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Required: Compare the unadjusted and adjusted trial balances. Determine the adjustments that were made.

Required: Compare the unadjusted and adjusted trial balances. Determine the adjustments that were made.

FINANCIAL ACCOUNTING
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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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.
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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