The unadjusted trial balance for Flounder Corp. is shown below. FLOUNDER CORP. Trial Balance October 31, 2022 Debit Credit Cash $15,150 Supplies 2,660 Prepaid Insurance 690 Equipment 4,700 Notes Payable $4,700 Accounts Payable 2,800 Unearned Service Revenue 1,650 Common Stock 11,390 Retained Earnings 0 Dividends 500 Service Revenue 8,400 Salaries and Wages Expense 4,000 Rent Expense 1,240 $28,940 $28,940 Assume the following adjustment data. 1. Supplies on hand at October 31 total $610. 2. Expired insurance for the month is $115. 3. Depreciation for the month is $95. 4. As of October 31, services worth $940 related to the previously recorded unearned revenue had been performed. 5. Services performed but unbilled (and no receivable has been recorded) at October 31 are $230. 6. Interest expense accrued at October 31 is $75. 7. Accrued salaries at October 31 are $1,535. Prepare the adjusting entries for the items above. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit 1. Oct. 31 enter an account title to record the first transaction Enter a debit amount Enter a credit amount enter an account title to record the first transaction Enter a debit amount Enter a credit amount 2. Oct. 31 enter an account title to record the second transaction Enter a debit amount Enter a credit amount enter an account title to record the second transaction Enter a debit amount Enter a credit amount 3. Oct. 31 enter an account title to record the third transaction Enter a debit amount Enter a credit amount enter an account title to record the third transaction Enter a debit amount Enter a credit amount 4. Oct. 31 enter an account title to record the fourth transaction Enter a debit amount Enter a credit amount enter an account title to record the fourth transaction Enter a debit amount Enter a credit amount 5. Oct. 31 enter an account title to record the fifth transaction Enter a debit amount Enter a credit amount enter an account title to record the fifth transaction Enter a debit amount Enter a credit amount 6. Oct. 31 enter an account title to record the sixth transaction Enter a debit amount Enter a credit amount enter an account title to record the sixth transaction Enter a debit amount Enter a credit amount 7. Oct. 31 enter an account title to record the seventh transaction Enter a debit amount Enter a credit amount enter an account title to record the seventh transaction Enter a debit amount Enter a credit amount
The unadjusted trial balance for Flounder Corp. is shown below. FLOUNDER CORP. Trial Balance October 31, 2022 Debit Credit Cash $15,150 Supplies 2,660 Prepaid Insurance 690 Equipment 4,700 Notes Payable $4,700 Accounts Payable 2,800 Unearned Service Revenue 1,650 Common Stock 11,390 Retained Earnings 0 Dividends 500 Service Revenue 8,400 Salaries and Wages Expense 4,000 Rent Expense 1,240 $28,940 $28,940 Assume the following adjustment data. 1. Supplies on hand at October 31 total $610. 2. Expired insurance for the month is $115. 3. Depreciation for the month is $95. 4. As of October 31, services worth $940 related to the previously recorded unearned revenue had been performed. 5. Services performed but unbilled (and no receivable has been recorded) at October 31 are $230. 6. Interest expense accrued at October 31 is $75. 7. Accrued salaries at October 31 are $1,535. Prepare the adjusting entries for the items above. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit 1. Oct. 31 enter an account title to record the first transaction Enter a debit amount Enter a credit amount enter an account title to record the first transaction Enter a debit amount Enter a credit amount 2. Oct. 31 enter an account title to record the second transaction Enter a debit amount Enter a credit amount enter an account title to record the second transaction Enter a debit amount Enter a credit amount 3. Oct. 31 enter an account title to record the third transaction Enter a debit amount Enter a credit amount enter an account title to record the third transaction Enter a debit amount Enter a credit amount 4. Oct. 31 enter an account title to record the fourth transaction Enter a debit amount Enter a credit amount enter an account title to record the fourth transaction Enter a debit amount Enter a credit amount 5. Oct. 31 enter an account title to record the fifth transaction Enter a debit amount Enter a credit amount enter an account title to record the fifth transaction Enter a debit amount Enter a credit amount 6. Oct. 31 enter an account title to record the sixth transaction Enter a debit amount Enter a credit amount enter an account title to record the sixth transaction Enter a debit amount Enter a credit amount 7. Oct. 31 enter an account title to record the seventh transaction Enter a debit amount Enter a credit amount enter an account title to record the seventh transaction Enter a debit amount Enter a credit amount
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Concept explainers
The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can result in prepaid assets and liabilities.
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the amount paid/debited or received/ credited from your bank account over some time.
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately recorded or not. Trial balance helps in this. Trial balance helps to check the accuracy of posting the ledger accounts. It helps the accountant to assist in preparing final accounts. It also helps the accountant to check whether all the debits and credits of items are recorded and posted accurately. Like in a balance sheet debit and credit side should be equal, similarly in trial balance debit balance and credit balance should tally.
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial reporting that corrects the errors made previously in the accounting period. The basic characteristics of every adjustment entry is that it affects at least one real account and one nominal account.
Question
The unadjusted trial balance for Flounder Corp. is shown below.
Assume the following adjustment data.
Prepare theadjusting entries for the items above. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
|
FLOUNDER CORP.
Trial Balance October 31, 2022 |
||||
|---|---|---|---|---|
| Debit | Credit | |||
|
Cash
|
$15,150 | |||
|
Supplies
|
2,660 | |||
|
Prepaid Insurance
|
690 | |||
|
Equipment
|
4,700 | |||
|
Notes Payable
|
$4,700 | |||
|
Accounts Payable
|
2,800 | |||
|
Unearned Service Revenue
|
1,650 | |||
|
Common Stock
|
11,390 | |||
|
|
0 | |||
|
Dividends
|
500 | |||
|
Service Revenue
|
8,400 | |||
|
Salaries and Wages Expense
|
4,000 | |||
|
Rent Expense
|
1,240 | |||
|
$28,940
|
$28,940
|
Assume the following adjustment data.
| 1. | Supplies on hand at October 31 total $610. | |
| 2. | Expired insurance for the month is $115. | |
| 3. | ||
| 4. | As of October 31, services worth $940 related to the previously recorded unearned revenue had been performed. | |
| 5. | Services performed but unbilled (and no receivable has been recorded) at October 31 are $230. | |
| 6. | Interest expense accrued at October 31 is $75. | |
| 7. | Accrued salaries at October 31 are $1,535. |
Prepare the
|
No.
|
Date
|
Account Titles and Explanation
|
Debit
|
Credit
|
|---|---|---|---|---|
|
1.
|
Oct. 31
|
enter an account title to record the first transaction
|
Enter a debit amount
|
Enter a credit amount
|
|
enter an account title to record the first transaction
|
Enter a debit amount
|
Enter a credit amount
|
||
|
2.
|
Oct. 31
|
enter an account title to record the second transaction
|
Enter a debit amount
|
Enter a credit amount
|
|
enter an account title to record the second transaction
|
Enter a debit amount
|
Enter a credit amount
|
||
|
3.
|
Oct. 31
|
enter an account title to record the third transaction
|
Enter a debit amount
|
Enter a credit amount
|
|
enter an account title to record the third transaction
|
Enter a debit amount
|
Enter a credit amount
|
||
|
4.
|
Oct. 31
|
enter an account title to record the fourth transaction
|
Enter a debit amount
|
Enter a credit amount
|
|
enter an account title to record the fourth transaction
|
Enter a debit amount
|
Enter a credit amount
|
||
|
5.
|
Oct. 31
|
enter an account title to record the fifth transaction
|
Enter a debit amount
|
Enter a credit amount
|
|
enter an account title to record the fifth transaction
|
Enter a debit amount
|
Enter a credit amount
|
||
|
6.
|
Oct. 31
|
enter an account title to record the sixth transaction
|
Enter a debit amount
|
Enter a credit amount
|
|
enter an account title to record the sixth transaction
|
Enter a debit amount
|
Enter a credit amount
|
||
|
7.
|
Oct. 31
|
enter an account title to record the seventh transaction
|
Enter a debit amount
|
Enter a credit amount
|
|
enter an account title to record the seventh transaction
|
Enter a debit amount
|
Enter a credit amount
|
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