Old Julian Calendars

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  • Topic: Generally Accepted Accounting Principles, Accounts receivable, Depreciation
  • Pages : 2 (293 words )
  • Download(s) : 143
  • Published : February 5, 2012
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The trial balances before and after adjustments for Old Julian Calendars at the end of its fiscal year are presented below. Old Julian Calendars
Trial Balance
September 31, 2010
———————————————————————————————————————————
Before AdjustmentAfter Adjustment
Dr. Cr. Dr. Cr.
Cash$ 15,080$ 15,080
Accounts Receivable14,96016,110
Office Supplies2,760885
Prepaid Insurance5,8001,450
Office Equipment13,30013,300
Accumulated Depreciation – Off Equip$ 5,220$ 6,960
Accounts Payable9,8609,860
Salaries Payable2,750
Rent Payable1,750
Unearned Sales Revenues2,1751,150
Unearned Rent Revenues2,100525
J. Hanson, Capital18,39518,395
Sales Revenues48,80050,975
Rent Revenues1,5753,150
Salaries Expense20,40023,150
Office Supplies Expense1,875
Rent Expense15,82517,575
Insurance Expense04,350
Depreciation Expense 0 0 1,740 0
$ 88,125$ 88,125$ 95,515$ 95,515

Instructions
Prepare the adjusting entries that were made.

(1)Accounts Receivable1,150
Sales Revenues1,150
(To record sales not yet billed to customers)

(2)Office Supplies Expense1,875
Office Supplies1,875
(To record office supplies expense)

(3)Insurance Expense4,350
Prepaid Insurance4,350
(To recognize period insurance expense)

(4)Depreciation Expense - Equipment1,740
Accumulated Depreciation - Equipment1,740
(To record depreciation for the period)

(5)Salaries Expense2,750
Salaries Payable2,750
(To record salaries payable)

(6)Rent Expense…………………………………………………………. 1,750
Rent Payable…………………………………………………….....
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