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Assume the following adjustment data and prepare the adjusting entries.

Assume the following adjustment data and prepare the adjusting 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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Assume the following adjustment data and prepare the adjusting entries. 

2. 2. Trial Balance October 31, 2017 Debit Credit Cash Supplies 2,400 Prepaid Insurance Equipment 000 Notes Payable Accounts Payable Unearned Service Revenue 000' Owner's Capital Owner's Drawings 009 Service Revenue Salaries and Wages Expense 000 Rent Expense 00, 006 0060 Assume the following adjustment data. 1. Supplies on hand at October 31 total $600. Expired insurance for the month is $100. 3. Depreciation for the month is $90. 4. Services related to unearned service revenue in October worth $800 were performed. 5. Services performed but not recorded at October 31 are $200. 6. Interest accrued at October 31 is $80. Accrued salaries at October 31 are $1,300. Prepare the adjusting entries for the items above. (Credit account titles are automatically indented whe amount is entered. Do not indent manually.) Debit No. Date Account Titles and Explanation Oct. 1800 Supplies Expense 1. 31. Supplies Oct. 31
Transcribed Image Text:2. 2. Trial Balance October 31, 2017 Debit Credit Cash Supplies 2,400 Prepaid Insurance Equipment 000 Notes Payable Accounts Payable Unearned Service Revenue 000' Owner's Capital Owner's Drawings 009 Service Revenue Salaries and Wages Expense 000 Rent Expense 00, 006 0060 Assume the following adjustment data. 1. Supplies on hand at October 31 total $600. Expired insurance for the month is $100. 3. Depreciation for the month is $90. 4. Services related to unearned service revenue in October worth $800 were performed. 5. Services performed but not recorded at October 31 are $200. 6. Interest accrued at October 31 is $80. Accrued salaries at October 31 are $1,300. Prepare the adjusting entries for the items above. (Credit account titles are automatically indented whe amount is entered. Do not indent manually.) Debit No. Date Account Titles and Explanation Oct. 1800 Supplies Expense 1. 31. Supplies Oct. 31
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