30E_2
Question
Question :The worksheet of Macey’s Landscaping Services follows but is incomplete. Requirements 1. Calculate and enter the adjusted account balances in the Adjusted Trial Balance columns. 2. Describe each adjusting entry. For example, a. Prepaid rent expires, $1,150.
Step-by-Step Solution
Verified Answer
(a) Prepaid rent expires, $1,150.
(b)Office supplies used, $350.
(c) Depreciation on equipment, $1,300.
(d) Depreciation on trucks, $1,900.
(e) Unearned revenue earned, $3,200
(f) Salaries owed to employees, $7,200
(g) Interest expense accrued, $300.
(h) Service revenue accrued, $3,500.
1Step-by-Step-Solution Step1: Explanation on Adjusting Entries
These are the year end entries, which are recorded to report the accrued revenues and expenses in the financial statements.
2Step2: Explanation on Adjustments
In the adjustment section, total debits and credis equals $18,900.
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