Acc 240 Topic 03 Practice Problems Question 45 Of 58 View Funnies Current Attempt In Progress The Unadjusted Trial Bal 1 (67.96 KiB) Viewed 10 times
← ACC-240 TOPIC 03 PRACTICE PROBLEMS Question 45 of 58 VIEW FUNNIES Current Attempt in Progress The unadjusted trial balance for Sierra Corp. is shown below. Bal. 15,200 1. 2. 3. Assume the following adjustment data. 4. 5. Cash + 6. 7. Accts. Rec. + Supplies + 0 Assets 2,500 Prepd. Acc. Depr.- Insur. + Equip. Equip. - 600 5,000 0 Notes Pay. + 5,000 Liabilities Accts. Int. Pay. + Pay. + 2,500 0 Unearned Serv. Rev. + 1,200 Supplies on hand at October 31 total $500. Expired insurance for the month is $100. Depreciation for the month is $75. As of October 31, services worth $800 related to the previously recorded unearned revenue had been performed. Services performed but unbilled (and no receivable has been recorded) at October 31 are $280. Interest expense accrued at October 31 is $70. Accrued salaries at October 31 are $1,400. Sal. & Wages Com. Pay. + Stock + 0 10,000 Stockholders' Equity - / 0.01 Reatined Earnings Rev. Exp. Div 10,000 4,900 500 Pronaro a tabular cummon to record adjustments for the items abowo ucing the cummary that follows (Ea transaction results in a decrease in Accots Liabilities or Stockholders' Equity place a I Question 45 of 58 + Bal. 1. Prepare a tabular summary to record adjustments for the items above using the summary that follows. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) 2. 3. 4. 5. 6. 7. Adj. Bal. < Cash > 15,200 Accts. Rec. 0 Supplies Assets 2,500 Prepd. Insur. 600 Equip. - / 0.01 5,000 Acc. Depr Equip. I Question 45 of 58 + < 00 > Prepare a tabular summary to record adjustments for the items above using the summary that follows. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Sal. & Wages Pay. 0 Com. Stock 10,000 Rev. Stockholders' Equity 10,000 Retained Earnings Exp. -4,900 Div - / 0.01 -500 ⠀
Join a community of subject matter experts. Register for FREE to view solutions, replies, and use search function. Request answer by replying!