Preparing Adjusting Entries from Unadjusted and Adjusted Trial Balances The unadjusted and adjusted Dec. 31, 2020 trial balances for the A.A. Design are presented below: A.A. Design Trial Balances December 31, 2020 Account Name Unadjusted Adjusted Cash Accounts Receivable Prepaid Insurance Supplies Land P 72,000 331,000 48,000 125,000 170,000 850,000 P 72,000 331,000 48,000 125,000 170,000 850,000 Building Accum. Depreciation - Building Computer Équipment Accum. Depreciation - Comp. Eq Notes Payable Accounts Payable Salaries Payable Interest Payable Mortgage Payable Africa, Capital Africa, Withdrawals Computer-Aided Design Service Revenues P 230,000 P 245,000 620,000 620,000 106,000 550,000 143,000 124,000 550,000 143,000 34,000 77,000 470,000 310,000 470,000 310,000 250,000 250,000 1,470,000 1,470,000 Salaries Expense Insurance Expense Supplies Expense Depreciation Expense - Building Depreciation Expense - Comp. Eq Interest Expense 813,000 847,000 12,000 53,000 15,000 18,000 77,000 Totals P 3,279,000 P3,279,000 P 3,423,000 P 3,423,000 Required: Compare the unadjusted and adjusted trial balances. Determine the adjustments that were made.

Preparing Adjusting Entries from Unadjusted and Adjusted Trial Balances The unadjusted and adjusted Dec. 31, 2020 trial balances for the A.A. Design are presented below: A.A. Design Trial Balances December 31, 2020 Account Name Unadjusted Adjusted Cash Accounts Receivable Prepaid Insurance Supplies Land P 72,000 331,000 48,000 125,000 170,000 850,000 P 72,000 331,000 48,000 125,000 170,000 850,000 Building Accum. Depreciation - Building Computer Équipment Accum. Depreciation - Comp. Eq Notes Payable Accounts Payable Salaries Payable Interest Payable Mortgage Payable Africa, Capital Africa, Withdrawals Computer-Aided Design Service Revenues P 230,000 P 245,000 620,000 620,000 106,000 550,000 143,000 124,000 550,000 143,000 34,000 77,000 470,000 310,000 470,000 310,000 250,000 250,000 1,470,000 1,470,000 Salaries Expense Insurance Expense Supplies Expense Depreciation Expense - Building Depreciation Expense - Comp. Eq Interest Expense 813,000 847,000 12,000 53,000 15,000 18,000 77,000 Totals P 3,279,000 P3,279,000 P 3,423,000 P 3,423,000 Required: Compare the unadjusted and adjusted trial balances. Determine the adjustments that were made.

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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