The trial balances shown below are before and after adjustment for Sheridan Company at the end of its fiscal year. SHERIDAN COMPANY Trial Balance August 31, 2022 Before After Adjustment Cr. Adjustment Dr. Dr. Cr. Cash $10,150 $10,150 Accounts Receivable 9,120 9,690 Supplies Prepaid Insurance 2,800 1,740 4,080 2,690 Equipment 16,000 16,000 $3,600 Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable $4,800 5,500 5,500 1,750 Unearned Rent Revenue 1,980 1,190 Common Stock 15,930 15,930 Retained Earnings 5,760 5,760 Dividends 2,980 2,980 Service Revenue 34,000 34,570 Rent Revenue 12,590 13,380 Salaries and Wages Expense 16,570 18,320 Supplies Expense 1,060 Rent Expense 17,660 17,660 Insurance Expense 1,390 1,200 $82,880 Depreciation Expense $79,360 $79,360 $82,880 Prepare the adjusting entries that were made. (If no entry is required, select "No Entry" for the account titles and enter O for the amour Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

The trial balances shown below are before and after adjustment for Sheridan Company at the end of its fiscal year. SHERIDAN COMPANY Trial Balance August 31, 2022 Before After Adjustment Cr. Adjustment Dr. Dr. Cr. Cash $10,150 $10,150 Accounts Receivable 9,120 9,690 Supplies Prepaid Insurance 2,800 1,740 4,080 2,690 Equipment 16,000 16,000 $3,600 Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable $4,800 5,500 5,500 1,750 Unearned Rent Revenue 1,980 1,190 Common Stock 15,930 15,930 Retained Earnings 5,760 5,760 Dividends 2,980 2,980 Service Revenue 34,000 34,570 Rent Revenue 12,590 13,380 Salaries and Wages Expense 16,570 18,320 Supplies Expense 1,060 Rent Expense 17,660 17,660 Insurance Expense 1,390 1,200 $82,880 Depreciation Expense $79,360 $79,360 $82,880 Prepare the adjusting entries that were made. (If no entry is required, select "No Entry" for the account titles and enter O for the amour Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

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 3.6.1P: Adjustment process and financial statements Adjustment data for Ms. Ellen’s Laundry Inc. for the...

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Adjustment process and financial statements Adjustment data for Ms. Ellen’s Laundry Inc. for the year ended December 31, 20Y8. are as follows: a. Wages accrued but not paid at December 31. $2150 h. Depreciation of equipment during the year. $12500 c. Laundry supplies on hand at December 31. $1,500 d. Insurance premiums expired. $4600 Instructions 1. Using the following integrated financial statement framework, record each adjustment to the appropriate accounts, identifying each adjustment by its letter. After all adjustments are recorded, determine the balances.
Worksheet Victoria Company has the following account balances on December 31, 2019, prior to any adjustments: Additional adjustment information: (a) depreciation on buildings, 1,100; on equipment, 600; (b) bad debts expense, 240; (c) interest accumulated but not paid: on note payable, 50; on mortgage payable, 530 (this interest is due during the next accounting period); (d) insurance expired, 175; (e) salaries accrued but not paid 370; (f) rent was collected in advance and the performance obligation is now satisfied, 800; (g) office supplies cm hand at year-end, 230 (expensed when originally purchased earlier in the year); and (h) the income tax rate is 30% on current income and is payable in the first quarter of 2020. Required: 1. Transfer the account balances to a 10-column worksheet and prepare a trial balance. 2. Prepare the adjusting entries in the general journal and complete the worksheet. 3. Prepare the companys income statement, retained earnings statement, and balance sheet. 4. Prepare closing entries in the general journal.
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