contestada

The unadjusted and adjusted trial balances for American Leaf Company on October 31, 2018, follow:
American Leaf Company
Trial Balances
October 31, 2018
Debit Balances (Unadjusted) Credit Balances (Unadjusted) Debit Balances (Adjusted) Credit Balances(Adjusted)
Cash $16.00 $16.00
Accounts receivable 38.00 44.00
Supplies 10.00 7.00
Prepaid Insurance 22.00 10.00
Land 27.00 27.00
Equipment 41.00 41.00
Accumulated Depreciation-Equipment $7.00 $12.00
Accounts Payable 27.00 27.00
Wages Payable 0.00 2.00
Common Stock 22.00 22.00
Retained Earnings 74.00 74.00
Dividends 10.00 10.00
Fees Earned 70.00 76.00
Wages Expense 23.00 25.00
Rent Expense 6.00 6.00
Insurance Expense 0.00 12.00
Utilities Expense 3.00 3.00 20
Depreciation Expense 0.00 5.00
Supplies Expense 0.00 3.00
Miscellaneous Expense 4.00 4.00
$200.00 $200.00 $191.00 $191.00
Journalize the five entries that adjusted the accounts at October 31, 2018.

Respuesta :

abiolataiwo2015

Answer:

1. Dr Accounts Receivable $6

Cr Fees Earned $6

2. Dr Supplies Expense $3

Cr Supplies $3

3. Dr Insurance Expense $12

Cr Prepaid Insurance $12

4. Dr Depreciation Expense $5

Cr Accumulated Depreciation—Equipment $5

5. Dr Wages Expense $2

Cr Wages Payable $2

Explanation:

Preparation of the five journal entries that adjusted the accounts at October 31, 2018.

1. Dr Accounts Receivable $6

Cr Fees Earned $6

($44-$38)

(To Accrued fees earned)

2. Dr Supplies Expense $3

Cr Supplies $3

($10-$7)

(To record Supplies used)

3. Dr Insurance Expense $12

Cr Prepaid Insurance $12

($22-$10)

(To record Insurance expired)

4. Dr Depreciation Expense $5

Cr Accumulated Depreciation—Equipment $5

($12-$7)

(To record Equipment depreciation)

5. Dr Wages Expense $2

Cr Wages Payable $2

($2-$0)

(To record Accrued wages)

Otras preguntas