Business, 21.10.2020 16:01, dh29229

. Use the following adjustment information to complete the Adjustments columns of the work sheet. Depreciation on equipment, $18 Accrued salaries, $21 The $27 of unearned revenue has been earned Supplies available at December 31, $90 Expired insurance, $30 3. Extend the balances in the Adjusted Trial Balance columns of the work sheet to the proper financial statement columns. Compute totals for those columns including net income.

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answered: meeeekmill

Question Completion:

Since the Trial Balance was not provided, we assume that the Supplies account had a beginning balance of $120 for the purpose of this exercise. Any other figure can be substituted for this balance.

Adjusted Trial Balance as of December 31: Income Statement Balance

Debit Credit Expense Revenue Sheet

a. Depreciation expense $18 $18

Accumulated Depreciation $18 -$18 assets

b. Accrued Salaries $21 $21

Salaries Payable $21 $21 liabilities

c. Unearned Revenue $27 -$27 Liab.

Earned Revenue $27 $27

d. Supplies Expense $30 $30

Supplies $30 -$30 assets

e. Insurance Expense $30 $30

Prepaid Insurance $30 -$30 assets

Explanation:

Company B with the adjusting events above, usually recorded through the adjusting journal, can also be adjusted directly in the trial balance with their effects on the financial statements clearly demonstrated. Expenses have debit accounts while liabilities have credit accounts. Expenses reduce the net income, revenues increase the net income, while liabilities and assets can be reduced or increased as the case may be.

answered: Guest

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answered: Guest

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. Use the following adjustment information to complete the Adjustments columns of the work sheet. De...