29E_2

Question

Question :The worksheet of Best Jobs Employment Service follows but is incomplete.The following data at April 30, 2018, are given for Best Jobs Employment Service: a. Service revenue accrued, $700. b. Office supplies used, $300. c. Depreciation on equipment, $1,300. d. Salaries owed to employees, $1,400. Requirements 1. Calculate and enter the adjustment amounts directly in the Adjustments columns. Use letters a through d to label the four adjustments. 2. Calculate and enter the adjusted account balances in the Adjusted Trial Balance columns. 3. Prepare each adjusting journal entry calculated in Requirement 1. Date the entries, and include explanations

Step-by-Step Solution

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Answer

Worksheet is as follows:

BEST JOBS EMPLOYMENT SERVICE
Worksheet
April 30, 2018

Account Names	Unadjusted Trial Balance	Adjustments	Adjusted Trial Balance
Debit	Credit		Debit		Credit	Debit	Credit
Cash	$1,100						$1,100
Accounts Receivable	4,100		(a)	$700			4,800
Office Supplies	1,200				(b)	$300	900
Equipment	32,700						32,700
Accumulated Depreciation—Equipment		13,900			(c)	$1,300		$15,200
Salaries Payable					(d)	$1,400		1,400
Common Stock		25,200						25,200
Dividends	5,300						5,300
Service Revenue		9,000			(a)	$700		9,700
Salaries Expense	2,200		(d)	$1,400			3,600
Rent Expense	1,500						1,500
Depreciation Expense—Equipment			(c)	$1,300			1,300
Supplies Expense			(b)	$300			300
Total	$48,100	$48,100		$3,700		$3,700	$51,500	$51,500