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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
Hello Kindly answer this please. Be careful encoding numbers thank you!
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.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education