The unadjusted and adjusted trial balances for American Leaf Company on October
ID: 2412626 • Letter: T
Question
The unadjusted and adjusted trial balances for American Leaf Company on October 31, 2016, follow:
American Leaf Company
UNADJUSTED TRIAL BALANCE
October 31, 2016
1
Cash
16.00
2
Accounts Receivable
38.00
3
Supplies
12.00
4
Prepaid Insurance
20.00
5
Land
26.00
6
Equipment
40.00
7
Accumulated Depreciation-Equipment
8.00
8
Accounts Payable
26.00
9
Wages Payable
10
Sloane Kissel, Capital
92.00
11
Sloane Kissel, Drawing
8.00
12
Fees Earned
74.00
13
Wages Expense
24.00
14
Rent Expense
8.00
15
Insurance Expense
16
Utilities Expense
4.00
17
Depreciation Expense
18
Supplies Expense
19
Miscellaneous Expense
4.00
20
Totals
200.00
200.00
Journalize the five entries that adjusted the accounts at October 31, 2016. None of the accounts were affected by more than one adjusting entry. Refer to the Chart of Accounts for exact wording of account titles.
Adjusted Trial Balance
American Leaf Company
ADJUSTED TRIAL BALANCE
October 31, 2016
1
Cash
16.00
2
Accounts Receivable
44.00
3
Supplies
10.00
4
Prepaid Insurance
8.00
5
Land
26.00
6
Equipment
40.00
7
Accumulated Depreciation-Equipment
12.00
8
Accounts Payable
26.00
9
Wages Payable
2.00
10
Sloane Kissel, Capital
92.00
11
Sloane Kissel, Drawing
8.00
12
Fees Earned
80.00
13
Wages Expense
26.00
14
Rent Expense
8.00
15
Insurance Expense
12.00
16
Utilities Expense
4.00
17
Depreciation Expense
4.00
18
Supplies Expense
2.00
19
Miscellaneous Expense
4.00
20
Totals
212.00
212.00
Chart of Accounts
ACCOUNT TITLE DEBIT CREDIT1
Cash
16.00
2
Accounts Receivable
38.00
3
Supplies
12.00
4
Prepaid Insurance
20.00
5
Land
26.00
6
Equipment
40.00
7
Accumulated Depreciation-Equipment
8.00
8
Accounts Payable
26.00
9
Wages Payable
10
Sloane Kissel, Capital
92.00
11
Sloane Kissel, Drawing
8.00
12
Fees Earned
74.00
13
Wages Expense
24.00
14
Rent Expense
8.00
15
Insurance Expense
16
Utilities Expense
4.00
17
Depreciation Expense
18
Supplies Expense
19
Miscellaneous Expense
4.00
20
Totals
200.00
200.00
Explanation / Answer
Solution :
Adjusting Journal Entries - American Leaf Company Date Particulars Debit Credit 31-Oct-16 Accounts Receivables Dr $6.00 To Fees Earned $6.00 (To record revenue for service performed) 31-Oct-16 Supplies Expense Dr $2.00 To Supplies $2.00 (To record supplies Expense) 31-Oct-16 Insurance Expense Dr $12.00 To Prepaid Insurance $12.00 (To record insurance expense) 31-Oct-16 Depreciation Expense Dr $4.00 To Accumulated Depreciation - Equipment $4.00 (To record depreciation expense) 31-Oct-16 Wages Expense Dr $2.00 To Wages Payable $2.00 (To record wages expense)Related Questions
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