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A. Prepare the adjustment entries.

A. Prepare the adjustment entries.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A. Prepare the adjustment entries. B. Making the entries in the ledger. C. Prepare the adjusted trial balance. Use the following information to complete the exercise: 1. At the end of January, Carnes del País had supplies in the amount of $2,000. 2. At the end of January, the month of the prepaid insurance account, paid for the full year, was consumed. 3. Equipment depreciation is $1,500. 4. There is a salary debt as of January 31, 2020 of $600. 5. The balance sheets of the accounts before adjustments are as follows: account Balance Cash 200,550 25,000 prepaid insurance supplies Equipment Accounts receivable Unpaid notes Accounts payable Carmelo Ruiz, capital 169,100 Carmelo Ruiz, drawing 20,000 fee earned Utilities expense Salary expense 6,000 35,000 122,850 42,800 50,000 839,500 24,500 620,000 Advertising expense Rent expense 3,500 45,000
Transcribed Image Text:A. Prepare the adjustment entries. B. Making the entries in the ledger. C. Prepare the adjusted trial balance. Use the following information to complete the exercise: 1. At the end of January, Carnes del País had supplies in the amount of $2,000. 2. At the end of January, the month of the prepaid insurance account, paid for the full year, was consumed. 3. Equipment depreciation is $1,500. 4. There is a salary debt as of January 31, 2020 of $600. 5. The balance sheets of the accounts before adjustments are as follows: account Balance Cash 200,550 25,000 prepaid insurance supplies Equipment Accounts receivable Unpaid notes Accounts payable Carmelo Ruiz, capital 169,100 Carmelo Ruiz, drawing 20,000 fee earned Utilities expense Salary expense 6,000 35,000 122,850 42,800 50,000 839,500 24,500 620,000 Advertising expense Rent expense 3,500 45,000
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