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Mobile App Chapter 3: 25E_1 (page 165)
Question :The unadjusted trial balance for All Mopped Up Company, a cleaning service, is as follows:ALL MOPPED UP COMPANY Unadjusted Trial Balance December 31, 2018 Account Title Prepaid Insurance Cash Debit Credit Office Supplies Equipment Accumulated Depreciation—Equipment Accounts Payable Salaries Payable Unearned Revenue Common Stock Dividends Service Revenue Salaries Expense Supplies Expense Depreciation Expense—Equipment Insurance Expense Total Balance \( 800 \) 45,400 \( 45,400 \) 2,000 15,300 25,000 2,000 600 30,000 2,400 700 5,000 7,000 A, During the 12 months ended December 31, 2018, All Mopped Up: a. used office supplies of \(1,700. b. used prepaid insurance of \)580. c. depreciated equipment, \(500. d. accrued salaries expense of \)310 that hasn’t been paid yet. e. earned $400 of unearned revenue. Requirements 1. Open a T-account for each account using the unadjusted balances. 2. Journalize the adjusting entries using the letter and December 31 date in the date column. 3. Post the adjustments to the T-accounts, entering each adjustment by letter. Show each account’s adjusted balance.
Short Answer
T accounts are as follows:
Cash | |||
$800 |
Office Supplies | |||
$2,000 |
Prepaid Insurance | |||
$600 |
Equipment | |||
$30,000 |
Accumulated Depreciation- Equipment | |||
$2,000 |
Accounts Payable | |||
$2,400 |
Salaries Payable | |||
$0 |
Unearned Revenue | |||
$700 |
Common Stock | |||
$15,300 |
Dividends | |||
$5,000 |
Service Revenue | |||
$25,000 |
Salaries Expense | |||
$7,000 |
Supplies Expense | |||
$0 |
Insurance Expense | |||
$0 |
Depreciation Expense-Equipment | |||
$0 |
Step by step solution
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