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Business
Accounting
Adjusting Entries Debit Credit 1,600.00 a.) Insurance Expenses (2400-800) Prepaid Insurance (To record insurance expenses) b.) Store Supplies Expenses Store Supplies (To record supplies expenses) c.) Depreciation (26000*5%) Acc Dep |(To record depreciation) d.) Salaries Expense Salaries Payable (To record salaries payable) e.) Unearned Copy Services Revenue (3000*1/3) Copy Services Revenue (To record revenue) 1,600.00 1,500.00 1,500.00 1,300.00 1,300.00 200.00 200.00 1,000.00 1,000.00

Adjusting Entries Debit Credit 1,600.00 a.) Insurance Expenses (2400-800) Prepaid Insurance (To record insurance expenses) b.) Store Supplies Expenses Store Supplies (To record supplies expenses) c.) Depreciation (26000*5%) Acc Dep |(To record depreciation) d.) Salaries Expense Salaries Payable (To record salaries payable) e.) Unearned Copy Services Revenue (3000*1/3) Copy Services Revenue (To record revenue) 1,600.00 1,500.00 1,500.00 1,300.00 1,300.00 200.00 200.00 1,000.00 1,000.00

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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Using the information in the attached pictures, prepare the REVERSING ENTRIES

REVERSING ENTRIES:

a.)

b.)

c.)

d.)

 

505 Store Supplies Expense 506 Utilities Expense 1,500.00 1,500.00 1,500.00 230.00 230.00 230.00 Totals 43,100.00 43,100.00 5,600.00 5,600.00 44,600.00 44,600.00 7,230.00 4,900,00 37,370.00 39,700.00 (2,330.00) 37,370.00 Net Income (2,330.00) 4,900.00 4,900.00 Totals 37,370.00 Adjustment Data : a.) Unexpired insurance is P 800. b.) Store supplies used is P 1,500. c.) Depreciation on copy equipment is 5% of cost. d.) Accrued Salaries is P 200. e.) 2/3 of the unearned copy services revenue is unearned. Directions: 1.) Prepare adjusting entries and write the entries below. 2.) Complete the worksheet. Adjusting Entries Debit Credit a.) Insurance Expenses (2400-800) Prepaid Insurance (To record insurance expenses) b.) Store Supplies Expenses Store Supplies (To record supplies expenses) c.) Depreciation (26000*5%) Асc Dep (To record depreciation) d.) Salaries Expense Salaries Payable (To record salaries payable) e.) Unearned Copy Services Revenue (3000*1/3) Copy Services Revenue (To record revenue) 1,600.00 1,600.00 1,500.00 1,500.00 1,300.00 1,300.00 200.00 200.00 1,000.00 1,000.00
Transcribed Image Text:505 Store Supplies Expense 506 Utilities Expense 1,500.00 1,500.00 1,500.00 230.00 230.00 230.00 Totals 43,100.00 43,100.00 5,600.00 5,600.00 44,600.00 44,600.00 7,230.00 4,900,00 37,370.00 39,700.00 (2,330.00) 37,370.00 Net Income (2,330.00) 4,900.00 4,900.00 Totals 37,370.00 Adjustment Data : a.) Unexpired insurance is P 800. b.) Store supplies used is P 1,500. c.) Depreciation on copy equipment is 5% of cost. d.) Accrued Salaries is P 200. e.) 2/3 of the unearned copy services revenue is unearned. Directions: 1.) Prepare adjusting entries and write the entries below. 2.) Complete the worksheet. Adjusting Entries Debit Credit a.) Insurance Expenses (2400-800) Prepaid Insurance (To record insurance expenses) b.) Store Supplies Expenses Store Supplies (To record supplies expenses) c.) Depreciation (26000*5%) Асc Dep (To record depreciation) d.) Salaries Expense Salaries Payable (To record salaries payable) e.) Unearned Copy Services Revenue (3000*1/3) Copy Services Revenue (To record revenue) 1,600.00 1,600.00 1,500.00 1,500.00 1,300.00 1,300.00 200.00 200.00 1,000.00 1,000.00
Clear Copy Co. Worksheet For month ended December 31, 2021 Unadjusted Trial Balance Account Adjustments Adjusted Trial Balance Income Statement Balance Sheet No Title Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit 101 Cash 7,950.00 7,950.00 7,950.00 102 Store Supplies 103 Prepaid Insurance |104 Copy Equipment 105 Accumulated Depreciation 201 Accounts Payable 202 Salaries Payable 203 Unearned Copy Services Revenue 301 Terry Dow, Capital 302 Terry Dow, Withdrawals 401 Copy Services Revenue 501 Depreciation Expense 502 Salaries Expense 503 Insurance Expense 504 Rent Expense 505 Store Supplies Expense 506 Utilities Expense Totals 3,720.00 1,500.00 2,220.00 2,220.00 2,400.00 26,000.00 1,600.00 800.00 800.00 26,000.00 26.000.00 1,300.00 1,300.00 1,300.00 6,200.00 6,200.00 6,200.00 200.00 200.00 200.00 3,000.00 1,000.00 2,000.00 2,000.00 30,000.00 30,000.00 30.000.00 400.00 400,00 400.00 3,900.00 1,000.00 4,900.00 4,900.00 1,300.00 1,300.00 1,300.00 200.00 1,600.00 1,600.00 1,600.00 1,400.00 1,600.00 1,600.00 1,000.00 1,000.00 1,000.00 1,500.00 1,500.00 1,500.00 230.00 230.00 230.00 43,100.00 43,100.00 5,600.00 5,600.00 44,600.00 44,600.00 7,230.00 4,900.00 37,370.00 39,700.00 Net Income (2,330.00) (2,330.00)
Transcribed Image Text:Clear Copy Co. Worksheet For month ended December 31, 2021 Unadjusted Trial Balance Account Adjustments Adjusted Trial Balance Income Statement Balance Sheet No Title Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit 101 Cash 7,950.00 7,950.00 7,950.00 102 Store Supplies 103 Prepaid Insurance |104 Copy Equipment 105 Accumulated Depreciation 201 Accounts Payable 202 Salaries Payable 203 Unearned Copy Services Revenue 301 Terry Dow, Capital 302 Terry Dow, Withdrawals 401 Copy Services Revenue 501 Depreciation Expense 502 Salaries Expense 503 Insurance Expense 504 Rent Expense 505 Store Supplies Expense 506 Utilities Expense Totals 3,720.00 1,500.00 2,220.00 2,220.00 2,400.00 26,000.00 1,600.00 800.00 800.00 26,000.00 26.000.00 1,300.00 1,300.00 1,300.00 6,200.00 6,200.00 6,200.00 200.00 200.00 200.00 3,000.00 1,000.00 2,000.00 2,000.00 30,000.00 30,000.00 30.000.00 400.00 400,00 400.00 3,900.00 1,000.00 4,900.00 4,900.00 1,300.00 1,300.00 1,300.00 200.00 1,600.00 1,600.00 1,600.00 1,400.00 1,600.00 1,600.00 1,000.00 1,000.00 1,000.00 1,500.00 1,500.00 1,500.00 230.00 230.00 230.00 43,100.00 43,100.00 5,600.00 5,600.00 44,600.00 44,600.00 7,230.00 4,900.00 37,370.00 39,700.00 Net Income (2,330.00) (2,330.00)
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