Purchase Solution

Month-End Adjusting Entries and Adjusted Trial Balance

Not what you're looking for?

Ask Custom Question

See the attached file.

The trial balance of Padre Paradise at December 31, 2008, and the data needed for the month-end adjustments follow:

a. Insurance coverage still remaining at December 31, $300
b. Supplies used during the month, $200
c. Depreciation for the month, $900
d. Accrued advertising expense at December, 31, $300 (Use Accounts Payable as the liability account needed)
e. Accrued salaries at December 31, $100
f. Service revenue still unearned at December 31, $1000

TRIAL BALANCE:
ACCOUNT TITLE Debit Credit
Cash $22,200
Accounts Receivable $44,100
Prepaid Insurance $3,100
Supplies $800
Building $412,700
Accumulated depreciation, building $321,600
Accounts Payable $1900
Salary Payable
Unearned Service Revenue $2,300
Jane Carlsen, capital $155,000
Jane Carlsen, withdrawals $2,900
Service Revenue $7,900
Salary Expense $2,100
Insurance Expense
Depreciation expense, building
Advertising Expense $800
Supplies Expense
Total $488,700 $488,700.

Attachments
Purchase this Solution

Solution Summary

The solution discusses the month-end adjusting entries and adjusted trial balance.

Solution Preview

Please see the attached Excel spreadsheet for full solutions.

Journal
Date Accounts and Explanations PR Debit Credit

Adjusting entries at December 31, 2008
Dec 31 insurance ...

Purchase this Solution


Free BrainMass Quizzes
Writing Business Plans

This quiz will test your understanding of how to write good business plans, the usual components of a good plan, purposes, terms, and writing style tips.

Income Streams

In our ever changing world, developing secondary income streams is becoming more important. This quiz provides a brief overview of income sources.

Basics of corporate finance

These questions will test you on your knowledge of finance.

Change and Resistance within Organizations

This quiz intended to help students understand change and resistance in organizations

Business Processes

This quiz is intended to help business students better understand business processes, including those related to manufacturing and marketing. The questions focus on terms used to describe business processes and marketing activities.