In: Accounting
On January 31, 2019, the general ledger of Palmer Company showed the following account balances.
ACCOUNTS | |
Cash | 61,400 |
Accounts Receivable | 20,900 |
Supplies | 7,400 |
Prepaid Insurance | 6,600 |
Equipment | 89,900 |
Accum. Depr.—Equip. | 0 |
Accounts Payable | 15,100 |
Sadie Palmer, Capital | 80,350 |
Fees Income | 109,000 |
Depreciation Exp.—Equip. | 0 |
Insurance Expense | 0 |
Rent Expense | 9,000 |
Salaries Expense | 9,250 |
Supplies Expense | 0 |
Additional information:
Complete the worksheet through the Adjusted Trial Balance section. Assume that every account has the normal debit or credit balance. The worksheet covers the month of January.
Unadjusted Trial balance | Adjustments | Adjusted trial balance | ||||
Dr | Cr | Dr | Cr | Dr | Cr | |
Cash | $ 61,400.00 | $ 61,400.00 | ||||
Accounts Receivable | $ 20,900.00 | $ 20,900.00 | ||||
Supplies | $ 7,400.00 | $ 4,900.00 | $ 2,500.00 | |||
Prepaid Insurance | $ 6,600.00 | $ 1,650.00 | $ 4,950.00 | |||
Equipment | $ 89,900.00 | $ 89,900.00 | ||||
Accum. Depr.—Equip. | $ - | $ 1,425.00 | $ 1,425.00 | |||
Accounts Payable | $ 15,100.00 | $ 15,100.00 | ||||
Sadie Palmer, Capital | $ 80,350.00 | $ 80,350.00 | ||||
Fees Income | $ 1,09,000.00 | $1,09,000.00 | ||||
Depreciation Exp.—Equip. | $ - | $ 1,425.00 | $ 1,425.00 | |||
Insurance Expense | $ - | $ 1,650.00 | $ 1,650.00 | |||
Rent Expense | $ 9,000.00 | $ 9,000.00 | ||||
Salaries Expense | $ 9,250.00 | $ 9,250.00 | ||||
Supplies Expense | $ - | $ 4,900.00 | $ 4,900.00 | |||
Total | $ 2,04,450.00 | $ 2,04,450.00 | $ 7,975.00 | $ 7,975.00 | $ 2,05,875.00 | $ 2,05,875.00 |
For Supplies used credited supplies and debited supplies expenses | ||||||
For expired insurance debited insurance expenses and credited prepaid insurance | ||||||
For depreciation debited depreciation expenses and credited accumulated depreciation | ||||||