on...

 

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Use the information below to derive the journal entries and complete the requirements 1. Supplies on hand at October 31 total $500. 2. Expired insurance for the month is $120. 3. Depreciation for the month is $50. 4. Services related to unearned service revenue in October worth $600 were performed. 5. Services performed but not recorded at October 31 are $360. 6. Interest accrued at October 31 is $95. 7. Accrued salaries at October 31 are $1,625. Preliminary 10/31 Trial Balance Debit Credit Cash $ 15,200 Supplies Prepaid Insurance Equipment Notes Payable Accounts Payable Unearned Service Revenue 2,500 600 5,000 Requirements Prepare adjusting entries Enter adjustments onto excel worksheet Complete 1. Adjusted Trial Balance 2. Income statement 3. Statement of Equity 4. Balance Sheet $ 5,000 2,500 1,200 10,000 Owner's Capital Owner's Drawings Service Revenue Salaries and Wages Expense Rent Expense 500 10,000 4,000 900 $28,700 $28,700 Use the information below to derive the journal entries and complete the requirements 1. Supplies on hand at October 31 total $500. 2. Expired insurance for the month is $120. 3. Depreciation for the month is $50. 4. Services related to unearned service revenue in October worth $600 were performed. 5. Services performed but not recorded at October 31 are $360. 6. Interest accrued at October 31 is $95. 7. Accrued salaries at October 31 are $1,625. Preliminary 10/31 Trial Balance Debit Credit Cash $ 15,200 Supplies Prepaid Insurance Equipment Notes Payable Accounts Payable Unearned Service Revenue 2,500 600 5,000 Requirements Prepare adjusting entries Enter adjustments onto excel worksheet Complete 1. Adjusted Trial Balance 2. Income statement 3. Statement of Equity 4. Balance Sheet $ 5,000 2,500 1,200 10,000 Owner's Capital Owner's Drawings Service Revenue Salaries and Wages Expense Rent Expense 500 10,000 4,000 900 $28,700 $28,700

Answer rating: 100% (QA)

Adjusting entries 1 Oct 31 Supplies expense AC Dr 2000 To Supplies AC 2000 2 Oct 31 Insurance ex... View the full answer