Question

Gary The T Company cred w h ey come as of December 2011 to view t Regent 1. Complete weet Uses a tour obteve a The accounts and unused mees poded in the ons bygewers at the fees ( A been red E e t for you ) the Geary Production Company Worksheet December 31, 2018 counted Depreciation Equip Choose from any list or any number in the input fields and then continue to the next question

Answer 1

We first need to book the adjusting entries:

S.No.	Account Description	Debit ($)	Credit ($)	Explanation
a	Accounts Receivables	1,300.00		Since services have been provided, revenue should be recognized and receivable should be created
	Service Revenue		1,300.00
b	Supplies Expense	500.00		Office supplies consumed during the year should be booked as an expense
	Supplies		500.00
c	Insurance Expense	250.00		Insurance expense should be booked for the expired prepaid insurance
	Prepaid Insurance		250.00
d	Depreciation Expense	4,100.00		Depreciation amount booked should be transferred to accumulated depreciation
	Accumulated Depreciation		4,100.00
e	Salaries Expense	250.00		Salaries accrued but not paid should be booked as expense and correspondingly a liability should be created
	Salaries Payable		250.00

The second step will be to prepare an adjusted TB.

	Unadjusted Trial Balance		Adjustments		Adjusted Trial Balance
Accounts Titles	Debit	Credit	Debit	Credit	Debit	Credit
Cash	3500				3500
Accounts Receivable	5,700		1,300		7000
Office Supplies	1800			500	1300
Prepaid Insurance	2,000			250	1750
Equipment	24000				24000
Accumulated Depreciation		8,500		4,100		12,600
Accounts Payable		3400				3,400
Salaries Payable				250		250
Common Stock		12800				12,800
Dividends	28000				28000
Service Revenue		72000		1300		73,300
Depreciation Expense			4,100		4100
Supplies Expense			500		500
Utilities Expense	4,700				4700
Salaries Expense	27,000		250		27250
Insurance Expense			250		250
Total	96700	96700	6400	6400	102350	102350

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