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

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter4: Completing The Accounting Cycle

Section: Chapter Questions

Problem 1CP: The unadjusted trial balance of PS Music as of July 31, 2018, along with the adjustment data for the...

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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

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