Salmon Fisheries is owned by John MacInnis and provides fish products to the fishing industry....
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Accounting
Salmon Fisheries is owned by John MacInnis and provides fish products to the fishing industry. At the end of July 2019, they had the following adjustments.
Jul 31
Interest of $650 had accrued on the bank loan.
Jul 31
The balance of prepaid rent is for a 8-month lease, one month of rent has been used.
Jul 31
During July, Salmon Fisheries earned $900 of unearned revenue.
Jul 31
The computers were purchased on July 1, 2019 and have an expected useful life of five years, after which they will have no residual value. Record depreciation for July
Required
Using the following trial balance, complete the adjustments and the adjusted trial balance in the worksheet.
Do not enter dollar signs or commas in the input boxes.
Salmon Fisheries Worksheet July 31, 2019
Unadjusted Trial Balance
Adjustments
Adjusted Trial Balance
Account
DR
CR
DR
CR
DR
CR
Cash
4,100
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Accounts Receivable
2,660
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Prepaid Rent
11,200
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Computers
13,200
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Accumulated Depreciation-Computers
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Accounts Payable
1,700
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Interest Payable
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Unearned Revenue
2,100
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Bank Loan
3,760
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MacInnis, Capital
21,810
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MacInnis, Withdrawals
1,490
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Service Revenue
4,190
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Depreciation Expense
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Rent Expense
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Interest Expense
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Insurance Expense
610
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Telephone Expense
300
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Total
33,560
33,560
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Answer & Explanation
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