Purchase Solution

Posting Adjusting Journal Entries; Financial Statements

Not what you're looking for?

Ask Custom Question

The adjustments columns of the worksheet for Pear Corporation are shown below.

Adjustments
Account Titles Debit Credit
Accounts Receivable 900
Prepaid Insurance 650
Accumulated Depreciation 770
Salaries and Wages Payable 1,200
Service Revenue 900
Salaries and Wages Expense 1,200
Insurance Expense 650
Depreciation Expense 770
3,520 3,520

Instructions
(a) Prepare the adjusting entries.

(b) Assuming the adjusted trial balance amount for each account is normal, indicate the financial statement column to which each balance should be extended.

Purchase this Solution

Solution Summary

This solution illustrates how to determine which adjusting entries were made to result in an adjusted trial balance and to which financial statement each account belongs.

Solution Preview

The adjustments columns of the worksheet for Pear Corporation are shown below.

(See attached file for chart)

Instructions
(a) Prepare the adjusting entries.

Accounts ...

Purchase this Solution


Free BrainMass Quizzes
Operations Management

This quiz tests a student's knowledge about Operations Management

Situational Leadership

This quiz will help you better understand Situational Leadership and its theories.

Basics of corporate finance

These questions will test you on your knowledge of finance.

Business Ethics Awareness Strategy

This quiz is designed to assess your current ability for determining the characteristics of ethical behavior. It is essential that leaders, managers, and employees are able to distinguish between positive and negative ethical behavior. The quicker you assess a person's ethical tendency, the awareness empowers you to develop a strategy on how to interact with them.

Cost Concepts: Analyzing Costs in Managerial Accounting

This quiz gives students the opportunity to assess their knowledge of cost concepts used in managerial accounting such as opportunity costs, marginal costs, relevant costs and the benefits and relationships that derive from them.