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Chapter 3: 29E_1 (page 167)

Question :The worksheet of Best Jobs Employment Service follows but is incomplete.The following data at April 30, 2018, are given for Best Jobs Employment Service: a. Service revenue accrued, \(700. b. Office supplies used, \)300. c. Depreciation on equipment, \(1,300. d. Salaries owed to employees, \)1,400. Requirements 1. Calculate and enter the adjustment amounts directly in the Adjustments columns. Use letters a through d to label the four adjustments. 2. Calculate and enter the adjusted account balances in the Adjusted Trial Balance columns. 3. Prepare each adjusting journal entry calculated in Requirement 1. Date the entries, and include explanations

Short Answer

Expert verified

Worksheet is as follows:


BEST JOBS EMPLOYMENT SERVICE

Worksheet

April 30, 2018

Account Names

Unadjusted Trial Balance

Adjustments

Adjusted Trial Balance

Debit

Credit

Debit

Credit

Debit

Credit

Cash

$1,100

Accounts Receivable

4,100

(a)

$700

Office Supplies

1,200

(b)

$300

Equipment

32,700

Accumulated Depreciation鈥擡quipment

13,900

(c)

$1,300

Salaries Payable

(d)

$1,400

Common Stock

25,200

Dividends

5,300

Service Revenue

9,000

(a)

$700

Salaries Expense

2,200

(d)

$1,400

Rent Expense

1,500

Depreciation Expense鈥擡quipment

(c)

$1,300

Supplies Expense

(b)

$300

Total

$48,100

$48,100

$3,700

$3,700

Step by step solution

01

Step-by-Step-SolutionStep1: Explanation on Worksheet

Worksheet is document which is prepared internally that represents the summary of data, which is used in preparation of financial statements.

02

Explanation on Adjustments

In the adjustment section, total debits and credis equals $3,700.

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Most popular questions from this chapter

When is an adjusted trial balance prepared, and what is its purpose?

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