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EastWind [94]
3 years ago
15

The following data are taken from the unadjusted trial balance of the Westcott Company at December 31, 2017. Complete the worksh

eet following adjustment. (Enter their balances in the correct Debit or Credit column)
Use the following adjustment information to complete the work sheet.

a. Depreciation on equipment, $3.

b. Accrued salaries, $6.

c. The $12 of unearned revenue has been earned.

d. Supplies available at December 31, 2017, $15.

e. Expired insurance, $15.

Unadjusted Trial Balance Adjustments Adjusted Trial Balance
Account Title Dr. Cr. Dr. Cr. Dr. Cr.
Cash $21
Accounts Receivable 12
Supplies 24
Prepaid Insurance 18
Equipment 39
Accumulated Depreciation - Equip. $15
Accounts Payable 6
Salaries Payable
Unearned Revenue 12
W. Westcott, Capital 42
W. Westcott, Withdrawals 6
Revenue 75
Depreciation Expense - Equip
Salaries Expense 18
Insurance Expense
Supplies Expense
Utilities Expense 12
Totals $150 $150
Business
1 answer:
Alex17521 [72]3 years ago
3 0

Answer:

The total of adjusted trial balance debit and credit side is $159 after posting the given transactions. The sheet is attached with the full working showing both of the trial balances - un-adjusted and adjusted one.

Explanation:

Following journal entries were posted in the trial balance to adjust it.

<u>Transaction a:</u>

Debit: depreciation expense $3

Credit: accumulated depreciation $3

<u>Transaction b: </u>

Debit: salaries expense $6

Credit: accrued salaries $6

<u>Transaction c:</u>

Debit: Unearned revenue $12

Credit: Revenue $12

When unearned revenue is earned, it is removed from unearned revenue by debiting it and then it is credited to the revenue for the period.

<u>Transaction d:</u>

Debit: supplies expense $9

Credit: supplies $9

<u>Transaction e:</u>

Debit: insurance expense $15

Credit: Insurance prepaid $15

When the insurance is expired, it is deducted from the prepaid insurance by crediting it from prepaid insurance account and it is debited to insurance expense account.

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qwelly [4]

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In the given case, company has separated its operations on the basis of different preferences of different countries.

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snow_tiger [21]

Answer: Please refer to Explanation.

Explanation:

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= 5 million - 2 million + 3 million

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A will have $6 million and B will have $2 million as $3 million was captured from them. This scenario holds true if B is the one that advertises and A does not.

If both of them Advertise, they both reduce their gains by $2 million while capturing $3 million from each other so they'll essentially both have just $3 million if they both decide to advertise.

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Ludmilka [50]

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The amount of cash received from the sale of bonds can be calculated by using the following formula;

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Cash received = $354,000 × (95 / 100)

Cash received = $354,000 × 0.95

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Therefore $336,300 cash is received from the sale if $354,000 of 10% bonds are issued at 95

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