Q2. Both the unadjusted trial balance and adjusted trial balance for Smith Corporation on December 31,...

Q2. 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.

Solutions

Expert Solution

Books of Smith Corporation
Journal (for adjusting entries)
Date	Particulars	Debit	Credit
December 31, 2013	Accounts Receivables	Dr	2,000
	To	Sales Revenue			2,000
	(Being sales made on account)

December 31, 2013	Supplies expense	Dr	1,000
	To	Supplies Account			1,000

December 31, 2013	Insurance expense	Dr	4,000
	To	Prepaid insurance			4,000
	(Being insurance expense accrued adjusted to
	prepaid insurance account)

December 31, 2013	Depreciation expense	Dr	1,000
	To	Accumulated Depreciation-Vehicles		1,000
	(Being depreciation on vehicles recorded)

December 31, 2013	Wages expense	Dr	1,000
	To	Wages Payable			1,000
	(Being wages expense charged and made due)

ekkarill92 answered 1 year ago

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