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1. Annual depreciation is $420 on Equipment, adjust for one month, 2. Supplies on hand on December 31st are $300, 3. An electricity service bill (utility bill) for $150 has not been recorded and will not be paid until next month, 4. Salaries accrued at $1,900 for the month of December, 5. Rent was prepaid for one year, adjust for one month, 6. Phone service (utility) accrued at $70 for the month of December, 7. All of Unearned Service Revenues were earned (performed) during the period, 8. Invoices representing $3,200 of services performed during the month have not been recorded yet, 9. Interest accrued on notes payable at the end of the month $150, 10. Billed customers for services performed $1,500. Requirements: (a) Prepare the Adjusting entries for one month, (b) Post the transactions into the related T-Accounts.

1. Annual depreciation is $420 on Equipment, adjust for one month, 2. Supplies on hand on December 31st are $300, 3. An electricity service bill (utility bill) for $150 has not been recorded and will not be paid until next month, 4. Salaries accrued at $1,900 for the month of December, 5. Rent was prepaid for one year, adjust for one month, 6. Phone service (utility) accrued at $70 for the month of December, 7. All of Unearned Service Revenues were earned (performed) during the period, 8. Invoices representing $3,200 of services performed during the month have not been recorded yet, 9. Interest accrued on notes payable at the end of the month $150, 10. Billed customers for services performed $1,500. Requirements: (a) Prepare the Adjusting entries for one month, (b) Post the transactions into the related T-Accounts.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Duston Inc Trial Balance December 31, 2020 Account Title Debit Credit Cash 47,400 Supplies Prepaid Rent 3,700 25,000 Accounts Receivable 2,650 Equipment Accounts Payable 17,500 13,200 Unearned Service Revenue 9,000 Notes Payable (2030) Share Capital-Ordinary 12,000 60,000 Dividends 7,000 Service Revenue 5,300 4,200 Rent Revenue Utilities Expense 450 Total 103,700 103,700
Transcribed Image Text:Duston Inc Trial Balance December 31, 2020 Account Title Debit Credit Cash 47,400 Supplies Prepaid Rent 3,700 25,000 Accounts Receivable 2,650 Equipment Accounts Payable 17,500 13,200 Unearned Service Revenue 9,000 Notes Payable (2030) Share Capital-Ordinary 12,000 60,000 Dividends 7,000 Service Revenue 5,300 4,200 Rent Revenue Utilities Expense 450 Total 103,700 103,700
1. Annual depreciation is $420 on Equipment, adjust for one month, 2. Supplies on hand on December 31st are $300, 3. An electricity service bill (utility bill) for $150 has not been recorded and will not be paid until next month, 4. Salaries accrued at $1,900 for the month of December, 5. Rent was prepaid for one year, adjust for one month, 6. Phone service (utility) accrued at $70 for the month of December, 7. All of Unearned Service Revenues were earned (performed) during the period, 8. Invoices representing $3,200 of services performed during the month have not been recorded yet, 9. Interest accrued on notes payable at the end of the month $150, 10. Billed customers for services performed $1,500. Requirements: (a) Prepare the Adjusting entries for one month, (b) Post the transactions into the related T-Accounts.
Transcribed Image Text:1. Annual depreciation is $420 on Equipment, adjust for one month, 2. Supplies on hand on December 31st are $300, 3. An electricity service bill (utility bill) for $150 has not been recorded and will not be paid until next month, 4. Salaries accrued at $1,900 for the month of December, 5. Rent was prepaid for one year, adjust for one month, 6. Phone service (utility) accrued at $70 for the month of December, 7. All of Unearned Service Revenues were earned (performed) during the period, 8. Invoices representing $3,200 of services performed during the month have not been recorded yet, 9. Interest accrued on notes payable at the end of the month $150, 10. Billed customers for services performed $1,500. Requirements: (a) Prepare the Adjusting entries for one month, (b) Post the transactions into the related T-Accounts.
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