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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

ADJUSTMENTS AND WORK SHEET SHOWING A NET LOSS Val Nolan started a business called Nolan’s Home Appraisals. The trial balance as of October 31, after the first month of operations, is as follows:

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REQUIRED

  1. 1. Analyze the following adjustments and enter them on the work sheet.
    1. (a) Supplies inventory as of October 31, $210.
    2. (b) Unexpired (remaining) insurance as of October 31, $800.
    3. (c) Depreciation of automobile, $250.
    4. (d) Wages earned but not paid as of October 31, $175.
  2. 2. Complete the work sheet.

1&2

To determine

Provide the given adjustments in the Adjustments columns of the work sheet and complete the work sheet.

Explanation

Provide the given adjustments in the Adjustments columns of the work sheet and complete the work sheet.

(Figure 1)

Working note:

(1) Calculate the adjustment amount for the ending supplies inventory of $210...

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