DdldiceS belore dajus Tor Lupez Reaity agenty at Delember שר הב year are as follows: Debit Credit Accounts Receivable 29,250 Supplies Prepaid rent 2,700 18,000 70,000 Equipment Accumulated Depreciation 14,000 Salary payable Unearned fees 26,500 Fees earned 299,800 Salary expense 60,000 Rent expense 24,000 Supplies expense Depreciation expense Additional information at December 31 is as follows: 1. The unused supplies at December 31 were 1/3 of the amount recorded. 2. Equipment is being depreciated over 10 years period without salvage. 3. Prepaid rent was paid on September 1 to cover six-month period. 4. Two-weeks salary at P2,750 per week for December was not paid. Unearned fees at December 31 amounted to P5,500. 5. 6. Fees earned but still unbilled at December 31 was P12,250.
DdldiceS belore dajus Tor Lupez Reaity agenty at Delember שר הב year are as follows: Debit Credit Accounts Receivable 29,250 Supplies Prepaid rent 2,700 18,000 70,000 Equipment Accumulated Depreciation 14,000 Salary payable Unearned fees 26,500 Fees earned 299,800 Salary expense 60,000 Rent expense 24,000 Supplies expense Depreciation expense Additional information at December 31 is as follows: 1. The unused supplies at December 31 were 1/3 of the amount recorded. 2. Equipment is being depreciated over 10 years period without salvage. 3. Prepaid rent was paid on September 1 to cover six-month period. 4. Two-weeks salary at P2,750 per week for December was not paid. Unearned fees at December 31 amounted to P5,500. 5. 6. Fees earned but still unbilled at December 31 was P12,250.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
What are the balances of each account after adjustments had been made?
Transcribed Image Text:Selected account balances before adjustments for Lopez Realty agency at December 31 of the current
year are as follows:
Debit
Credit
Accounts Receivable
29,250
Supplies
2,700
Prepaid rent
18,000
Equipment
70,000
Accumulated Depreciation
Salary payable
14,000
Unearned fees
26,500
Fees earned
299,800
Salary expense
60,000
Rent expense
24,000
Supplies expense
Depreciation expense
Additional information at December 31 is as follows:
1. The unused supplies at December 31 were 1/3 of the amount recorded.
2. Equipment is being depreciated over 10 years period without salvage.
3. Prepaid rent was paid on September 1 to cover six-month period.
4. Two-weeks salary at P2,750 per week for December was not paid.
5. Unearned fees at December 31 amounted to P5,500.
6. Fees earned but still unbilled at December 31 was P12,250.
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