The following data are taken from an unadjusted trial balance at December 31, 2019: Prepaid rent $ 600 Office supplies 700 Income taxes payable -0- Unearned commissions revenue 1,500 Salaries expense 5,000 Additional Information: a. The prepaid rent consisted of a payment for three months' rent at $200 per month for December 2019, January 2020, and February 2020. b. Office supplies on hand at December 31, 2019 amounted to $300. c. The estimated income taxes for 2019 are $5,000. d. All but $500 in the Unearned Commissions account has been earned in 2019. e. Salaries for the last three days of December amounting to $300 have not yet been recorded.

The following data are taken from an unadjusted trial balance at December 31, 2019: Prepaid rent $ 600 Office supplies 700 Income taxes payable -0- Unearned commissions revenue 1,500 Salaries expense 5,000 Additional Information: a. The prepaid rent consisted of a payment for three months' rent at $200 per month for December 2019, January 2020, and February 2020. b. Office supplies on hand at December 31, 2019 amounted to $300. c. The estimated income taxes for 2019 are $5,000. d. All but $500 in the Unearned Commissions account has been earned in 2019. e. Salaries for the last three days of December amounting to $300 have not yet been recorded.

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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