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OleMash [197]
3 years ago
12

SANDHILL CO. Trial Balance August 31, 2017 Before Adjustment After Adjustment Dr. Cr. Dr. Cr. Cash $10,890 $10,890 Accounts Rece

ivable 8,240 8,900 Supplies 2,840 1,790 Prepaid Insurance 4,250 2,760 Equipment 15,960 15,960 Accumulated Depreciation—Equipment $3,591 $4,791 Accounts Payable 5,420 5,420 Salaries and Wages Payable 0 1,320 Unearned Rent Revenue 1,900 970 Common Stock 16,110 16,110 Retained Earnings 5,530 5,530 Dividends 2,980 2,980 Service Revenue 34,000 34,660 Rent Revenue 13,430 14,360 Salaries and Wages Expense 16,870 18,190 Supplies Expense 0 1,050 Rent Expense 17,951 17,951 Insurance Expense 0 1,490 Depreciation Expense 0 1,200 $79,981 $79,981 $83,161 $83,161 Prepare the adjusting entries that were made.
Business
1 answer:
ziro4ka [17]3 years ago
4 0

Answer Explanation:

We match each debit change, with a credit to create an understandable entry.

Salaries and Wages Expense              1,320 debit

             Salaries and Wages Payable                    1,320 credit

to record accrued salaries for the period

depreciation expense            1,200 debit

            accumulated Depreciation - Equipment 1,200 credit

to record depreciation for the year

Supplies Expense 1,050 debit

              Supplies                       1,050 credit

to record use of supplies for the year

Insurance Expense                  1,490 debit

              Prepaid Insurance                     1,490 credit

to record expired insurance

Unearned Rent Revenue 1,030 debit

                Rent Revenue                        1,030 credit

to record accrued rent for the period

Account Receivable  660 debit

             Service Revenue           660 credit

to record unrecorded service revenue

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Explanation

Making the explanation from 2016, this year was a challenging and difficult one for the global economy. First it was marked by political populism where President Donald Trump, Marine Le Pen and other influential figures took advantage weak economies and low productivity growth to talk on real wages and consumption.

The U.S presidential election being a major political event in 2016, the main issue was on the possibility of restoring the US as a global force for stability after Obama. Security issue raised due to inferior foreign policies and unwillingness to direct military forces in difficult regions.

Refugee was a major factor during 2016 where millions of individuals entered Europe seeking asylum. Many people were displaced in 2015 with countries like Germany, Hungary and Sweden receiving high inflows of refugee.

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10 months ago
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Answer:

5 years

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