Trial Balance of Star Company as of Dec 31 2020 given as follows: Cash Account Title...
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Trial Balance of Star Company as of Dec 31 2020 given as follows: Cash Account Title Accounts Receivable Supplies Prepaid Insurance Inventory Equipment Accumulated Depreciation- Equipment Accounts Payable Salary Payable Unearned Sales Revenue Capital Withdrawals Trial Balance Debit 146400 48500 21000 3600 3760 30000 5000 Credit 16000 48500 0 15000 151800 Sales Revenue Sales Returns& Allowances Sales Discounts Cost of Goods Sold Insurance Expense Depreciation Expense- Equipment Supplies Expense Salary Expense Total 5000 2250 22790 57000 288300 288300 On Dec 31, 2020 Star completed following adjusting entries: • Expiration of prepaid insurance for one month is $300 Depreciation of equipment for the month, $2,500 • Supplies on hand, $6,000 • Unearned sales revenue earned is, $12,000. • Accrued salary of the Dec 2020 is 27,000$ which will be paid on the 5th of the next month. Requirements: 1. Journalize adjusting entries and prepare adjusted trial balance Trial Balance of Star Company as of Dec 31 2020 given as follows: Cash Account Title Accounts Receivable Supplies Prepaid Insurance Inventory Equipment Accumulated Depreciation- Equipment Accounts Payable Salary Payable Unearned Sales Revenue Capital Withdrawals Trial Balance Debit 146400 48500 21000 3600 3760 30000 5000 Credit 16000 48500 0 15000 151800 Sales Revenue Sales Returns& Allowances Sales Discounts Cost of Goods Sold Insurance Expense Depreciation Expense- Equipment Supplies Expense Salary Expense Total 5000 2250 22790 57000 288300 288300 On Dec 31, 2020 Star completed following adjusting entries: • Expiration of prepaid insurance for one month is $300 Depreciation of equipment for the month, $2,500 • Supplies on hand, $6,000 • Unearned sales revenue earned is, $12,000. • Accrued salary of the Dec 2020 is 27,000$ which will be paid on the 5th of the next month. Requirements: 1. Journalize adjusting entries and prepare adjusted trial balance
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The following are the journal entries and the adjusted trial balance Journal entries Date Account ti... View the full answer
Related Book For
Financial and Managerial Accounting
ISBN: 978-0132497978
3rd Edition
Authors: Horngren, Harrison, Oliver
Posted Date:
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