The adjustments columns of the worksheet for Sheridan Company are shown below. Account Titles Accounts Receivable Prepaid Insurance Accumulated Depreciation-Equipment Salaries and Wages Payable Service Revenue Salaries and Wages Expense Insurance Expense Depreciation Expense (a) Account Titles and Explanation Adjustments (To record service revenue on account) Debit Credit 1,160 460 470 900 2,990 470 900 460 1,160 Prepare the adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) 2,990 Debit Credit
The adjustments columns of the worksheet for Sheridan Company are shown below. Account Titles Accounts Receivable Prepaid Insurance Accumulated Depreciation-Equipment Salaries and Wages Payable Service Revenue Salaries and Wages Expense Insurance Expense Depreciation Expense (a) Account Titles and Explanation Adjustments (To record service revenue on account) Debit Credit 1,160 460 470 900 2,990 470 900 460 1,160 Prepare the adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) 2,990 Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%

Transcribed Image Text:The adjustments columns of the worksheet for Sheridan Company are shown below.
Account Titles
Accounts Receivable
Prepaid Insurance
Accumulated Depreciation-Equipment
Salaries and Wages Payable
Service Revenue
Salaries and Wages Expense
Insurance Expense
Depreciation Expense
(a)
Account Titles and Explanation
(To record service revenue on account)
(To record expired insurance)
(To record depreciation)
Adjustments
(To record accrued salaries)
Debit
1,160
460
470
900
2,990
Credit
470
Prepare the adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no
entry is required, select "No Entry" for the account titles and enter O for the amounts.)
900
460
1,160
2,990
Debit
1000 11
Credit
1000

Transcribed Image Text:Assuming the adjusted trial balance amount for each account is normal, indicate with an "X" the financial statement column to
which each balance should be extended on the worksheet.
Account Titles
Accounts Receivable
Prepaid Insurance
Accumulated Depreciation-Equipment
Salaries and Wages Payable
Service Revenue
Salaries and Wages Expense
Insurance Expense
Depreciation Expense
Income Statement
Debit
I
Credit
Balance Sheet
Debit
>
Credit
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 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