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Account Cash Accounts Receivable Debit Credit 1. An analysis indicates that prepaid rent on December 31 should be $2,300. 2. A physical inventory shows that $650 of office supplies is on hand. 3. Depreciation for 2019 is $35,250. 4. An analysis indicates that unearned service revenue should be $3,120. 5. Wages in the amount of $3,450 are owed but unpaid and unrecorded at year end. 6. Six months' interest at 8% on the note was paid on September 30. Interest for the period from October 1 to December 31 is unpaid and unrecorded. 7. Income taxes of $55,539 are owed but unrecorded and unpaid. $ 3,100 15,900 Supplies Prepaid Rent Equipment Accumulated Depreciation 4,200 9,500 625,000 $ 104,000 Other Assets 60,900 Accounts Payable 9,400 Unearned Service Revenue 11,200 Note Payable (due 2022) 50.000 Common Stock 279,500 Retained Earnings, 12/31/2018 37,000 Service Revenue Wages Expense Rent Expense Interest Expense 598,000 137,000 229,000 4,500 Total $1,089,100 $1,089,100

Account Cash Accounts Receivable Debit Credit 1. An analysis indicates that prepaid rent on December 31 should be $2,300. 2. A physical inventory shows that $650 of office supplies is on hand. 3. Depreciation for 2019 is $35,250. 4. An analysis indicates that unearned service revenue should be $3,120. 5. Wages in the amount of $3,450 are owed but unpaid and unrecorded at year end. 6. Six months' interest at 8% on the note was paid on September 30. Interest for the period from October 1 to December 31 is unpaid and unrecorded. 7. Income taxes of $55,539 are owed but unrecorded and unpaid. $ 3,100 15,900 Supplies Prepaid Rent Equipment Accumulated Depreciation 4,200 9,500 625,000 $ 104,000 Other Assets 60,900 Accounts Payable 9,400 Unearned Service Revenue 11,200 Note Payable (due 2022) 50.000 Common Stock 279,500 Retained Earnings, 12/31/2018 37,000 Service Revenue Wages Expense Rent Expense Interest Expense 598,000 137,000 229,000 4,500 Total $1,089,100 $1,089,100

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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Account Debit Credit 1. An analysis indicates that prepaid rent on December 31 should be $2,300. 2. A physical inventory shows that $650 of office supplies is on hand. 3. Depreciation for 2019 is $35,250. 4. An analysis indicates that unearned service revenue should be $3,120. 5. Wages in the amount of $3,450 are owed but unpaid and unrecorded at year end. 6. Six months' interest at 8% on the note was paid on September 30. Interest for the period from October 1 to December 31 is unpaid and unrecorded. 7. Income taxes of $55,539 are owed but unrecorded and unpaid. Cash $ 3,100 Accounts Receivable 15,900 Supplies 4,200 Prepaid Rent 9,500 Equipment Accumulated Depreciation 625,000 $ 104,000 Other Assets 60,900 Accounts Payable 9,400 Unearned Service Revenue 11,200 Note Payable (due 2022) 50,000 Common Stock 279,500 Retained Earnings, 12/31/2018 37,000 Service Revenue 598,000 Wages Expense Rent Expense 137,000 229,000 Interest Expense 4,500 Total $1,089,100 $1,089,100
Transcribed Image Text:Account Debit Credit 1. An analysis indicates that prepaid rent on December 31 should be $2,300. 2. A physical inventory shows that $650 of office supplies is on hand. 3. Depreciation for 2019 is $35,250. 4. An analysis indicates that unearned service revenue should be $3,120. 5. Wages in the amount of $3,450 are owed but unpaid and unrecorded at year end. 6. Six months' interest at 8% on the note was paid on September 30. Interest for the period from October 1 to December 31 is unpaid and unrecorded. 7. Income taxes of $55,539 are owed but unrecorded and unpaid. Cash $ 3,100 Accounts Receivable 15,900 Supplies 4,200 Prepaid Rent 9,500 Equipment Accumulated Depreciation 625,000 $ 104,000 Other Assets 60,900 Accounts Payable 9,400 Unearned Service Revenue 11,200 Note Payable (due 2022) 50,000 Common Stock 279,500 Retained Earnings, 12/31/2018 37,000 Service Revenue 598,000 Wages Expense Rent Expense 137,000 229,000 Interest Expense 4,500 Total $1,089,100 $1,089,100
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