The following are account balances of Graham Corporation: Account Title Amount in Balance Unadjusted Trial Balance after Adjustment $110 $ -0- 1,800 Interest Receivable Prepaid Insurance Interest Payable Salaries Payable 600 -0- 90 -0- 450 Unearned Rent 700 200 Required: a. Enter the unadjusted balance for each account in the following T-accounts: Interest Receiv- able, Prepaid Insurance, Interest Payable, Salaries Payable, Unearned Rent, Interest Earned, Rent Earned, Insurance Expense, Interest Expense, and Salaries Expense. b. Reconstruct the adjusting entry that must have been recorded for each account. c. Post these adjusting entries and agree ending balances in each T-account to the adjusted balances above.
The following are account balances of Graham Corporation: Account Title Amount in Balance Unadjusted Trial Balance after Adjustment $110 $ -0- 1,800 Interest Receivable Prepaid Insurance Interest Payable Salaries Payable 600 -0- 90 -0- 450 Unearned Rent 700 200 Required: a. Enter the unadjusted balance for each account in the following T-accounts: Interest Receiv- able, Prepaid Insurance, Interest Payable, Salaries Payable, Unearned Rent, Interest Earned, Rent Earned, Insurance Expense, Interest Expense, and Salaries Expense. b. Reconstruct the adjusting entry that must have been recorded for each account. c. Post these adjusting entries and agree ending balances in each T-account to the adjusted balances above.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![The following are account balances of Graham Corporation:
Account Title
Amount in
Balance
Unadjusted
Trial Balance
$ -0-
1,800
after
Adjustment
$110
Interest Receivable
Prepaid Insurance
Interest Payable
Salaries Payable
600
-0-
90
-0-
450
Unearned Rent
700
200
Required:
a. Enter the unadjusted balance for each account in the following T-accounts: Interest Receiv-
able, Prepaid Insurance, Interest Payable, Salaries Payable, Unearned Rent, Interest Earned,
Rent Earned, Insurance Expense, Interest Expense, and Salaries Expense.
b. Reconstruct the adjusting entry that must have been recorded for each account.
c. Post these adjusting entries and agree ending balances in each T-account to the adjusted
balances above.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F11433109-5b55-4966-afe1-08e67108ec44%2F3041708c-55af-4922-9ef2-d80f3120e6b3%2Ff4rrrgh_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The following are account balances of Graham Corporation:
Account Title
Amount in
Balance
Unadjusted
Trial Balance
$ -0-
1,800
after
Adjustment
$110
Interest Receivable
Prepaid Insurance
Interest Payable
Salaries Payable
600
-0-
90
-0-
450
Unearned Rent
700
200
Required:
a. Enter the unadjusted balance for each account in the following T-accounts: Interest Receiv-
able, Prepaid Insurance, Interest Payable, Salaries Payable, Unearned Rent, Interest Earned,
Rent Earned, Insurance Expense, Interest Expense, and Salaries Expense.
b. Reconstruct the adjusting entry that must have been recorded for each account.
c. Post these adjusting entries and agree ending balances in each T-account to the adjusted
balances above.
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