P3-45 Preparing adjusting entries and preparing an adjusted trial balance;This problem continues the Davis Consulting situation from Problem P2-43 of;Chapter 2. You will need to use the unadjusted trial balance and posted T-accounts;that you prepared in Problem P2-43. The unadjusted trial balance at December 31;2014 is duplicated below;Account Title;Office Supplies;Cash;Debit Credit;Accounts Receivable;Equipment;Furniture;Accounts Payable;Unearned Revenue;Davis, Capital;Davis, Withdrawals;Service Revenue;Rent Expense;Utilities Expense;Total;Balance;$ 16,400;$ 26,700 $ 26,700;4,200;2,600;18,000;550;1,200;900;1,800;$ 4,700;1,400;1,400;250;DAVIS CONSULTING;Unadjusted Trial Balance;December 31, 2014;At December 31, the business gathers the following information for the;adjusting entries;a. Accrued service revenue, $550.;b. Earned $700 of the service revenue collected in advance on December 21.;c. Office supplies on hand, $200.;d. Depreciation on equipment, $30, Depreciation on furniture, $70.;e. Accrued $685 expense for administrative assistant?s salary.;Requirements;1. Journalize and post the adjusting entries using the T-accounts that you completed;in Problem P2-43. In the T-accounts, denote each adjusting amount as Adj. and;an account balance as Balance.;2. Prepare an adjusted trial balance as of December 31, 2014.
Paper#24503 | Written in 18-Jul-2015Price : $27