Answer:
Supplies on hand at October 31 total $500
Inventory $ 500 (debit)
Income Statement - cost of sales $500 (debit)
Expired insurance for the month is $100
Insurance $ 100 (debit)
Account Payable - Insurance Provider $100(credit)
Depreciation for the month is $50
Depreciation $50 (debit)
Accumulated Depreciation / Asset $50 (credit)
Services related to unearned service revenue in October worth $600 were performed
Trade Receivable $ 600 (debit)
Revenue $ 600 (credit)
Interest accrued at October 31 is $95
Interest expense $95 (debit)
Interest Accrued $95 (credit)
Accrued salaries at October 31 are $1, 625
Salaries and Wages $ 1625
Salaries and Wages Accrued $ 1625
Explanation:
Supplies on hand at October 31 total $500
Recognise an Asset - Inventory and de-recognise an expense - cost of sales in Income statement
Expired insurance for the month is $100
Recognise an expense - Insurance and recognise a liablility - Trade Payable (Insurance Provider)
Depreciation for the month is $50
Recognise an expense - depreciation and de-recognise an asset through the accumulated depreciation account
Services related to unearned service revenue in October worth $600 were performed
Recognise an Asset- Trade Receivable and recognise revenue
Interest accrued at October 31 is $95
Recognise an expense - Interest and a liability - Interest accrued
Accrued salaries at October 31 are $1, 625
Recognise an expense - Salaries and Wages and de-recignise a liability - Salaries and Wages accrued.
