Question

List of Adjustments The following entries are in addition to the entrie! from Monopoly: Payment to the Gas & Electric Company for bill - $15525 Payment of employee wages $231,880 Payment of cleaning fee - $20750 Purchased Supplies on account for $65,250 Used insurance for the month $35,750 Paid $35,000 for Advertising Paid $130,000 on Accounts Payable Performed services on Unearned Revenue for $75,000 -

Answer 1

Solution Account Name Adjustments Debit Credit I $433,155 Income Statement Debit Credit | Unadjusted Trial Balance Debit Credit $15,000,000 $35,000 $125,000 $40,000 $325,000 $1,640,000 $545,000 $65,250 $35,750 $130,000 Balance Sheet Debit Credit $14,566,845 $35,000 $190,2501 $4,2501 $325,000 $1,640,000 $545,000 $510,250 $20,000 $45,000 $0 $80,000 $18,700,000 $75,000 $65,250 Cash Accounts Receivables Office Supplies Prepaid Insurance Land Equipment Acc. Dep.-Equipment Accounts Payable Utilities Payable Interest payable Unearned Revenue Notes Payable Capital Withdrawals Service Revenue Salaries Expense Rent Expense Utilities Expense Advertising Expense Supplies Expense Insurance Expense Interest Expense Dep. Exp.-Equipment Totals $20,000 $45,000 $75,000 $80,000 $18,700,000 $75,000 Adjusted Trial Balance Debit Credit | $14,566,845 $35,000 $190,250 $4,250 $325,000 $1,640,000 $545,000 $510,250 $20,000 $45,000 $0 $80,000 $18,700,000 $75,000 $325,000 $1,106,880 $62,500 $361,275 $50,000 $450,000 $183,250 $300,000 $875,000 $20,225,250 $20,225,250 $75,000 $250,000 $75,000 $325,000 $231,880 $36,275 $35,000 $875,000 $62,500 $325,000 $15,000 $450,000 $147,500 $300,000 $875,000 $20,290,000 $1,106,880 $62,500 $361,275 $50,000 $450,000 $183,250) $300,000 $875,000 $3,388,905 $35,750 $20,290,000 $609,155 $609,155 $19,900,250 $325,000 $3,063,905 $3,388,905 $16,836,345 $3,063,905 $19,900,250 Totals: $3,388,905 $19,900,250

WN-1: Adjustment journal entries Credit Debit $15,525 Utilities Expense Cash $15,525 $231,880 Salaries Expense Cash $231,880 $20,750 Utilities Expense Cash $20,750 $65,250 Office Supplies Accounts Payable $65,250 $35,750 Insurance Expense Prepaid Insurance $35,750 $35,000 Advertising Expense Cash $35,000 $130,000 Accounts Payable Cash $130,000 $75,000 Unearned Revenue Service Revenue $75,000