P 7. The trial balance for Best Advisors Service on December 31, 2011, is asfollows:CashAccounts ReceivableOffice SuppliesPrepaid RentOffice EquipmentAccumulated Depreciation-Office EquipmentAccounts PayableNotes PayableUnearned Service RevenueBest Advisors ServiceTrial BalanceDecember 31, 2011M. Dabrowska, CapitalM. Dabrowska, WithdrawalsService RevenueSalaries ExpenseRent ExpenseUtilities Expense$ 18,5008,2502,6621,3209,24022,00049,4004,4004,280$120,052$ 1,5405,94011,0002,97026,00272,600$120,052The following information is also available:a. Ending inventory of office supplies, $300b. Prepaid rent expired, $610c. Depreciation of office equipment for the period, $526d. Accrued interest expense at the end of the period, $570e. Accrued salaries at the end of the period, $330f. Service revenue still unearned at the end of the period, $1,166g. Service revenue earned but unrecorded, $3,100Required1. Open T accounts for the accounts in the trial balance plus the following:Interest Payable; Salaries Payable; Office Supplies Expense; DepreciationExpense-Office Equipment; and Interest Expense. Enter the balances shownon the trial balance.2. Determine the adjusting entries and post them directly to the T accounts.3. Prepare an adjusted trial balance.

These are the journal entries that are required to be prepared by a company to prepare its…

P 7. The trial balance for Best Advisors Service on December 31, 2011, is as follows: Cash Accounts Receivable Office Supplies Prepaid Rent Office Equipment Best Advisors Service Trial Balance December 31, 2011 Accumulated Depreciation- Office Equipment $ 18,500 8,250 2,662 1,320 9,240 $ 1,540

P 7. The trial balance for Best Advisors Service on December 31, 2011, is as follows: Cash Accounts Receivable Office Supplies Prepaid Rent Office Equipment Best Advisors Service Trial Balance December 31, 2011 Accumulated Depreciation- Office Equipment $ 18,500 8,250 2,662 1,320 9,240 $ 1,540

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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