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Question one: 75 marks United Sports Company prepares monthly financial statements. Below are listed some selected...

Question one: 75 marks

United Sports Company prepares monthly financial statements. Below are listed some selected accounts and their balances in the September 30 trial balance before any adjustments have been made for the month of September.

UNITED SPORTS COMPANY

Trial Balance (Selected Accounts)

September 30, 2019

—————————————————————————————————————————

Debit

Credit

Supplies ...............................................................................................

$ 2,700

Prepaid Insurance ................................................................................

3,150

Office Equipment .................................................................................

16,200

Accumulated Depreciation—Equipment ...............................................

$1,000

Unearned Rent Revenue .....................................................................

1,200

An analysis of the account balances by the company's accountant provided the following additional information:

  1. A physical count of office supplies revealed $1,200 on hand on September 30.
  2. A two-year life insurance policy was purchased on June 1 for $3,600.
  3. Office equipment depreciated $3,000 per year.
  4. The amount of rent received in advance that remains unearned at September 30 is $400.

Instructions

Complete the balances of the following accounts in a partial adjusted Trial balance for United Sports Company on September 30.

UNITED SPORTS COMPANY

Trial Balance (Selected Accounts)

September 30, 2019

Debit $

Credit $

Supplies

Prepaid Insurance

Office Equipment

Accumulated Depreciation—Equipment

Unearned Rent Revenue

Solutions

Expert Solution

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ekkarill92 answered 1 year ago
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