SIERRA CORPORATION Trial Balance October 31, 2017 Debit Credit Cash Supplies Prepaid Insurance Equipment Notes Payable Accounts Payable $15,200 2,500 600 5,000 $ 5,000 2,500 1,200 10,000 Unearned Service Revenue Common Stock Retained Earnings Dividends 500 Service Revenue 10,000 Salaries and Wages Expense Rent Expense 4,000 900 $28,700 $28,700 E4-11 The unadjusted trial balance for Sierra Corp. is shown in Illustration 4-4 (page 155). Instead of the adjusting entries shown in the text at October 31, assume the following ( adjustment data. 1. Supplies on hand at October 31 total $500. 2. Expired insurance for the month is $100. 3. Depreciation for the month is $75. 4. As of October 31, services worth $800 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 $280. 6. Interest expense accrued at October 31 is $70. 7. Accrued salaries at October 31 are $1,400. Instructions Prepare the adjusting entries for the items above.

SIERRA CORPORATION Trial Balance October 31, 2017 Debit Credit Cash Supplies Prepaid Insurance Equipment Notes Payable Accounts Payable $15,200 2,500 600 5,000 $ 5,000 2,500 1,200 10,000 Unearned Service Revenue Common Stock Retained Earnings Dividends 500 Service Revenue 10,000 Salaries and Wages Expense Rent Expense 4,000 900 $28,700 $28,700 E4-11 The unadjusted trial balance for Sierra Corp. is shown in Illustration 4-4 (page 155). Instead of the adjusting entries shown in the text at October 31, assume the following ( adjustment data. 1. Supplies on hand at October 31 total $500. 2. Expired insurance for the month is $100. 3. Depreciation for the month is $75. 4. As of October 31, services worth $800 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 $280. 6. Interest expense accrued at October 31 is $70. 7. Accrued salaries at October 31 are $1,400. Instructions Prepare the adjusting entries for the items above.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 3MC: Prince Corporations accounts provided the following information at December 31, 2019: What should be...

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