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Magazine Chapter 3: 30E_1 (page 168)
Question :The worksheet of Macey鈥檚 Landscaping Services follows but is incomplete.Requirements 1. Calculate and enter the adjusted account balances in the Adjusted Trial Balance columns. 2. Describe each adjusting entry. For example, a. Prepaid rent expires, $1,150.
Short Answer
Worksheet is as follows:
MACEY'S LANDSCAPING SERVICES | ||||||||
Worksheet | ||||||||
December 31, 2018 | ||||||||
Account Names | Unadjusted Trial Balance | Adjustments | Adjusted Trial Balance | |||||
Debit | Credit | Debit | Credit | Debit | Credit | |||
Cash | $27,400 | $27,400 | ||||||
Accounts Receivable | 6,700 | (h) | $3,500 | 10,200 | ||||
Office Supplies | 500 | (b) | $350 | 150 | ||||
Prepaid Rent | 2,300 | (a) | 1,150 | 1,150 | ||||
Equipment | 50,000 | 50,000 | ||||||
Accumulated Depreciation鈥擡quipment | (c) | $1,300 | 1,300 | |||||
Trucks | 114,000 | 114,000 | ||||||
Accumulated Depreciation鈥擳rucks | (d) | 1,900 | 1,900 | |||||
Accounts Payable | $3,800 | 3,800 | ||||||
Utilities Payable | 300 | 300 | ||||||
Salaries Payable | (f) | 7,200 | 7,200 | |||||
Interest Payable | (g) | 300 | 300 | |||||
Unearned Revenue | 4,500 | (e) | 3,200 | 1,300 | ||||
Notes Payable | 25,000 | 25,000 | ||||||
Common Stock | 141,900 | 141,900 | ||||||
Dividends | 21,000 | 21,000 | ||||||
Service Revenue | 84,000 | (e,h) | 6,700 | 90,700 | ||||
Rent Expense | 9,200 | (a) | 1,150 | 10,350 | ||||
Salaries Expense | 23,800 | (f) | 7,200 | 31,000 | ||||
Supplies Expense | (b) | 350 | 350 | |||||
Utilities Expense | 4,600 | 4,600 | ||||||
Depreciation Expense鈥擡quipment | (c) | 1,300 | 1,300 | |||||
Depreciation Expense鈥擳rucks | (d) | 1,900 | 1,900 | |||||
Interest Expense | (g) | 300 | 300 | |||||
Total | $259,500 | $259,500 | $18,900 | $18,900 | $273,700 | $273,700 |
Step by step solution
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