The Balances Of The Ledger Accounts For Buffet Services On September 30 20x1 And The Information Needed For Adjustment 1 (44.26 KiB) Viewed 27 times
The Balances Of The Ledger Accounts For Buffet Services On September 30 20x1 And The Information Needed For Adjustment 2 (48.43 KiB) Viewed 27 times
The balances of the ledger accounts for Buffet Services on September 30, 20X1, and the information needed for adjustments are shown below. Account Name Cash Accounts receivable. Supplies Prepaid insurance Equipment: Accumulated depreciation-Equipment Accounts payable Jane Buffet, Capital Jane Buffet, Drawing Fees income Advertising expense Rent expense Salaries expense Supplies expense Insurance expense Utilities expense Depreciation expense-Equipment Balance $17,500 8,800 3,300 8,700 20,400 8,200 48,000 3,900 28,000 3,000 5,100 11,800 1,700 Adjustment information: a. The supplies were purchased on September 1, 20X1. An inventory of supplies showed $2,100 on hand on September 30, 20X1. b. The amount of Prepaid Insurance represents a payment made September 1, 20X1, for a six-month insurance policy. c. The equipment, purchased September 1, 20X1, has an estimated useful life of 5 years with no salvage value. The firm uses the straight-line method of depreciation. Prepare the Trial Balance section, record the adjustments, and complete the worksheet.
ACCOUNT NAME Cash Accounts receivable Supplies Prepaid insurance Equipment Accumulated depreciation-Equipment Accounts payable Jane Buffet, Capital Jane Buffet, Drawing Fees income Advertising expense Rent expense Salaries expense Supplies expense Insurance expense Utilities expense Depreciation expense-Equipment Totals Net income TRIAL BALANCE Debit Credit BUFFET SERVICES Worksheet Month Ended September 30, 20X1 ADJUSTMENTS Debil Credit ADJUSTED TRIAL BALANCE Credit Debit INCOME STATEMENT Debit Credit BALAN Debit
Join a community of subject matter experts. Register for FREE to view solutions, replies, and use search function. Request answer by replying!