Use the following information to prepare any adjusting entries required: Journal entries

a. Examination of an insurance policy showed $240 of expired insurance.

b. An inventory showed $210 of unused massage supplies on hand.

c. Estimated depreciation expense on massage equipment , $350.

d. Estimated depreciation on the building, $2,220.

e. A massage therapist owes $200 for space rental payments, and this was unrecorded at the time the trial balance was preoared.

f. $200 of the Unearned Rent account balance was earned by year end.

g. The one employee, a receptionist, works at 5 day workweek at $50 per day. The employee was paid last week but has worked 3 days this week for which she has not been paid.

h. Three months property taxes, totalling $450,have accrued . This has not been recorded.

 

Transcribed Image Text:

Cash Prepaid insurance Massage supplies Massage equipment Accum depreciation massage equipment Building Accum depreciation building Land Unearned rent Long-term notes payable Sharp, capital Sharp, withdrawals Rent earned Fees eamed Wages expense Utilities expense Property taxes expense Interest expense TOTAL O 10 hp $ Sharp Massage Co. Trial Balance December 31, 2015 Debit 3,200 480 990 3,860 67,500 55,000 2,700 4.200 690 600 4.350 $143,570 Credit 770 2.840 600 10,000 102.560 3,400 23.400 $143,570 I Cash Prepaid insurance Massage supplies Massage equipment Accum depreciation massage equipment Building Accum depreciation building Land Unearned rent Long-term notes payable Sharp, capital Sharp, withdrawals Rent earned Fees eamed Wages expense Utilities expense Property taxes expense Interest expense TOTAL O 10 hp $ Sharp Massage Co. Trial Balance December 31, 2015 Debit 3,200 480 990 3,860 67,500 55,000 2,700 4.200 690 600 4.350 $143,570 Credit 770 2.840 600 10,000 102.560 3,400 23.400 $143,570 I

Answer rating: 100% (QA)

a Examination of an insurance policy showed 240 of expired insurance Date Particulars Debit Credit 3... View the full answer