Debit Credit $ 3,200 Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Unearned Rent Revenue 4,200 16,200 $1,000 1,200 (Note: Debit column does not equal credit column because this is a partial listing of selected account balances) An analysis of the account balances by the company's accountant provided the following additional information: 1. A physical count of supplies revealed $1,400 on hand on September 30. 2. A two-year life insurance policy was purchased on June 1 for $3,600. Equipment depreciated $3,300 per year. The amount of rent received in advance that remains 3. 4. unearned at September 30 is $700. Instructions Using the above additional information, prepare the adjusting entries that should be made by Kidman Company on September 30.

Debit Credit $ 3,200 Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Unearned Rent Revenue 4,200 16,200 $1,000 1,200 (Note: Debit column does not equal credit column because this is a partial listing of selected account balances) An analysis of the account balances by the company's accountant provided the following additional information: 1. A physical count of supplies revealed $1,400 on hand on September 30. 2. A two-year life insurance policy was purchased on June 1 for $3,600. Equipment depreciated $3,300 per year. The amount of rent received in advance that remains 3. 4. unearned at September 30 is $700. Instructions Using the above additional information, prepare the adjusting entries that should be made by Kidman Company on September 30.

Name: DebitSuppliesPrepaid InsuranceEquipmentAccumulated Depreciation-Equip
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Description: DebitSuppliesPrepaid InsuranceEquipmentAccumulated Depreciation-EquipmentCredit$ 3,2004,20016,200$1,000Unearned Rent Revenue1,200(Note: Debit column does not equal credit column becausethis is a partial listing of selected account balances)An analys

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter3: Basic Accounting Systems: Accrual Basis

Section: Chapter Questions

Problem 3.23E: Adjustment for depreciation The estimated amount of depredation on equipment for the current year is...

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The following is the adjusted trial balance of the Toribio Cayanan Company: Toribio Cayanan Company Adjusted Trial Balance Jan. 31, 2010 Cash P 140,000Accounts Receivable 230,000Prepaid Rent 90,000Office Supplies 150,000Office Equipment 780,000Accumulated Depreciation P 320,000Accounts Payable 120,000Salaries Payable 70,000Cayanan, Capital 750,000Cayanan, Withdrawals 170,000Counseling Service Revenues 830,000Miscellaneous Income 110,000Salaries Expense 320,000Office Supplies Expense 210,000Depreciation Expense 60,000Rent Expense 50,000 Total P2,200,000 P2,200,000 Required: 1. Prepare the closing entries.2.…
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