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The ending balance in Salaries Expense, after adjustment is: $55,950 $0 $54,050 $55,000 $950

The ending balance in Salaries Expense, after adjustment is: $55,950 $0 $54,050 $55,000 $950

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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Elevance Health Unadjusted Trial Balance - December 31, 2023 Cash Accounts Receivable Supplies Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Advertising Expense Utilities Expense Debits $11,500 3,500 1,200 24,000 14,000 Additional Information: a) The equipment was purchased on January 1, 2022. The useful life is estimated to be 10 years. b) As of December 31, 2023, the Company had accrued salaries of $950. 0 0 0 0 4,500 c) of the balance in the Unearned Revenue account, $500 had not been earned by year-end. d) A count of supplies on December 31, 2023 showed $400 of supplies had been used during the year. e) On May 1, 2023, the Company rented an office building for one year and paid $24,000 in cash. $0 55,000 900 650 $115,250 The ending balance in Salaries Expense, after adjustment is: $55,950 $54,050 $55,000 $950 Credits $1,400 1,900 2,800 10,300 7,500 91,350 $115,250
Transcribed Image Text:Elevance Health Unadjusted Trial Balance - December 31, 2023 Cash Accounts Receivable Supplies Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Advertising Expense Utilities Expense Debits $11,500 3,500 1,200 24,000 14,000 Additional Information: a) The equipment was purchased on January 1, 2022. The useful life is estimated to be 10 years. b) As of December 31, 2023, the Company had accrued salaries of $950. 0 0 0 0 4,500 c) of the balance in the Unearned Revenue account, $500 had not been earned by year-end. d) A count of supplies on December 31, 2023 showed $400 of supplies had been used during the year. e) On May 1, 2023, the Company rented an office building for one year and paid $24,000 in cash. $0 55,000 900 650 $115,250 The ending balance in Salaries Expense, after adjustment is: $55,950 $54,050 $55,000 $950 Credits $1,400 1,900 2,800 10,300 7,500 91,350 $115,250
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