The account balances appearing on the trail balance (below) were taken from the

Question

The account balances appearing on the trail balance (below) were taken from the general ledger of Flip's Copy Shop at June 30, 2012. Additional information for the month of June which has not yet been recorded in the accounts is as follows: A physical count of supplies indicates $300 on hand at June 30. The amount of insurance that expired in the month of June was $200. Depreciation on equipment for June was $400. Rent owed on the copy shop for the month of June $600 but will not paid until July.

Explanation / Answer

1.) DR: Supplies Expense 800, CR: Supplies 800

2.) DR: Insurance Expense 200, CR: Prepaid Insurance 200

3.) DR: Depreciation Expense 400, CR: Accumulated Depreciation - Equipment 400

4.) DR: Rent Expense 600, CR: Rent Payable 600

Please rate. Thanks.

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