Windsor Advertising Agency Inc. was founded in January 2020. Presented below are adjusted and unadjusted trial balances as at December 31, 2023. Cash Accounts receivable Supplies Prepaid insurance Windsor Advertising Agency Inc. Trial Balance December 31, 2023 Equipment Accumulated depreciation-equipment Accounts payable Accumulated depreciation-equipment Accounts payable Interest payable Notes payable Unearned revenue Salaries and wages payable Unadjusted Dr $10.340 18.800 7,900 3,150 56.400 DOPRAY Cr. $26,320 4,700 $26,320 4,700 0 6,000 6,580 Dr. Adjusted $10,340 22.090 2,820 2.350 56,400 Cr $31.020 4,700 3000 $31,020 4,700 600 6,000 5,260 Common shares Retained earnings Service revenue Salaries and wages expense Insurance expense Interest expense Salaries and wages expense Insurance expense Interest expense Depreciation expense Supplies expense Rent expense (a) 9,400 330 9,400 330 3,760 $110,080 9,400 2,000 55.080 $110.080 10,620 800 930 10,620 800 930 4,700 5,080 3,760 $119,890 9,400 2.000 59,690 $119,890 Journalize the annual adjusting entries that were made. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles
Windsor Advertising Agency Inc. was founded in January 2020. Presented below are adjusted and unadjusted trial balances as at December 31, 2023. Cash Accounts receivable Supplies Prepaid insurance Windsor Advertising Agency Inc. Trial Balance December 31, 2023 Equipment Accumulated depreciation-equipment Accounts payable Accumulated depreciation-equipment Accounts payable Interest payable Notes payable Unearned revenue Salaries and wages payable Unadjusted Dr $10.340 18.800 7,900 3,150 56.400 DOPRAY Cr. $26,320 4,700 $26,320 4,700 0 6,000 6,580 Dr. Adjusted $10,340 22.090 2,820 2.350 56,400 Cr $31.020 4,700 3000 $31,020 4,700 600 6,000 5,260 Common shares Retained earnings Service revenue Salaries and wages expense Insurance expense Interest expense Salaries and wages expense Insurance expense Interest expense Depreciation expense Supplies expense Rent expense (a) 9,400 330 9,400 330 3,760 $110,080 9,400 2,000 55.080 $110.080 10,620 800 930 10,620 800 930 4,700 5,080 3,760 $119,890 9,400 2.000 59,690 $119,890 Journalize the annual adjusting entries that were made. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Depreciation Methods
The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.
Depreciation Accounting
In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.
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Transcribed Image Text:Windsor Advertising Agency Inc. was founded in January 2020. Presented below are adjusted and unadjusted trial balances as at
December 31, 2023.
Cash
Windsor Advertising Agency Inc.
Trial Balance
December 31, 2023
Accounts receivable
Supplies
Prepaid insurance
Equipment
Accumulated depreciation-equipment
Accounts payable
Accumulated depreciation-equipment
Accounts payable
Interest payable
Notes payable
Unearned revenue
Salaries and wages payable
Dr
Unadjusted
$10,340
18,800
7,900
3,150
56.400
DOPROD
Cr.
$26.320
4,700
$26,320
4,700
0
6,000
6,580
0
Dr.
Adjusted
$10,340
22.090
2,820
2.350
56,400
Cr.
$31,020
DOPRAY
4,700
$31,020
4,700
600
6,000
5,260
1.220
Common shares
Retained earnings
Service revenue
Salaries and wages expense
Insurance expense
Interest expense
Salaries and wages expense
Insurance expense
Interest expense
Depreciation expense
Supplies expense
Rent expense
(a)
9,400
330
9,400
330
3,760
$110,080
9,400
2,000
55,080
$110,080
10,620
800
930
10,620
800
930
4,700
5,080
3,760
$119,890
9,400
2,000
59,690
$119,890
Journalize the annual adjusting entries that were made. (List all debit entries before credit entries, Credit account titles are
automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles
and enter O for the amounts.)
Transcribed Image Text:Date Account Titles and Explanation
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
(To accrue revenue earned)
(To record revenue previously collected)
(To accrue revenue earned)
(To record revenue previously collected)
(To record supplies used)
Debit
Credit
Dec. 31
(To record depreciation expense)
Dec. 31
Dec. 31
Dec. 31
(To accrue interest expense)
(To record expired insurance)
(To record salaries accrued owing to employees)
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