Adjusting Entriess
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BE3-3 Gleason Advertising Company's trial balance at December 31 shows Advertising Supplies
$6,700 and Advertising Supplies Expense $0. On December 31, there are $1,700 of supplies
on hand. Prepare the adjusting entry at December 31, and using T accounts, enter the
balances in the accounts, post the adjusting entry, and indicate the adjusted balance in each
account.
BE3-9 The adjusted trial balance of Lucille Corporation at December 31, 2006, includes the
following accounts: Retained Earnings $15,600; Dividends $6,000; Service Revenue $38,400;
Salaries Expense $16,000; Insurance Expense $2,000; Rent Expense $4,000; Supplies Expense
$1,500; and Depreciation Expense $1,100. Prepare an income statement for the year.
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Solution Summary
BE3-3 Gleason Advertising Company's trial balance at December 31 shows Advertising Supplies
Education
- BA, Ain Shams University, Cairo Egypt
- MBA, California State University, Sacramento
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