**Ledger Overview:**The ledger of Cullumber Company includes the following unadjusted balances:- **Prepaid Insurance:** $4,300- **Service Revenue:** $56,700- **Salaries and Wages Expense:** $24,200**Adjusting entries are required for:**(a) Expired insurance: $1,600(b) Services performed: $1,900 are billed and not yet collected(c) Accrued salaries payable: $800**Task:** Enter the unadjusted balances and adjustments into a worksheet and complete the worksheet for all accounts.---**Worksheet Structure:**The worksheet is divided into two main sections: Income Statement and Balance Sheet, each with Debit (Dr.) and Credit (Cr.) columns.**Income Statement:**- **Debit (Dr.) Column:** - Initial entry: 58600 (no account specified) - Adjustment entry: 800 (no account specified) **Balance Sheet:**- Both Debit (Dr.) and Credit (Cr.) columns are empty and require completion based on adjustments and unadjusted balances.

The adjustment entries are made to adjust the revenue and expenses of the current period.

Answered: The ledger of Cullumber Company…

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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