The unadjusted trial balance and related adjusting journal entries for McAfee Co
ID: 2334861 • Letter: T
Question
The unadjusted trial balance and related adjusting journal entries for McAfee Consulting Services is presented below (note: AJEs have been entered). Update account balances to complete the Adjusted Trial Balance. Then prepare the year-end CLASSIFIED Balance Sheet. Use $15,400 as the ending Retained Earnings balance. .
McAfee Consulting Services
Adjusted Trial Balance
For the Year Ended December 31, 2009
Accounts Trial Balance adjustments Adjusted trial blance Debit / Credit Debit / Credit Prepaid insurance 1,200/ / 300 (B)Explanation / Answer
Adjusted Trial Balance Particulars Dr Cr CAsh 11000 Prepaid insurance $900 office supplies $200 office equipment 12000 Accumulated depreciation 2000 accounts payable 3500 salaries payable 900 unearned service revenue 2300 retained earnings 14200 dividens 4500 service revenue 14500 Salaries expense 6900 depreciation expense 1000 supplies expense 600 Insurance expense 300 Cash Total $37,400 $37,400 Balance sheet For the Year Ended December 31, 2009 Assets Current Assets CAsh 11000 Prepaid insurance $900 office supplies $200 Total Current Assets 12100 Property Plant & equipment office equipment 12000 Accumulated depreciation 2000 10000 Total assets 22100 Liabilities & stockholder equity Current Liabilities accounts payable 3500 salaries payable 900 unearned service revenue 2300 Total Current Liabilities 6700 Stockholder equity retained earnings 15400 Total Liabilities & stockholder equity 22100 If any doubt please comment. If satisfied you can rate
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