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Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615

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Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615
Textbook Problem
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Adjustment data on an end-of-period spreadsheet

Alert Security Services Co. offers security services to business clients. The trial balance for Alert Security Services Co. has been prepared on the following end-of-period spreadsheet for the year ended October 31, 2016:

Chapter 4, Problem 4.24EX, Adjustment data on an end-of-period spreadsheet Alert Security Services Co. offers security services

The data for year-end adjustments are as follows:

a. Fees earned, but not yet billed, $13.

b. Supplies on hand, $4.

c. Insurance premiums expired, $10.

d. Depreciation expense, $3.

e. Wages accrued, but not paid, $1.

Enter the adjustment data, and place the balances in the Adjusted Trial Balance columns.

To determine

Spreadsheet: A spreadsheet is a worksheet. It is used while preparing a financial statement. It is a type of form having multiple columns and it is used in the adjustment process. The use of a worksheet is optional for any organization. A worksheet can neither be considered as a journal nor a part of the general ledger.

To Enter: The adjustment data in the adjusted trial balance columns.

Explanation

Since all the assets, expenses, and dividends accounts have a normal debit balance, it should be recorded in the debit column of the unadjusted trial balances, adjustments section, and adjusted trial balance of the worksheet...

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