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.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 12MC: Which of the following accounts are used when a short-term note payable with 5% interest is honored...

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