In: Accounting
The unadjusted trial balance for Grouper Corp. is shown below.
GROUPER CORP. |
||||
---|---|---|---|---|
Debit | Credit | |||
Cash |
$15,430 | |||
Supplies |
3,370 | |||
Prepaid Insurance |
720 | |||
Equipment |
4,600 | |||
Notes Payable |
$4,600 | |||
Accounts Payable |
2,220 | |||
Unearned Service Revenue |
1,470 | |||
Common Stock |
10,310 | |||
Retained Earnings |
0 | |||
Dividends |
700 | |||
Service Revenue |
13,620 | |||
Salaries and Wages Expense |
4,000 | |||
Rent Expense |
3,400 | |||
$32,220 |
$32,220 |
Assume the following adjustment data.
1. | Supplies on hand at October 31 total $600. | |
2. | Expired insurance for the month is $120. | |
3. | Depreciation for the month is $105. | |
4. | As of October 31, services worth $940 related to the previously recorded unearned revenue had been performed. | |
5. | Services performed but unbilled (and no receivable has been recorded) at October 31 are $250. | |
6. | Interest expense accrued at October 31 is $75. | |
7. | Accrued salaries at October 31 are $1,515. |
Prepare the adjusting entries for the items above. (If
no entry is required, select "No Entry" for the account titles and
enter 0 for the amounts. Credit account titles are automatically
indented when the amount is entered. Do not indent
manually.)
No. |
Date |
Account Titles and Explanation |
Debit |
Credit |
---|---|---|---|---|
1. |
Oct. 31 |
enter an account title to record the first transaction |
Enter a debit amount |
Enter a credit amount |
enter an account title to record the first transaction |
Enter a debit amount |
Enter a credit amount |
||
2. |
Oct. 31 |
enter an account title to record the second transaction |
Enter a debit amount |
Enter a credit amount |
enter an account title to record the second transaction |
Enter a debit amount |
Enter a credit amount |
||
3. |
Oct. 31 |
enter an account title to record the third transaction |
Enter a debit amount |
Enter a credit amount |
enter an account title to record the third transaction |
Enter a debit amount |
Enter a credit amount |
||
4. |
Oct. 31 |
enter an account title to record the fourth transaction |
Enter a debit amount |
Enter a credit amount |
enter an account title to record the fourth transaction |
Enter a debit amount |
Enter a credit amount |
||
5. |
Oct. 31 |
enter an account title to record the fifth transaction |
Enter a debit amount |
Enter a credit amount |
enter an account title to record the fifth transaction |
Enter a debit amount |
Enter a credit amount |
||
6. |
Oct. 31 |
enter an account title to record the sixth transaction |
Enter a debit amount |
Enter a credit amount |
enter an account title to record the sixth transaction |
Enter a debit amount |
Enter a credit amount |
||
7. |
Oct. 31 |
No. | Date | Accounts Title and Explanation | Debit | Credit | |
1 | Oct-31 | Supplies Expense | 2,770 | (3370-600) | |
Supplies | 2,770 | (3370-600) | |||
(To record supplies expense) | |||||
2 | Oct-31 | Insurance Expense | 120 | ||
Prepaid Insurance | 120 | ||||
(To record insurance expense) | |||||
3 | Oct-31 | Depreciation Expense | 105 | ||
Accumulated Depreciation-Equipment | 105 | ||||
(To record depreciation expense) | |||||
4 | Oct-31 | Unearned Revenue | 940 | ||
Service Revenue | 940 | ||||
(To record service revenue) | |||||
5 | Oct-31 | Accounts Receivable | 250 | ||
Unearned Service Revenue | 250 | ||||
(To record unearned revenue) | |||||
6 | Oct-31 | Interest Expense | 75 | ||
Interest Payable | 75 | ||||
(To record interest expense) | |||||
7 | Oct-31 | Salary Expense | 1,515 | ||
Salary Payable | 1,515 | ||||
(To record salary expense) |