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3 years ago

The unadjusted trial balance for Sheffield Corp. is shown below.

Business

1 answer:

hodyreva [135]3 years ago

3 0

Answer:

1 Oct.31

Dr Supplies expense $2,460

Cr Supplies $2,460

2. Oct.31

Dr Insurance Expense $100

Cr Prepaid insurance $100

3. Oct.31

Dr Depreciation expense $50

Cr Accumulated depreciation $50

4 Oct.31

Dr Unearned revenue $600

Cr Service revenue $600

5 Oct.31

Dr Accounts receivable $300

Cr Service revenue $300

6 Oct.31

Dr Interest expense $95

Cr Interest payable $95

7 Oct.31

Dr Salaries expesne $1,625

Cr Salaries payable $1,625

Explanation:

Preparation of the adjusting entries

1 Oct.31

Dr Supplies expense $2,460

[2,960-500]

Cr Supplies $2,460

[Being To record supplies expense]

2. Oct.31

Dr Insurance Expense $100

Cr Prepaid insurance $100

[Being To record insurance expense]

3. Oct.31

Dr Depreciation expense $50

Cr Accumulated depreciation $50

[Being To record depreciation expense]

4 Oct.31

Dr Unearned revenue $600

Cr Service revenue $600

[Being To record revenue from unearned]

5 Oct.31

Dr Accounts receivable $300

Cr Service revenue $300

[Being To record accrued revenues]

6 Oct.31

Dr Interest expense $95

Cr Interest payable $95

[Being To record accrued interest expense]

7 Oct.31

Dr Salaries expesne $1,625

Cr Salaries payable $1,625

[Being To record salaries expense]

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