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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Kindly answer the required below. Please be careful encoding numbers or writing account number. Thank you
![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
P 72,000
P 72,000
331,000
48,000
125,000
170,000
850,000
Cash
Accounts Receivable
Prepaid Insurance
Supplies
331,000
48,000
125,000
170,000
850,000
Land
Building
Accum. Depreciation – Building
Computer Equipment
Accum. Depreciation - Comp. Eq
Notes Payable
Accounts Payable
Salaries Payable
Interest Payable
Mortgage Payable
Africa, Capital
Africa, Withdrawals
Computer-Aided Design Service
Revenues
Salaries Expense
Insurance Expense
Supplies Expense
Depreciation Expense – Building
Depreciation Expense - Comp. Eq
Interest Expense
P 230,000
P 245,000
620,000
620,000
124,000
550,000
143,000
34,000
77,000
470,000
310,000
106,000
550,000
143,000
470,000
310,000
250,000
250,000
1,470,000
1,470,000
847,000
12,000
53,000
15,000
18,000
77,000
813,000
Totals
P 3,279,000 P 3,279,000 P 3,423,000 P3,423,000
Required:
Compare the unadjusted and adjusted trial balances. Determine the adjustments that were made.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2cb57312-710e-4299-a87a-07b84082b7ea%2F84e6666f-7bf0-4601-aec5-9d372a09086c%2Fapi0d8_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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
P 72,000
P 72,000
331,000
48,000
125,000
170,000
850,000
Cash
Accounts Receivable
Prepaid Insurance
Supplies
331,000
48,000
125,000
170,000
850,000
Land
Building
Accum. Depreciation – Building
Computer Equipment
Accum. Depreciation - Comp. Eq
Notes Payable
Accounts Payable
Salaries Payable
Interest Payable
Mortgage Payable
Africa, Capital
Africa, Withdrawals
Computer-Aided Design Service
Revenues
Salaries Expense
Insurance Expense
Supplies Expense
Depreciation Expense – Building
Depreciation Expense - Comp. Eq
Interest Expense
P 230,000
P 245,000
620,000
620,000
124,000
550,000
143,000
34,000
77,000
470,000
310,000
106,000
550,000
143,000
470,000
310,000
250,000
250,000
1,470,000
1,470,000
847,000
12,000
53,000
15,000
18,000
77,000
813,000
Totals
P 3,279,000 P 3,279,000 P 3,423,000 P3,423,000
Required:
Compare the unadjusted and adjusted trial balances. Determine the adjustments that were made.
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