1.) Prepare the adjusting entries on October 31, 2018 2.) Prepare the adjusted t

Question

1.) Prepare the adjusting entries on October 31, 2018 2.) Prepare the adjusted trial balance Accounting 372 First class assignment The unadjusted trial balance for Sierra Corp. is shown below. SIERRA CORPORATION Unadjusted Trial Balance October 31, 2018 $30,125 3,425 2,525 4,925 Asse Cash Advertising Supplies Prepaid Insurance A53er Office Equipment Lioblit Notes Payable Lio Accounts Payable Unearned Service Revenue $4,925 3,425 2,125 13,925 Common Stock Retained Earnings S Dividends Rw Service Revenue tsa Salaries Expense 1,425 20,925 Rent Expense 2,000 900 Total $45,325$45,325 Assume the following adjustment data. A. Advertising supplies on hand at October 31 total $1,000 B. Expired insurance for the month is $500. C. Depreciation for the month is $700

Explanation / Answer

1 31-Oct Advertising supplies expense 2425 =3425-1000        Advertising supplies 2425 31-Oct Insurance expense 500       Prepaid insurance 500 31-Oct Depreciation expense 700       Accumulated depreciation-Office Equipment 700 2 Adjusted Trial Balance October 31,2018 Debits Credits Cash 30125 Advertising supplies 1000 Prepaid Insurance 2025 Office Equipment 4925 Accumulated depreciation-Office Equipment 700 Notes Payable 4925 Accounts Payable 3425 Unearned Service revenue 2125 Common Stock 13925 Retained Earnings 0 Dividends 1425 Service Revenue 20925 Salaries expense 2000 Rent expense 900 Advertising supplies expense 2425 Insurance expense 500 Depreciation expense 700 Total 46025 46025

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