Why Choose Us?
0% AI Guarantee
Human-written only.
24/7 Support
Anytime, anywhere.
Plagiarism Free
100% Original.
Expert Tutors
Masters & PhDs.
100% Confidential
Your privacy matters.
On-Time Delivery
Never miss a deadline.
Both the unadjusted trial balance and adjusted trial balance for Smith Corporation on December 31, 2013, are listed below: Smith Corporation Trial Balance December 31, 2013 Unadjusted Adjusted Debit Credit Debit Credit Cash Accounts Receivables Supplies Prepaid Insurance Land Vehicles Accumulated Depreciation-Vehicles Notes Payable Wages Payable Common Stock Dividends Revenue Wages Expense Utilities Expense Insurance Expense Rent Expense Depreciation Expense Supplies Expense 8,000 19,000 6,000 10,000 13,000 20,000 4,000 12,000 4,000 0 4,000 0 0 4,000 13,000 0 46,000 37,000 8,000 21,000 5,000 6,000 13,000 20,000 4,000 13,000 4,000 4,000 4,000 1,000 1,000 5,000 13,000 1,000 46,000 39,000 100,000 100,000 104,000 104,000 Required: Prepare the five adjusting entries required at December 31, 2013
Both the unadjusted trial balance and adjusted trial balance for Smith Corporation on December 31, 2013, are listed below:
|
Smith Corporation Trial Balance December 31, 2013 |
||||
|
Unadjusted |
Adjusted |
|||
|
Debit |
Credit |
Debit |
Credit |
|
|
Cash Accounts Receivables Supplies Prepaid Insurance Land Vehicles Accumulated Depreciation-Vehicles Notes Payable Wages Payable Common Stock Dividends Revenue Wages Expense Utilities Expense Insurance Expense Rent Expense Depreciation Expense Supplies Expense |
8,000 19,000 6,000 10,000 13,000 20,000 4,000 12,000 4,000 0 4,000 0 0 |
4,000 13,000 0 46,000 37,000 |
8,000 21,000 5,000 6,000 13,000 20,000 4,000 13,000 4,000 4,000 4,000 1,000 1,000 |
5,000 13,000 1,000 46,000 39,000 |
|
100,000 |
100,000 |
104,000 |
104,000 |
|
Required: Prepare the five adjusting entries required at December 31, 2013.
Expert Solution
The five adjusting entries are:-
| Journal | ||||||
| Date | Particulars | LF | Debit | Credit | ||
| 31-Dec-13 | Accounts Receivables | Dr | 2,000 | |||
| To | Revenue | 2,000 | ||||
| (Being credit sales made) | ||||||
| 31-Dec-13 | Supplies expense | Dr | 1,000 | |||
| To | Supplies | 1,000 | ||||
| 31-Dec-13 | Insurance expense | Dr | 4,000 | |||
| To | Prepaid insurance | 4,000 | ||||
| (Being insurance paid adjusted to prepaid | ||||||
| insurance account) | ||||||
| 31-Dec-13 | Depreciation expense | Dr | 1,000 | |||
| To | Accumulated Depreciation-Vehicles | 1,000 | ||||
| (Being depreciation for the year recorded) | ||||||
| 31-Dec-13 | Wages expense | Dr | 1,000 | |||
| To | Wages Payable | 1,000 | ||||
| (Being wages payable recorded) | ||||||
Since the alignment in the question is not proper, presenting a properly aligned trial balance for reference.
| Trial Balance | ||||
| Particulars | Unadjusted | Adjusted | ||
| Debit | Credit | Debit | Credit | |
| Cash | 8,000 | 8,000 | ||
| Accounts receivables | 19,000 | 21,000 | ||
| Supplies | 6,000 | 5,000 | ||
| Prepaid insurance | 10,000 | 6,000 | ||
| Land | 13,000 | 13,000 | ||
| Vehicles | 20,000 | 20,000 | ||
| Accumulated depreciation - Vehicles | 4,000 | 5,000 | ||
| Notes payable | 13,000 | 13,000 | ||
| Wages payable | - | 1,000 | ||
| Common stock | 46,000 | 46,000 | ||
| Dividends | 4,000 | 4,000 | ||
| Revenue | 37,000 | 39,000 | ||
| Wages expense | 12,000 | 13,000 | ||
| Utilites expense | 4,000 | 4,000 | ||
| Insurance expense | - | 4,000 | ||
| Rent expense | 4,000 | 4,000 | ||
| Depreciation expense | - | 1,000 | ||
| Supplies expense | - | 1,000 | ||
| 100,000 | 100,000 | 104,000 | 104,000 |
Archived Solution
You have full access to this solution. To save a copy with all formatting and attachments, use the button below.
For ready-to-submit work, please order a fresh solution below.
