Question: The trial balances shown below are before and after adjustment for Oriole Company at the end of its fiscal year. ORIOLE COMPANY Trial Balance August
The trial balances shown below are before and after adjustment for Oriole Company at the end of its fiscal year.
| ORIOLE COMPANY Trial Balance August 31, 2022 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Before Adjustment | After Adjustment | |||||||
| Dr. | Cr. | Dr. | Cr. | |||||
| Cash | $10,520 | $10,520 | ||||||
| Accounts Receivable | 8,050 | 8,580 | ||||||
| Supplies | 2,880 | 1,600 | ||||||
| Prepaid Insurance | 4,220 | 2,800 | ||||||
| Equipment | 16,000 | 16,000 | ||||||
| Accumulated DepreciationEquipment | $3,600 | $4,800 | ||||||
| Accounts Payable | 5,220 | 5,220 | ||||||
| Salaries and Wages Payable | 0 | 1,220 | ||||||
| Unearned Rent Revenue | 1,860 | 1,000 | ||||||
| Common Stock | 11,640 | 11,640 | ||||||
| Retained Earnings | 5,480 | 5,480 | ||||||
| Dividends | 2,630 | 2,630 | ||||||
| Service Revenue | 34,000 | 34,530 | ||||||
| Rent Revenue | 12,060 | 12,920 | ||||||
| Salaries and Wages Expense | 16,180 | 17,400 | ||||||
| Supplies Expense | 0 | 1,280 | ||||||
| Rent Expense | 13,380 | 13,380 | ||||||
| Insurance Expense | 0 | 1,420 | ||||||
| Depreciation Expense | 0 | 1,200 | ||||||
| $73,860 | $73,860 | $76,810 | $76,810 | |||||
Prepare the adjusting entries that were made.
Step by Step Solution
There are 3 Steps involved in it
1 Expert Approved Answer
Step: 1 Unlock
Question Has Been Solved by an Expert!
Get step-by-step solutions from verified subject matter experts
Step: 2 Unlock
Step: 3 Unlock
