1 answer

Score: 0 of 1 pt 5 of 8 (1 complete) HW Score: 9.38%, 0.75 of 8...

Question:

Score: 0 of 1 pt 5 of 8 (1 complete) HW Score: 9.38%, 0.75 of 8 pts E3-26 (book/static) Question Help O All Mopped Up CompanyCash Accounts Payable Dec. 31 800 2,400 Dec. 31. Service Revenue 25,000 Dec. 31 400 (e) Bal. 8001 2,400 Bal. 25,400 Bal. Sala

Score: 0 of 1 pt 5 of 8 (1 complete) HW Score: 9.38%, 0.75 of 8 pts E3-26 (book/static) Question Help O All Mopped Up Company has journalized the adjusting entries for the period ending December 31, 2018, and posted the adjustments to the following T-accounts. Click the icon to view the T-accounts.) Using this data, prepare an adjusted trial balance, Account Title Debit Credit Cash Office Supplies Prepaid Insurance Equipment Accumulated Depreciation Equipment Accounts Payable Salarles Payable Unearned Revenue Common Stock Dividends Service Revenue Salaries Expense Supplies Expense Depreciation Expense-Equipment Insurance Expense Total Enter any number in the edit fields and then click Check Answer.
Cash Accounts Payable Dec. 31 800 2,400 Dec. 31. Service Revenue 25,000 Dec. 31 400 (e) Bal. 8001 2,400 Bal. 25,400 Bal. Salaries Payable Office Supplies 2,000 1,700 (a) Dec. 31 310 (d) Dec. 31. Salaries Expense 7,000 310 7,310 (d) Bal. 300 310 Bal. Bal. Prepaid Insurance Dec. 316001 580 (b) Unearned Revenue 400 700 Supplies Expense 1,700 (e) Dec. 31 (a) Bal. 20 300 Bal. Bal. 1,700 Depr. Expense-Equipment Equipment 30,000 Common Stock 15,300 Dec. 31. (c) Dec. 31 500 Bal. 30,000 15,300 Bal. Bal. 500 Dividends Insurance Expense Accum. Depr.-Equipment 2,000 Dec. 31 500 (c) Dec. 31. 5,000 580 2,500 Bal. Bal. 5,000 580

Answers

Transactions are recorded into T Accounts which are than posted to trial balance.

Assets and expenses are debited

Liability and incomes are credited

Debit Credit Explanation
Cash $800 Cash is an asset with debit balance
Office Supplies $300 It is an asset with debit balance
Prepaid insurance $20 It is an asset with debit balance
Equipment $30,000 It is an asset with debit balance
Accumulated depreciation $2,500 It is contra asset and deducted from asset
Accounts payable $2,400 it is a liability with credit balance
salaries Payable $310 it is a liability with credit balance
unearned revenue $300 it is a liability with credit balance
Common stock $15,300 shareholder's equity with credit balance
Dividends $5,000 It is deducted from shareholder's equity balance
Service revenue $25,400 it is an income with credit balance
Salaries expense $7,310 It is an expense with debit balance
supplies expense $1,700 it is an expense with debit balance
Depreciation expense-equipment $500 it is an expense with debit balance
Insurance expense $580 It is an expense with debit balance
Total $46,210 $46,210

debit and credit of trial balance will always be tallied.

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