The unadjusted trial balance for Monty Corp. is shown below. ...
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Accounting
The unadjusted trial balance for Monty Corp. is shown below.
MONTY CORP. Trial Balance October 31, 2017 | ||||
---|---|---|---|---|
Debit | Credit | |||
Cash | $15,330 | |||
Supplies | 2,750 | |||
Prepaid Insurance | 750 | |||
Equipment | 4,760 | |||
Notes Payable | $4,760 | |||
Accounts Payable | 2,300 | |||
Unearned Service Revenue | 1,720 | |||
Common Stock | 11,510 | |||
Retained Earnings | 0 | |||
Dividends | 540 | |||
Service Revenue | 13,360 | |||
Salaries and Wages Expense | 4,000 | |||
Rent Expense | 5,520 | |||
$33,650 | $33,650 |
Assume the following adjustment data.
1. | Supplies on hand at October 31 total $690. | |
---|---|---|
2. | Expired insurance for the month is $125. | |
3. | Depreciation for the month is $60. | |
4. | As of October 31, services worth $930 related to the previously recorded unearned revenue had been performed. | |
5. | Services performed but unbilled (and no receivable has been recorded) at October 31 are $260. | |
6. | Interest expense accrued at October 31 is $85. | |
7. | Accrued salaries at October 31 are $1,570. |
Prepare the adjusting entries for the items above. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
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