The trial balance for Concord Corporation appears as follows: Concord Corporation Trial Balance December 31, 2022 Cash $230 Accounts Receivable 397 Prepaid Insurance 62 Supplies 137 Equipment 3040 Accumulated Depreciation, Equipment $460 Accounts Payable 292 Common Stock 910 Retained Earnings 1060 Service Revenue 2284 Salaries and Wages Expense 760 Rent Expense 380 $5006 $5006

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The trial balance for Concord Corporation appears as follows:
Concord Corporation
Trial Balance
December 31, 2022
Cash
$230
Accounts Receivable
397
Prepaid Insurance
62
Supplies
137
Equipment
3040
Accumulated Depreciation, Equipment
$460
Accounts Payable
292
Common Stock
910
Retained Earnings
1060
Service Revenue
2284
Salaries and Wages Expense
760
Rent Expense
380
$5006
$5006
Transcribed Image Text:The trial balance for Concord Corporation appears as follows: Concord Corporation Trial Balance December 31, 2022 Cash $230 Accounts Receivable 397 Prepaid Insurance 62 Supplies 137 Equipment 3040 Accumulated Depreciation, Equipment $460 Accounts Payable 292 Common Stock 910 Retained Earnings 1060 Service Revenue 2284 Salaries and Wages Expense 760 Rent Expense 380 $5006 $5006
Salaries and Wages Expense
760
Rent Expense
380
$5006
$5006
If, on December 31, 2022, supplies on hand were $30, the adjusting entry would contain a:
debit to Supplies for $30.
debit to Supplies Expense for $107.
credit to Supplies Expense for $107.
credit to Supplies for $30.
Attempt
Save for Later
Transcribed Image Text:Salaries and Wages Expense 760 Rent Expense 380 $5006 $5006 If, on December 31, 2022, supplies on hand were $30, the adjusting entry would contain a: debit to Supplies for $30. debit to Supplies Expense for $107. credit to Supplies Expense for $107. credit to Supplies for $30. Attempt Save for Later
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