L O 3, 4 De t ermining A djusting E n trie s , p osting t o t A cc ou n t s , and p r eparing

L O 3, 4 De t ermining A djusting E n trie s , p osting t o t A cc ou n t s , and p r eparing

L O 3, 4 De t ermining A djusting E n trie s , p osting t o t A cc ou n t s , and p r eparing

LO 3,4Determining Adjusting Entries, posting to t Accounts,andpreparinganAdjusted trial Balancep14.Scoop Consulting Service’s trial balance on December 31, 2014, isas follows.Scoop Consulting ServicetrialBalanceDecember 31, 2014Cash 19,250Accounts Receivable 7,360Office Supplies 2,861Prepaid Rent 1,820Office Equipment 9,240Accumulated Depreciation—Office Equipment2,140Accounts Payable5,940Notes Payable11,000Unearned Service Revenue4,120A. Chase, Capital24,111A. Chase, Withdrawals 22,000Service Revenue76,200Salaries Expense 51,300Rent Expense 5,400Utilities Expense 4,280123,511123,511127.transtutors.com/qimg/fdfdcd9b-ad03-4180-aae7-21ac7cb04699.png”>The following information is also available:a. Ending inventory of office supplies, $564b. Prepaid rent expired, $470c. Depreciation of office equipment for the period, $820d. Accrued interest expense at the end of the period, $730e. Accrued salaries at the end of the period, $630f. Service revenue still unearned at the end of the period, $2,722g. Service revenue earned but unrecorded, $2,500REQUIRED1. Open T accounts for the accounts in the trial balance plus the following: Interest Payable; Salaries Payable; Office Supplies Expense; Depreciation Expense—Office Equipment; and Interest Expense. Enter the balances shown on the trial balance.2. Determine the adjusting entries and post them directly to the T accounts.3. Prepare an adjusted trial balance.4. ACCounting ConneCtion▶ Which financial statements do each of the above adjustments affect? Which financial statement is not affected by the adjustments?

 

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