ORIOLE COMPANY Trial Balance August 31, 2020 Before After Adjustment Adjustment Dr. Cr. Dr. Cr. Cash $10,300 $10,300 Accounts Receivable 8,700 9.900 Supplies 2,300 600 Prepaid Insurance 3,800 2,700 Equipment 13,600 13,600 Accumulated Depreciation-Equipment $ 3,800 $ 4,500 Accounts Payable 5,900 5,900 Salaries and WWages Payable 1,200 Unearned Rent Revenue 1,300 700 Owner's Capital 15,000 15,000 Service Revenue 34,000 35,200 Rent Revenue 10,900 11,500 Salaries and Wages Expense 17,100 18,300 Supplies Expense 1,700 Rent Expense 15,100 15,100 Insurance Expense 1,100 Depreciation Expense 700 $70,900 $70,900 $74,000 $74,000

ORIOLE COMPANY Trial Balance August 31, 2020 Before After Adjustment Adjustment Dr. Cr. Dr. Cr. Cash $10,300 $10,300 Accounts Receivable 8,700 9.900 Supplies 2,300 600 Prepaid Insurance 3,800 2,700 Equipment 13,600 13,600 Accumulated Depreciation-Equipment $ 3,800 $ 4,500 Accounts Payable 5,900 5,900 Salaries and WWages Payable 1,200 Unearned Rent Revenue 1,300 700 Owner's Capital 15,000 15,000 Service Revenue 34,000 35,200 Rent Revenue 10,900 11,500 Salaries and Wages Expense 17,100 18,300 Supplies Expense 1,700 Rent Expense 15,100 15,100 Insurance Expense 1,100 Depreciation Expense 700 $70,900 $70,900 $74,000 $74,000

Name: ORIOLE COMPANYTrial BalanceAugust 31, 2020BeforeAfterAdjustmentAdjust
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Description: ORIOLE COMPANYTrial BalanceAugust 31, 2020BeforeAfterAdjustmentAdjustmentDr.Cr.Dr.Cr.Cash$10,300$10,300Accounts Receivable8,7009,900Supplies2,300600Prepaid Insurance3,8002,700Equipment13,60013,600Accumulated Depreciation-Equipment$ 3,800$ 4,500Accou

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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Concept explainers

Depreciation Methods

The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.

Depreciation Accounting

In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.

Topic Video

Question

ORIOLE COMPANY
Trial Balance
August 31, 2020
Before
After
Adjustment
Adjustment
Dr.
Cr.
Dr.
Cr.
Cash
$10,300
$10,300
Accounts Receivable
8,700
9,900
Supplies
2,300
600
Prepaid Insurance
3,800
2,700
Equipment
13,600
13,600
Accumulated Depreciation-Equipment
$ 3,800
$ 4,500
Accounts Payable
5,900
5,900
Salaries and Wages Payable
1,200
Unearned Rent Revenue
1,300
700
Owner's Capital
15,000
15,000
Service Revenue
34,000
35,200
Rent Revenue
10,900
11,500
Salaries and Wages Expense
17,100
18,300
Supplies Expense
1,700
Rent Expense
15,100
15,100
Insurance Expense
1,100
Depreciation Expense
700
$70,900
$70,900
$74,000
$74,000

Prepare the owner's equity statement for the year.
ORIOLE COMPANY
Owner's Equity Statement
For the Year Ended August 31, 2020
$
$
%24
%24
>

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