PREPARING ADJUSTING ENTRIES FROM UNADJUSTED AND ADJUSTED TRIAL BALANCEThe unadjusted and adjusted Dec. 31, 2015 trial balances for A.M. Design are presented below:A.M. DesignTrial BalancesDec. 31, 2015UnadjustedAdjustedCash72,000331,00048,00072,000331,00036,000Accounts ReceivablePrepaid InsuranceSupplies125,000170,00072,000170,000LandBuildingAccum. Depn. - Building850,000850,000230,000245,000Computer EquipmentAccum. Depn. - Computer EquipmentAccounts PayableNotes PayableSalaries PayableInterest PayableMortgage PayableTejero, Capital620,000620,000106,000124,000143,000550,00034,00077,000143,000550,000470,000310,000470,000310,000Tejero, Withdrawals250,000250,000Service Revenue1,470,0001,470,000Salaries ExpenseInsurance Expense813,000847,00012,000Supplies ExpenseDepreciation Expense – BuildingDepreciation Expense – Computer Equipment53,00015,00018,000Interest ExpenseTotals77.0003,423,0003,279,0003,279,0003,423,000Required:Compare the unadjusted and adjusted trial balances. Determine the adjustments that were made by providing theadjusting journal entries.

The adjusting entries are the journal entries made at the close of the accounting period to account…

PREPARING ADJUSTING ENTRIES FROM UNADJUSTED AND ADJUSTED TRIAL BALANCE The unadjusted and adjusted Dec. 31, 2015 trial balances for A.M. Design are presented below: A.M. Design Trial Balances Dec. 31, 2015 Unadjusted Adjusted 72,000 331,000 Cash 72,000 331,000 Accounts Receivable Prepaid Insurance Supplies Land 48,000 36,000 125,000 170,000 72,000 170,000 850,000 Building Accum. Depn. - Building Computer Equipment Accum. Depn. - Computer Equipment Accounts Payable Notes Payable Salaries Payable Interest Payable Mortgage Payable Tejero, Capital Tejero, Withdrawals 850,000 230,000 245,000 620,000 620,000 106,000 124,000 143,000 143,000 550,000 550,000 34,000 77,000 470,000 470,000 310,000 310,000 250,000 250,000 Service Revenue 1,470,000 1,470,000 847,000 12,000 53,000 15,000 18,000 77,000 3,423,000 Salaries Expense Insurance Expense Supplies Expense 813,000 Depreciation Expense – Building Depreciation Expense - Computer Equipment Interest Expense Totals 3,279,000 3,279,000 3,423,000 Required: Compare the unadjusted and adjusted trial balances. Determine the adjustments that were made by providing the adjusting journal entries.

PREPARING ADJUSTING ENTRIES FROM UNADJUSTED AND ADJUSTED TRIAL BALANCE The unadjusted and adjusted Dec. 31, 2015 trial balances for A.M. Design are presented below: A.M. Design Trial Balances Dec. 31, 2015 Unadjusted Adjusted 72,000 331,000 Cash 72,000 331,000 Accounts Receivable Prepaid Insurance Supplies Land 48,000 36,000 125,000 170,000 72,000 170,000 850,000 Building Accum. Depn. - Building Computer Equipment Accum. Depn. - Computer Equipment Accounts Payable Notes Payable Salaries Payable Interest Payable Mortgage Payable Tejero, Capital Tejero, Withdrawals 850,000 230,000 245,000 620,000 620,000 106,000 124,000 143,000 143,000 550,000 550,000 34,000 77,000 470,000 470,000 310,000 310,000 250,000 250,000 Service Revenue 1,470,000 1,470,000 847,000 12,000 53,000 15,000 18,000 77,000 3,423,000 Salaries Expense Insurance Expense Supplies Expense 813,000 Depreciation Expense – Building Depreciation Expense - Computer Equipment Interest Expense Totals 3,279,000 3,279,000 3,423,000 Required: Compare the unadjusted and adjusted trial balances. Determine the adjustments that were made by providing the adjusting journal entries.

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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How to solve this? Need to prepare the adjusting entries...
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Subject : Accounting
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