Question

The unadjusted trial balance for Sheffield Corp. is shown below. SHEFFIELD CORP. Trial Balance October 31, 2022 Debit Credit $15,220 Cash Supplies 2,960 690 Prepaid Insurance 5,290 Equipment Notes Payable $5,290 Accounts Payable 2,270 Unearned Service Revenue 1,990 Common Stock 11,040 Retained Earnings Dividends 560 Service Revenue 9,300 Salaries and Wages Expense 4,000 Rent Expense 1,170 $29,890 $29,890

Answer 1

Adjusting Entries:

	Date	Account title and Explanation	Debit	Credit
1	Oct.31	Supplies expense [2,960-520]	$2,440
		Supplies		$2,440
		[To record supplies expense]
2	Oct.31	Insurance Expense	$115
		Prepaid insurance		$115
		[To record insurance expense]
3	Oct.31	Depreciation expense	$135
		Accumulated depreciation		$135
		[To record depreciation expense]
4	Oct.31	Unearned revenue	$870
		Service revenue		$870
		[To record revenue from unearned]
5	Oct.31	Accounts receivable	$290
		Service revenue		$290
		[To record accrued revenues]
6	Oct.31	Interest expense	$85
		Interest payable		$85
		[To record accrued interest expense]
7	Oct.31	Salaries expesne	$1,520
		Salaries payable		$1,520
		[To record salaries expense]