Business, 18.02.2021 20:50, sanociahnoel

Kirk Enterprises offers rug cleaning services to business clients. Below is the adjustments data for the year ended July 31.Adjustments: a. Depreciation expense, $1,000.
b. Wages accrued, but not paid, $2,000.
c. Supplies on hand, $8,000.
d. Of the unearned revenue, 75% has been earned.
e. Unexpired insurance at July 31, $9,000.

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answered: quincytonia

Question Completion:

KIRK Enterprises

Trial Balance as of July 31:

Account Titles Debit Credit

Cash 36,000

Prepaid Insurance 12,000

Fees Receivable 56,000

Supplies 12,000

Equipment 60,000

Accumulated Depreciation 12,000

Unearned Revenue 20,000

Accounts Payable 32,000

Common Stock 84,000

Dividends 4,000

Service Revenue 80,000

Advertising Expense 28,000

Wage Expense 20,000

Totals 228,000 228,000

Required:

Using this information along with the spreadsheet below, record the adjusting entries in proper general journal form.

Kirk Enterprises

Unadjusted Adjustments Adjusted

Trial Balance Trial Balance

Account Titles Debit Credit Debit Credit Debit Credit

Cash 36,000 36,000

Prepaid Insurance 12,000 3,000 9,000

Fees Receivable 56,000 56,000

Supplies 12,000 4,000 8,000

Equipment 60,000 60,000

Accumulated Depreciation 12,000 1,000 13,000

Unearned Revenue 20,000 15,000 5,000

Accounts Payable 32,000 32,000

Wages Payable 2,000 2,000

Common Stock 84,000 84,000

Dividends 4,000 4,000

Service Revenue 80,000 15,000 95,000

Advertising Expense 28,000 28,000

Wage Expense 20,000 2,000 22,000

Insurance Expense 3,000 3,000

Supplies Expense 4,000 4,000

Depreciation Expense 1,000 1,000

Totals 228,000 228,000 25,000 25,000 231,000 231,000

Explanation:

a) Adjustments:

Depreciation expense $1,000 Accumulated Depreciation $1,000

Wages expense $2,000 Wages payable $2,000

Supplies expense $4,000 Supplies $4,000 ($12,000 - $8,000)

Unearned revenue $15,000 Service Revenue $15,000 ($20,000 * 75%)

Insurance expense $3,000 Prepaid Insurance $3,000 ($12,000 - 9,000)

answered: Guest

answer; comparing the additional benefits and costs;

answered: Guest

answer: true

step-by-step explanation:

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Kirk Enterprises offers rug cleaning services to business clients. Below is the adjustments data for...